The Supreme Court of Barbados has officially appointed Deloitte Consulting Ltd, represented by Oliver Jordan and Patrick Toppin, as judicial manager of CLICO International Life Insurance Limited, pursuant to Section 57 of the Insurance Act.
In a release yesterday, the accounting firm said the judicial manager “will assume immediate control of the affairs of [CLICO?International Life] and is responsible for assessing the financial position of the company and to report to the Court”.
The news came following concerns that the process of appointing a judicial manager was taking too long.The judicial manager pointed out that “the operations and coverage of [CLICO’s] existing policies remain in effect, subject to premiums on such policies continuing to be paid by policyholders”.
In addition it said the insurance company’s offices remained open and policyholders could continue to make premium payments in the normal manner.
It said all enquiries regarding claims or policies should be directed to CLICO.
In addition, the judicial manager said further information would be issued in due course.
Retired permanent secretary in the Ministry of Finance William Layne, who also led the Government-appointed Oversight Committee, lamented the time that the insurance company went “unregulated” following the end of Oversight Committee’s mandate more than a year ago.
Since then it was revealed that former executive chairman Leroy Parris returned to the board of directors of CLICO?Life and then resigned weeks later. He has also filed a suit against CLICO?seeking almost $10 million he alleges is due to him by the insurance company.
