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Police close to CLICO decision

luigimarshall, [email protected]

Police close to CLICO decision

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THE PUBLIC may soon know whether criminal charges will be brought against anyone at CLICO International Life (CIL).
Acting Commissioner of Police Bertie Hinds told the SATURDAY SUN yesterday they were “closing in on completion in the investigation”.
“We are at a very advanced stage and hopefully not in the too distant future that should be completed,” Hinds said.
At the end of last month, Commissioner Darwin Dottin said they were advanced in the investigation and that the investigators had been in discussion with the Director of Public Prosecutions, who had offered guidance on how the investigations should proceed.
The probe into CIL was launched after a file alleging wrongdoing by CLICO was handed over to police. The company continued to write new insurance policies despite being barred from doing so by the Supervisor of Insurance in 2009.
Deputy Supervisor of Insurance Vernese Brathwaite wrote a letter to police dated June 10, 2010, requesting them to investigate the sale of more than 800 policies by CIL that year.
The action by CIL was a contravention of an order by the Supervisor in August 2009 which prohibited CLICO Holdings (Barbados) Ltd subsidiary from selling new business. (YB)