Plugs pulled on CLICO International Life Ins. ltd

The Ministry of Finance of St. Vincent and the Grenadines has stopped CLICO International Life Insurance Limited from writing new policies.{{more}}

In a notice to the public publised in SEARCHLIGHT on Friday, May 14, 2010, the Ministry of Finance stated that with effect from May 11, 2010, the Supervisor of Insurance had intervened in the St. Vincent and the Grenadines operations of CLICO International Life Insurance Ltd and had instructed the company to refrain from effecting new contracts of insurance here.

“This action was influenced by a directive from the Supervisor of Insurance in Barbados prohibiting them from writing or issuing new policies,” the press release stated, adding, “The objective of this action is to protect current and prospective Vincentian policy holders”.

According to the Ministry of Finance, this directive applies only to the issuance of new policies and should have no effect on the other operations of the company and on the servicing of its existing policies and obligations.

The ministry also stated that while the directive applies to CLICO International Life Insurance Ltd, it does not apply to the operations of CLICO International General Insurance Company Ltd, which writes general insurance business, e.g. property and motor vehicle insurance.

When SEARCHLIGHT contacted the Ministry of Finance and enquired who is the local Supervisor of Insurance, the Director General of Finance and Planning, Maurice Edwards, was identified as the person responsible.

Efforts made to contact Edwards were futile.

SEARCHLIGHT also contacted CLICO’s local management for a comment, but was directed to Jeffrey Brewster of CLICO International Life Insurance, Barbados. He, too, could not be reached for a comment.

In April 2010, CLICO International Life Insurance Ltd, Barbados, was stopped from writing new business.(HN)