PRIVATE SECTOR SOLUTION LIKELY FOR CLICO INTERNATIONAL LIFE

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Prime Minister, David Thompson, shares a light moment with Dominca’s Prime Minister, Roosevelt Skerrit, during the regional leaders’ conference at the Hilton Hotel yesterday.

The Insurance Corporation of Barbados Limited (ICBL) will be “sitting at the table very shortly” with the principals of CLICO Holdings (Barbados) Limited.

This was announced yesterday by Prime Minister and Minister of Finance, David Thompson after a regional leaders’ conference on finance and regulatory procedures at the Hilton Barbados.

“We were seeking to find a private sector solution to the deficiency in the statutory fund in relation to CLICO International Life and we had come to a determination that we would like to see CLICO International Life extracted from the rest of the CLICO Holdings operations in Barbados,” he explained.

Mr. Thompson stressed that a confidentiality agreement had been agreed to, so that any information that was disclosed during the course of the discussions would not be “in any way compromised”.

He also noted that it was a desirable option to move the potential burden from government to the private sector, to ensure that the insurance entities remained going concerns, fully capitalised and with adequate statutory funds.

CLICO International Life’s statutory fund was in deficit by approximately $92 million in December 2007. 

gapplewhaite@barbados.gov.bb 

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