Daily Archives: March 30, 2010

Were the CLICO pension funds segregated and managed separately as required in law?

Prior to being appointed to his regulatory position, (current Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds” … from OffshoreAlert’s 2006 “Worst Regulator” Award

Barbados Thompson Government continues with the CLICO cover-up

“There are many persons in Barbados who owe, not so much the public, but more importantly the Policy-holders of CLICO, a complete candid set of answers, free of rhetoric and put in the simplest form.

It is being re-iterated that Mr. Leroy Parris is still Chairman so he owes the first set of explanations. It is his responsibility even if he chooses to delegate it. If you are in charge, you have to face the music at crunch time. The Board of Directors must also show that they are not asleep at the wheel. The Board should have a full investigation and someone has to be held responsible. If no-one is responsible, the members of the Board will have to answer other questions.

Mr. Thornhill and the other members of CLICO’s management team must be more candid and direct in their statements. They have to come out of their state of denial and accept responsibility for this state of events. They cannot hide behind CL Financial because managing the risk of a CL Financial failure must have been one of the contingencies they were planning against.

Mr. Parris most importantly has to speak out on the issue of Pensions. As I understand it these funds ought to be segregated and managed separately. I am yet to hear a definitive set of assurances that these various pension funds are fully intact. If they are not intact, CLICO also has to come under closer scrutiny with a view to whether or not there was any breaking of statutes on the part of the company.

The Government of Barbados also needs to provide the public a full explanation of what appears to be a systemic failing of institutions that were created to protect the public interest. Furthermore, the former Prime Minister ought for the record to explain what was happening under his watch or that of any other Minister who might have had responsibility for the Office of the Supervisor of insurance.”

… taken from an absolutely excellent article by The Devil’s Advocate over at Ian Bourne’s Bajan Reporter: CLICO Unplugged: An Insider’s Perspective

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