Brought to you by the same authority who made the Clico collapse possible: Barbados Supervisor of Insurance, Carlos Belgrave
What? Not another scandal involving a Barbados based insurance company? No way!
Although we have few rules for Barbados based insurance companies, we do have a $2,500 voluntary fine for multi-million dollar frauds by insurance companies. Our Supervisor of Insurance, Carlos Belgrave (in cartoon above), is the winner of an international award, so I don’t see what could be the problem.
Prior to being appointed to his regulatory position, (Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds”
IMF Says Barbados Insurance Sector Needs “Tighter Regulation” – No Kidding!
What’s the fuss? Just don’t mention names like CLICO, Manulife, British America or a few others and there’s no problem at all.
Except that now the Gerova Financial Corporation is under investigation and most of the board resigned. Ho hum, just another day in the world of offshore finance in Barbados where the rules are a tad different from what some folks might think they are.
It makes one wonder if Barbados ever gets hit with lawsuits for failing to properly regulate the offshore sector. I’ll bet most of those settle pretty damned quickly and quietly. We never hear about them, but I’d wager we Bajans pay up much more than we know…
Statman, Harris & Eyrich, LLC Announces Investigation on Behalf of Investors of Gerova Financial Group
Gerova Financial Group Ltd
CINCINNATI, Feb 28, 2011 (GlobeNewswire)
The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that it is investigating Gerova Financial Corp. (“Gerova” or the “Company”) (NYSE:GFC) for potential violations of state and federal law. Gerova operates as a property and casualty insurance and reinsurance company in Barbados, focusing primarily on life and annuity reinsurance. Continue reading