CLICO Policy Holders Asked To Cooperate
Basseterre, St. Kitts – Nevis
May 05, 2011 (CUOPM)
The High Court in St. Kitts and Nevis has placed the branch offices of CLICO International Life Insurance Limited (CLICO Life) under judicial management.
The Office of the Registrar of Insurance in the Financial Services Regulatory Commission announced Thursday that Mr. Omax Gardner of the firm Pannell Kerr Forster Chartered Accountants was appointed as Judicial Manager of CLICO International Life Insurance Limited (CLICO Life) branch offices in St. Kitts and Nevis on April 29th 2011.
“In accordance with Section 62 of the Insurance Act No. 8 of 2009, the Registrar of Insurance after exercising the power of intervention, found it necessary and proper to apply to the Court for an order that CLICO Life be placed under judicial management,” said the statement.
“The Court therefore by Order directed that CLICO Life’s branch operations in St. Kitts and Nevis be placed under judicial management. The management of CLICO Lifeï¿½s branch operations in the Federation therefore vest exclusively in the Judicial Manager,” said the statement.
It added: “In accordance with Section 64 of the Insurance Act, the Judicial Manager shall conduct the management of the company with the greatest economy compatible with efficiency, and must, as soon as possible after his appointment, file with the court a report stating the course of action which is in his opinion is most advantageous to the general interests of the policyholders of CLICO Life.”
The general public has been asked to give full co-operation during this process.
British-American Insurance Company Limited (BAICO) is already under judicial management.