The board expects to be able to make a very positive statement to the public on that score shortly. I can say that a lot has been achieved in terms of getting the financials up to date.

@Justin Robinson,

We the public are still waiting on your response re questions posed earlier.

@Straight Talk,
I dismiss everything Sir Courtney says since he said in Barbados at the outset of the economic crisis in the US that the recession would not have any long term dire effects on Barbados. My spouse and I looked at each other and said did we just heard him say that. Low and behold three years on and the world is still feeling the effects of the meltdown.

Finally, my advice to Barbadians who have a few dollars to invest, invest in Treasury bonds, they are safe, even if the government broke like this one we have, they have to pay up when the bonds mature. I have a feeling that this whole CLICO scam will turn Barbadians away from purchasing insurance policies.

@Justin Robinson | March 7, 2012 at 5:26 PM |
“The board expects to be able to make a very positive statement to the public on that score shortly. I can say that a lot has been achieved in terms of getting the financials up to date.”

Thanks for your “promising words of comfort”.
But given what has transpired we will not hold our breath in case we expire.
Maybe if you take control and effectively push aside the stumbling marsha(l)l out of the way we might get some real action instead of a lot of long talk suitable to the call-in programme for which he is supremely suitable.
Despite the harsh criticism targeted at you because of your boldness to raise your head above the parapet and to stand up to represent the Board we are prepared to rely on your word about the financials ; a courtesy we will not be extending to the “talky-talky”, arrogant, pompous misfit wearing the badge of incompetence. Next time you meet with him whisper in his ear that the school children have passed by and they want to give him a message: “He has overstayed his welcome and it’s time he returns the badge, pistol and holster and hang up his boots for good.”

miller,
You are serious! I agree with you.

Barbadians should thank William Layne for publishing in his retirement whether one agrees or not.

Often times retired civil servants are happy to pot about in the garden and guard their wealth of experience/knowledge in public life.

Mr robinson is discredited in my book as a man willing to sacrifice principle for a position of prominence.

The cause: DISHONESTY.

What have we learned: Maybe nothing.

Or maybe we have learned there is no point having laws and regulations unless we are willing to be law abiding, and willing to obey regulations.

We have learned that lawyers, politicians, and executives are quite happy to fool us, and to live large offa us to pseudo “big shots” are willing to (to put it crudely) rub shit in our mouths and expect us to say “yum-yum chocolate”

We have learned (I hope) not to be fooled by sweet talk.

Not to be fooled by an elegant suit.

Not to be fooled by a Caw’mere boy, or Lodge or lodge boy, or by any of the old school tie boys.

We have learned I hope not to be fooled by sweet talking Trickydadians.

We have learned I hope that light (skinned) is not always right.

We have learned that politicians can be bought at ten for the bit.

We have learned that politicians are just as amoral as “the boys on the block” that politicians are willing to betray their constituents for a fancy car or a ride in a Lear jet.

We have learned that if youare the Prime Miniters friend that you will never be regarded as a [financial] leper.

We have learned the meaning of the word IMPUNITY.

Trade Confirmers though a deposit taking institution was not regulated by the Central Bank and this brought about a change of legislation subsequent to the event to regulate these Finance Companies. However, there are still companies in Barbados accepting deposits from the public which are not licensed as banks or other deposit taking institutions. This has come to my knowledge recently
******************

The above is an excerpt from the article penned by William Layne and I am surprised that not one person has commented on that statement. I n essence the whole scenario a la Trade Confirmers could be repeated and some more Bajans could feel the pain of their “irrational exuberance” to quote Greenspan.

Does anyone know the names of these companies?

I now move to Trinidad. In August 1998, a report prepared in the Office of the
Supervisor of Insurance of Trinidad & Tobago indicated that a review of the files of
Colonial Life Insurance Company Limited (CLICO) of Trinidad & Tobago, over a 5
year period ended 1996, indicated that the Company had since 1992 found it
difficult to satisfy its Statutory Fund Requirement. Nevertheless, the Company had
declared and paid dividends in 1993, 1994 and 1995 and had proposed the
payment of dividends in 1996, in violation of the Insurance Act.
***********************************************

Clico Life TnT was not meeting it’s statuary fund requirements for almost 20 years. Did the same thing happen in Barbados and if so, how did our SOI rationalize this?

What I think should be highlighted is the question of a Statute of limitations to prospective class action suits. Can the Judicial Managers be accused of dragging their feet, with a hidden agenda?

@ BAFBFP | March 8, 2012 at 11:07 AM |

So what do you think is their ultimate intention?
To create more questions than answers to obfuscate the process. Look and see who is still at the helm of the sinking ship? A blatant slap in the face of the policyholders!
But what better profession to engage in other than the World’s oldest profession where you are paid to have sex– (to bf or to f)? That’s what the saying “having your cake and eating it also ” really means but with a massive cost to your reputation and possible health.

@Snipes

Clico Life TnT was not meeting it’s statuary fund requirements for almost 20 years. Did the same thing happen in Barbados and if so, how did our SOI rationalize this?

You seem to want to open a whole can of worms.

@David
The can needs to be opened to reveal what is the true state of affairs with Clico et al. I am not a Clico policy holder, however I have funds invested with another major insurance company in this country and systems have to be put place to protect my pension plan, endowment and life insurance policies. To rebuild the financial sector, it may have to be stripped bare to get rid of all the toxicity. There is too much secrecy surrounding insurance and other deposit taking financial entities and this cannot go on. We have to demand more from the regulators and the state. I am one wary of commissions of enquiry because at the end of the process the public is none the wiser as to what has transpired. Reports are never published. The entire financial services industry has to be investigated and the findings published for all to see. Let the chips fall where they may.

Does our system allow for special/impartial investigators to be appointed with powers to subpoena, investigate and prosecute persons if prima facie
evidence warrants such.? Forget the DPP……………

@ Miller.
I thank you most sincerely; I am now getting an opportunity to catch up on the contributions. Note I will not take a second look at the proverbial Trojan horse ( lol ) I consider this a genuine compliment. I have been encouraged to contribute to this blog after initially trying to navigate around the rabid, naked political contributions which only give rise to invective and personal abuse from which we cannot benefit. I Firmly believe that we can use our best efforts to try to educate ourselves , first of all , and the readers more generally. I shall therefore continue to add my effort to the efforts of those who have an obvious capacity to contribute to national development. Thank you my friend . Peace.

@ David:

Do you know if there are provisions in the current Financial Services Commissions regulatory framework for “interested” policyholders to find out if their life insurance and pension providers are meeting their statutory obligations? That is, filing reports and financial statements on time and fulfilling the Statutory Fund obligations.

@ David | March 10, 2012 at 6:48 PM |

Thanks! I will peruse when time permits.
On the face of it, the Act does give the regulators some legal teeth. But as Caswell pointed out the enforcement by the Authorities is the acid test to its relevance. Another piece of watertight paper but with limited or no pen and ink to write with.

Why should Prime Minister Stuart still be charging that he has not received a copy of the Forensic Report? It is embarrassing now!

@Carlos Bourne | March 10, 2012 at 11:41 PM |
“Failing this he should be removed from the chairmanship of the Financial Services Commission a body that should always be held high in relation to integrity.”

If a person (say a senior police officer) is prepared to break the very law they are entrusted to uphold how then can we the public have trust and confidence in their competence and integrity. A person holding such a ‘sensitive’ position will be expected to perform that role with the utmost of integrity by upholding and following the requirements of the Act both in its execution and spirit.

One should easily expect that a government that is expected to bail the greedy EFAfers would have been the first to receive the report.

@An Observer

Are you in a position to outline what the formal exercise of releasing the Forensic Report should have been?

@ David
First , the report had to be formally presented in the forum ( in this case the Court ) which ordered the judicial management and appointed the judicial managers ; in addition , because a number of regional governments have been called upon to take such measures as may be necessary to bring relief to their nationals who might have been made to suffer loss because of the demise of CLICO , officials of the respective governments must be presented with reports for the purpose of laying those reports in Parliament in order to initiate debate in their Parliament. Of course one would expect that the CLICO officials would also have been presented with their copy of the document . In general , any person who found himself with a copy of the report ” PREMATURELY “should , as an act of absolute propriety , have realised that he could not embark on the process of publication which the Nation has done . I hope I have been helpful.

@An Observer

Your posit reconciles with BU’s own view.

The publishing of the Forensic Report has muddied the matter, one which was already a difficult one.

Surely the Judicial Managers (Deloitte’s) should know their findings would form the basis of possible litigation given the import of the CLICO matter?

Surely the Nation as a responsible newspaper should know it as well?

@David

“responsible newspaper”
Thanks for the Sunday humour

Everyone has an agenda and some may be contented with the court of public opinion in order to advance theirs. Facts are facts, just a matter of who decides to use them, when and how. Policyholders will be the losers in this one. Time will tell who else “sinks with the ship.”

@ OBSERVER
All opinions and suggestions are well intended . We are all educating each other. What I can be most emphatic about is that from the time the matter engages the attention of the court , it becomes a very formal exercise . As a matter of fact , even as we confer. there is an application before the court that might influence the future conduct of the judicial management process . Whatever we disagree on we must agree that the leaking of the report TO and BY the Nation was a dark day in the administrative process of the country. THAT CANNOT BE GAINSAID . And the politicians will be well advised to take note.