Donville Inniss Matter Tosses Up Questions about Insurance Corporation of Barbados Limited Limited/National Insurance Board Joint Venture Company

Discussion on the blog Donville Inniss Case Points to Endemic Corruption in Barbados after reviewing the 2018 financials of BF&M – parent company of ICBL – revealed there is a company called Insurance Corporation of Barbados Limited Limited/National Insurance Board Joint Venture (“ICBLJV”).

Barbadians have been concerned in recent years the ease with which politicians commit NIS resources to questionable projects. The latest is the construction of a fire station to replace the one being demolished at Probyn Street to – in the opinion of the blogmaster – create a more aesthetically pleasing Bridgetown. The Hyatt is coming!

We must not forget the inability of the NIS Scheme to produce audited financials since 2007?

What about the the obligation of the NIS to produce an up to date actuarial review and for the government to lay it in parliament for public access?

The Mottley government was swept into office on the trusted and well used platform message of transparency. Why have we not seen some movement on these nettlesome issues given the importance of the NIS as a social safety net for Barbadians?

Now there is this Insurance Corporation of Barbados Limited Limited/National Insurance Board Joint Venture (“ICBLJV”) listed as a BF&M subsidiary. For those not aware ICBL has been one of the principal actors in the Donville Inniss money laundering case. What does the ICBL have to do with the NIS Scheme?

Extracted from 2018 BF&M Financials page 91