(Barbados Nation) It is Barbados’ tight exchange control regulations which would have put the brakes on any major outflow of funds from CL Financial subsidiaries here – CLICO International Life and British American Insurance Company.

This was suggested by Wismar Greaves, outgoing managing director of the Insurance Corporation of Barbados Limited (ICBL). He made the comments as he drew on his experience as a former supervisor of insurance.

Greaves, who is preparing to retire from ICBL after almost 18 years at its helm, said: “We in Barbados are fortunate that we have those exchange control regulations and as a result of having them we were able to prevent an outflow of funds from CLICO Barbados to wherever CLICO was taking them – as was done in the Eastern Caribbean.

“We should be thankful for our Exchange Control Act, the prudence of the Central Bank of Barbados and the insurance regulators to manage the companies and keep them with adequate reserves and investments in Barbados to match their liabilities,” he told the MIDWEEK NATION.