Clico up for sale in T&T

(Trinidad Express) Central Bank Governor Jwala Rambarran yesterday confirmed that the Colonial Life Insurance Company Ltd (CLICO) was up for sale.

Further, the Central Bank was in the market for a buyer.

In a press statement issued yesterday, Rambarran explained: “As part of the resolution strategy for CLICO, the Central Bank proposes to transfer CLICO’s traditional insurance portfolio for value to an acquiring insurance company that is well capitalised, has a proven track record and the capacity to honour all obligations to policyholders.”

Rambarran said to achieve this objective, the insurance portfolio is being evaluated by an independent valuation company.

“An independent actuarial firm has, therefore, been engaged to value CLICO’s traditional business for this purpose and the exercise is still in progress,” he said.

“Subsequently, the Central Bank will conduct the process for the sale and transfer of CLICO’s traditional insurance portfolio on a transparent, open market basis. The bank has neither engaged with any prospective buyers nor made any decision on the structure of the portfolio transfer,” he said.

Rambarran noted that pursuant to Section 44D of the Central Bank Act, the Central Bank was in control of CLICO which started on February 13, 2009, in order to safeguard the interests of policyholders and creditors and to prevent disruption, substantial damage or impairment of our financial system.

“The Central Bank is the only entity empowered to restructure the business or undertakings of CLICO, in accordance with the provisions of the Act,” he said.

The Government said it has spent close to TT$25 billion since it acquired the cash-strapped insurance company from Lawrence Duprey in 2009.

 

Carlene Grant (Trinidad Express photo)

Spurned lover batters T&T guard to death

(Trinidad Guardian) Minutes after he told a teenage relative he was going to get a meal and go to church, a man instead showed up at Carlene Grant’s workplace and stabbed her several times before taking a sledgehammer and bashing in the side of her head.

With her 14-month daughter Kaylee seated on her lap, Giselle Glaude shares a light moment with her attorney, Jason Nathu, at the Equal Opportunity Tribunal building before judgment was delivered in her favour on Tuesday.

T&T Muslim woman wins discrimination case over hijab

(Trinidad Guardian) A Muslim woman on Tuesday won a landmark judgment against a security firm for discrimination on the basis of her religious beliefs.

default placeholder

Hyatt construction set to begin in Barbados

(Barbados Nation) After eight years in the pipeline, the first step has been taken to make the multimillion-dollar Hyatt Hotel a reality on the Bridgetown landscape.

With her 14-month daughter Kaylee seated on her lap, Giselle Glaude shares a light moment with her attorney, Jason Nathu, at the Equal Opportunity Tribunal building before judgment was delivered in her favour yesterday.

T&T Muslim woman wins discrimination case over hijab

(Trinidad Guardian) A Muslim woman yesterday won a landmark judgment against a security firm for discrimination on the basis of her religious beliefs.

default placeholder

Venezuela gov’t aims to sink Maduro recall, opposition protests

CARACAS, (Reuters) – Venezuela President Nicolas Maduro’s socialist government sought yesterday to scupper a push by the opposition to oust him this year via a referendum, while his opponents called for protests to demand the vote.

default placeholder

No amnesty for war rapists: Colombia peace talks turn to women’s rights

BOGOTA (Thomson Reuters Foundation) – Colombia’s government and FARC rebels have pledged to improve access to land for women and ensure perpetrators of sexual violence, including rape, will not be eligible for amnesty as part of ongoing peace talks to end five decades of civil war.

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Stay updated! Follow Stabroek News on Facebook or Twitter.

Get the day's headlines from SN in your inbox every morning: