Best buyer gets T&T Clico

(Trinidad Guardian) The Central Bank on Monday confirmed a Sunday Business Guardian exclusive story that the Government is planning to dispose of Clico’s traditional portfolio—life insurance, health coverage and long-term annuities—as part of the resolution strategy for the financially strapped insurance company.

The Central Bank, in a statement signed by Governor Jwala Rambarran, was responding to the story headlined “Howai: Clico could go to foreign buyer…systemic risk for locals.” In the statement, Rambarran said the Central Bank was in control of Clico, pursuant to Section 44D of the Central Bank Act and it was the only entity empowered to restructure the business or undertakings of Clico, in accordance with the provisions of the act. While section 44D gives the Central Bank extensive powers to take control of companies in which “the interests of depositors, creditors, policyholders or members of an institution are threatened,” those powers are subject to section 44F (5) of the Central Bank Act, which states: “In the performance of its functions and in the exercise of its powers under section 44D, the bank shall comply with any general or special directions of the Minister (of Finance) and shall act only after due consultation with the Minister.” Rambarran’s statement said in order to sell Clico “the Act requires the Central Bank to have a market price for Clico’s traditional portfolio determined 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.”

The Sunday BG article quoted Howai as stating that the firm conducting the actuarial review of Clico is the New York-based professional services firm, Towers & Watson. The valuation exercise is expected to be completed next month. The Central Bank statement said after the valuation was completed, “the Central Bank will conduct the process for the sale and transfer of Clico’s traditional insurance portfolio on a transparent, open market basis.


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.

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

Most Read This Week

  1. Fast food lovers inside KFC yesterday

    KFC back in business

  2. Back in court: In this Keno George composite photo, Barry Dataram (left) and his wife Anjanie Boodnarine at court yesterday to answer three charges including fleeing the jurisdiction.

    Dataram to serve eight years in jail after guilty plea to new charges

  3. Ameer Abdool Subrati

    Man dies after bandits target overseas-based couple at Herstelling

  4. Updated: Man dies after bandits attack overseas-based Guyanese at Herstelling

  5. Barry Dataram

    Datarams getaway passports had been issued to other people

  6. The building housing the home and grocery

    Bandits invade Alness businessman’s house, shots fired

  7. Bharrat Jagdeo

    Crime has never been this bad – Jagdeo

  8. Alimudeen Gobin’s demolished house

    Violent storm lashes No. 19 Village

  9. The ganja found in Prashad Nagar (Police photo)

    Police find 52 lbs of ganja in Prashad Nagar house

Recommended For You