The High Court has ratified the appointment of Richard Surage as judicial manager of the St. Lucia operations of the Colonial Life Insurance Company International Life Insurance Limited (CIL), the Caribbean Media Corporation reported yesterday.
The report said that the appointment of the judicial manager is part of the plan by Eastern Caribbean governments to recover some of the assets of policy holders with the Trinidad-based CLICO, part of the financially troubled CL Financial Group.
CMC said that Surage of PKF Professional Services will submit an interim report to the High Court on May 3.
According to the Registrar of Insurance, Calixte Leon, Barbados authorities had last May prevented CIL, from undertaking new insurance business in that island.
“As a result of the unreasonable delays in the settlement of claims under policies issued by the company and the regulatory intervention by its home regulator in Barbados to stop issuing new policies, all OECS (Organisation of Eastern Caribbean States) regulators decided to jointly intervene in the branch operations of CIL,” Leon said, according CMC.
