Former Bajan Supervisor of Insurance defends CLICO actions

(Barbados Nation) William Layne says he was a tough Supervisor of Insurance when he essentially shut down an insurance company in the mid-1990s because it was not meeting its statutory fund obligations.

Layne made the revelation in response to critics who accused the former permanent secretary and head of the dissolved Oversight Committee on CLICO of more talk than action, complaining that he too was slow to act when he was Supervisor of Insurance.

But in an exclusive interview with the DAILY NATION over the weekend, Layne said it was he who ordered the now defunct Narsham Insurance to stop writing new business or renew old policies because it failed to set aside an adequate reserve cover.

“I was Supervisor of Insurance for 18 months – between January, 1995 and June, 1996 – and during that time I stopped Narsham from writing insurance. They didn’t have adequate reserves and they ended up taking me to court.

“I didn’t have to speak to any politician about that. I took action and stopped them from writing insurance. I don’t remember any time in those 18 months that I did not act,” he revealed.

 

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