A release from the Government on Thursday, 5th May, 2011, indicated that the Office of the Registrar of Insurance in the Financial Services Regulatory Commission, took the decision to appoint Mr. Omax Gardner of the firm Pannell Kerr Forster Chartered Accountants as the Judicial Manager of the CLICO International Life Insurance Limited (CLICO Life) branch offices in St. Kitts and Nevis. The release confirmed that Gardner’s appointment took effect from 29th April.
The registrar is said to have exercised his authority, in accordance with Section 62 of the Insurance Act No. 8 of 2009. After exercising the power of intervention, the Registrar found it necessary and proper to apply to the Court for an order that CLICO Life be placed under judicial management,” said the statement.
“The Court therefore by Order directed that CLICO Life’s branch operations in St. Kitts and Nevis, be placed under judicial management. The release stated that the management of CLICO Life’s branch operations in the Federation will now be vested exclusively under the direct control of the Judicial Manager.
The Judicial Manager is also expected, in accordance with Section 64 of the Insurance Act, conduct the management of the company with the greatest economy, compatible with efficiency, and must, as soon as possible after his appointment, file with the court, a report stating the course of action, which is in his opinion, is most advantageous to the general interests of the policyholders of CLICO Life.
Residents in St. Kitts & Nevis who are clients of CLICO have been requested to give full co-operation during this process.
The move by the Registrar patterns that which has already seen British-American Insurance Company Limited (BAICO) being placed under judicial management.