“I share the pain and anguish of the people on the fall of British American Insurance and CLICO” Expresses Harris

Dr. Harris complimented officers in the Ministry of Finance including the Registrar of Insurance Ms Kerstin Petty for their hardwork, and professional approach to resolving the issues which emerged in the context of archaic legislation No 14 of 1968. Dr Harris said that 1968 Act never provided tools to adequately address the British American and CLICO situations.

Harris piloted a modern bit of insurance legislation No 8 of 2009 which gave greater powers to the Registrar of Insurance, increase deposit requirements for insurers and association of insurance underwriters and generally provide for greater transparency and regulation and control of insurance entities.

Dr Harris supported the amendment of section 82 of the Insurance Act to increase the deposit requirement of the association of insurance underwriters from $200, 000 or twenty percentum of insurance premiums net of insurance fees for the year.

Senior Minister said the amendment provides the potential for a greater pool of resources from which one can draw in the event of an adversity.

 

Dr Harris said he focused on working on solutions to the problems as they unfold but was a complex conglomerate many intervening forces at work. CL Financial group of which BIACO and CLICO were parts.

 

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