According to St. Kitts & Nevis Prime Minister, Dr. Denzil Douglas, the responsibility for the collapse of British American Insurance Company and its sister company CLICO, “Should fall squarely on the shoulders of the local and regional managers and directors.”

After last month’s CARICOM Intercessional Summit, regional leaders said it has now become a priority issue and they used their recent meeting to examine the matter.

British American and sister company Colonial Life Insurance, CLICO, ran into financial difficulty, following the collapse of parent company CL Financial.

The company’s demise resulted in clients around the region losing millions of dollars in investments.