| The Parliamentary Sectoral Committee on Economic Services, which was tasked with the monitoring of the developments as it relates to Colonial Life Insurance Company (CLICO) Guyana, is yet to receive the annual report or any statements from the embattled company.This is according to Chairperson of the Committee, Presidential Advisor, Gail Teixeira, who was apprising the committee members at the 38th meeting, held on May, 15.Gail TeixeiraTo date,Nike Just Do It Scarpe, members of the committee reported that the documents are still not forthcoming.At the may 15th meeting, the committee was also told by a researcher, that then Judicial Manager of the Company Maria Van Beek, has not made any public pronouncement on the state of the company in the media, ever since her appointment.Contrary to the opinion of the researcher, on March 12, just over two weeks after her takeover, Van-Beek held a press briefing where she told media operatives that the company would start honouring some of the claims.She had also reported that since her takeover, Nizam Ali and Company was contracted to assist her, and Prescience Insurance Consultants and Actuaries based in Toronto Canada, was also contracted to provide an assessment of the company’s long-term insurance liabilities.Van Beek told the media that the audited financial statements as of December 31, 2008, are at the time also being finalized.She had reported that, “Our information thus far, indicates that the company has 14,990 insurance policies, 90 members of staff and about 65 sales agents. Investigations into the financial status of the company are ongoing, and are expected to take another four weeks.”She had also encouraged policyholders that have regular premiums in force, to continue to pay their premiums.”If they fail to do so, she said, there may be severe consequences for their entitlements.Following the commencement of the CLICO meltdown, leader of the People’s National Congress Reform (PNCR), Robert Corbin, had tabled a motion in the National Assembly, to have an investigation into the affairs of the insurance company, but the motion was watered down to call on the Economic Services Committee of Parliament to monitor the developments as these unfold in relation to CLICO (Guyana).The committee has been lambasted in the past for its failure to effectively monitor and investigate the CLICO (Guyana) affairs. |
