No Easy Fix to CLICO Issue, Says Barbados Minister

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Published on Saturday, 24 November 2012 12:34

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(Caribbean News Now): BRIDGETOWN, Barbados (BGIS) -- Disappointed with the lack of a broad settlement framework at the regional level to tackle the CLICO/British American Insurance Company Limited (BAICO) fallout, Barbados minister of finance, Christopher Sinckler, is proposing to hold an urgent meeting in Barbados next month with ministers of finance, their senior representatives and technical staff, to broker an agreement by year end. 

He made this disclosure on Thursday night during the official launch of Guardian Life of the Caribbean and COB Financial Services Incorporated Life Insurance Agency in Barbados.

Sinckler said the meeting would allow the judicial managers to "return to the respective courts to update that a solution for an orderly resolution has been reached even as the detailed dynamics of such an agreement are hammered out". The finance minister admitted that he, like thousands of policy holders, was "growing a little anxious" about the length of time it was taking before a resolution was found despite the appointment of a judicial manager in Barbados and in a few other jurisdictions throughout the region.

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