CLICO Belize under judicial management

CLICO, the Colonial Life Insurance Company in Belize appears to be moving closer to liquidation. According to a press released issued today, the local branch of the insurance company has now been placed under Provisional Judiciary Management by the Supreme Court. Mark Hulse of the Baker Tilly Hulse Accounting Firm has been appointed as Judicial Manager. Hulse will take charge of the company’s operations under the watchful eye of the Supervisor of Insurance, Alma Gomez and will have to make regular reports to her. Even with this latest development, current policy holders are advised to continue paying their premiums to keep their policies active.

CLICO branches all over the Caribbean have either been placed under government management or wound up altogether. The most recent was in the Bahamas, where the Supreme Court ordered the company to be wound up on the seventh of this month. That decision was made to protect the interests of policyholders, creditors and stakeholders of the company and to allow for a smooth liquidation process. At the hearing, Attorney David Higgins appeared for the Registrar of Insurance Companies and argued that the company was worth less than its debt. Higgins said their assets were worth eighty-three million dollars, while their liabilities amounted to a hundred and four million.

In related news, the Judicial Manager of CLICO Guyana, Maria van Beek, was shot in the chest early this morning by unknown gunmen in Georgetown. According to an online Caribbean newspaper, Van Beek is currently hospitalized in stable condition. The motive for the shooting is yet to be determined but police are following leads based on a description they were given of the shooter.