THE CLICO Policyholders Group yesterday welcomed new legislation to strengthen the regulation of the insurance industry. The Insurance Bill – proposing million-dollar fines and liability for company directors and agents – was referred to a Joint Select Committee of Parliament on Tuesday.
“The Clico Policyholders Group fully supports the strengthening of the legislative and regulatory framework for insurance companies in Trinidad and Tobago although for many Clico policyholders it may be a case of too little too late,” Permell said
The group further called upon Director of Public Prosecutions (DPP) Roger Gaspard SC and Acting Police Commissioner Stephen Williams to give an update as to the status of the Police Service investigation into Clico.
“We respectfully call on the DPP and/or the Commissioner of Police to kindly update the public, as is routinely done in other progressive jurisdictions, on the current status of the investigation,” the group’s head spokesperson Peter Permell said in a press release. He queried why there has been no word on what progress, if any, was made in the police probe.
“For us the real question is why, after so much has gone on, there has been no charge,” he said.