CLICO SVG still writing new business

CLICO International Life (St.Vincent and the Grenadines) continued to write new businesses this week even though its sister branch in Barbados was barred from doing so.{{more}}

Earlier this week, the Supervisor of Insurance in Barbados issued an order which bars CLICO International Life (Barbados) from writing new business.

A local official, who prefers to remain anonymous, told SEARCHLIGHT the Barbados development is not likely to affect operations in St.Vincent and the Grenadines.

Our source noted that up to Wednesday, April 7, 2010, CLICO International Life (St.Vincent and the Grenadines) had written new business and there was no indication that they were about to cut staff.

On Tuesday, April 6, 2010, the CBC TV Evening News in Barbados reported that the parent company CLICO Holdings Barbados Limited had announced that 25 administrative staff of CLICO International Life had been temporarily laid off.

The report said this development follows the decision by the Supervisor of Insurance to bar CLICO International Life from writing new business.

The company, has however, appealed the decision and is awaiting a response from the Supervisor of Insurance.

CLICO has promised that the 25 employees will return to work if CLICO International Life is allowed to resume writing business. However, if this does not happen then 125 CLICO employees in Barbados stand to lose their jobs.

SEARCHLIGHT was told that the St.Vincent branch has about 12 administrative staffers and 16 agents.