(Nassau Guardian) Nassau – Prime Minister Hubert Ingraham has introduced three bills
in the House of Assembly that seek to reform the insurance sector in the wake of the collapse of CLICO Bahamas.
“I might say that some of these amendments are driven by a company called CLICO and by the time we come back to the House to debate these bills, we will have an announcement to make to the public about the government’s position with respect to CLICO and its policyholders in The Bahamas,” Ingraham told the House last Friday.
Ingraham had previously advised CLICO policyholders to continue to pay their policies despite the collapse of the company.
The Opposition has criticised the prime minister for advising continued payment to a company in liquidation without offering a guarantee during
the liquidation process.
The bills include amendments to the Insurance Act, passed in 2005 but not brought into effect, an amendment to the Companies Act and the new External Insurance Act.
Ingraham described the new External Insurance Act as an industry-driven bill rather that a government-driven bill.
