Proposals submitted early last year by a committee under the chairmanship of the President of the Caribbean Develop-ment Bank will shortly be considered for adoption with a view to providing early relief to the many policyholders adversely affected by the financial collapse of Colonial Life Insurance Company (CLICO) and its subsidiary British American Insurance Company (BAICO).
CARICOM Heads of Government have also requested the Central Bank Governors to provide an early report on the stability of the financial system in the Community, along with appropriate measures to enhance the regulation and monitoring of financial entities which operate cross-border.
Previously, the Heads of Government had recognized the systemic risk to the regional financial system, and had deemed the financial collapse of the Colonial Life Insurance Company and its subsidiary British American Insurance Company in the Eastern Caribbean as a regional problem which required a regional resolution, according to the communique issued at the conclusion of the 23rd inter-sessional meeting of the Conference of Heads of Government of CARICOM in Paramaribo, Suriname from March 8-9.
“The Regional Technical Committee under the chairmanship of the President of the Caribbean Development Bank, which was set up by the Council for Finance and Planning, in early 2011 submitted a slate of proposals to address this situation.”
“These proposals,” the communiqué continued, “will shortly be considered for adoption by the Council for Finance and Planning with a view to providing early relief to the many policyholders who have been adversely affected by this situation.”
Meanwhile, the Heads of Government commended the Government of Suriname on its initiative to develop a regional commercial enterprise to assist with the funding of the Community’s institutions, and they agreed to support this initiative. They also endorsed the proposal for Suriname to undertake an initial feasibility study for the establishment of CARICOM enterprises.
The communiqué issued by the CARICOM Secretariat at Turkeyen said further that they also agreed to the establishment of a Regional Task Force to examine the proposal in greater detail and Suriname would serve as the Chair while the members would be Barbados, Guyana, Haiti, Jamaica, a representative of the Organisation of Eastern Caribbean States (OECS) and Trinidad and Tobago.
Crime and security
On the issue of crime and security, the Heads of Government received an update on the CARICOM Framework for the Manage-ment of Crime and Security and discussed current trends in criminal activity, including the international dimension and new and emerging threats to security in the region.
They discussed also the future Regional Crime and Security Agenda including possible areas for extra-regional co-operation and initiatives for sustaining it.
In this context, they received an interim report on the consultancy to examine the institutions involved in implementing the Regional Security Agenda and agreed on the need for a closer working relationship among these institutions, the communiqué stated.
Launching
The communique also noted that the website for the CARICOM Youth Ambassa-dors (CYA) Corps in Suri-name was launched at the opening of the meeting and Heads of Government expressed satisfaction at this achievement. In addition, the Regional Sports Academy was also launched during the meeting and Suriname was commended for these two initiatives.
At the meeting, concern was also expressed at the continued situation of non-representative government in the associate member Turks and Caicos Islands. The Heads of Government noted the reports of progress in the achievement of some of the eight milestones established by the UK as pre-requisites for the holding of elections on the islands.
However, they reiterated the critical importance of holding elections at the earliest possible opportunity in order to ensure the return to democratic and representative government in the TCI and to promote the best interests of the people.
Moreover, they underscored the importance of ensuring that the people of TCI are given the opportunity to express their individual voices on the process of constitutional reform currently underway, especially regarding the composition of the electorate.
The communiqué stated also that it was agreed that Sir George Alleyne OCC be nominated as a Caribbean representative on the UN Secretary General’s proposed High Level Panel (HLP) of Eminent Persons to advise him on practical measures to overcome the global development challenges hindering the achievement of the MDGs and other development objectives.
And looking at the Malvinas/Falklands Islands issue, referring to the islands the way they are differently named by the UK and Argentina, the Heads of Government reiterated the importance of observing the provisions of United Nations General Assembly Resolution No. 31/49, and called on both parties to resume negotiations on all the relevant issues in order to find a peaceful and definitive solution to the dispute as early as possible, in keeping with the relevant resolutions of the United Nations.
Deputy Secretary-General, Ambassador Lolita Applewhaite will complete her tenure at the CARICOM Secretariat in June and the Heads of Government expressed sincere appreciation to her for her committed and distinguished service to the CARICOM Secretariat and the wider community, and cited in particular her stewardship as acting Secretary-General from January to August 2011.
In the meantime, it was agreed that the 33rd regular meeting of the conference would be held from July 4-6 in Saint Lucia under the Chairmanship of Prime Minister Dr. Kenny Anthony.
