Maria van Beek to present final report tomorrow
Commissioner of Insurance and current Judicial Manager of the Colonial Life Insurance Company (CLICO) Guyana, Maria van Beek is expected to present her completed report on the affairs at the company to Chief Justice Ian Chang tomorrow.
Van Beek managed to secure a four-week extension to present a full report into the status of the affairs at the embattled company when she appeared in court on March 16 last.
The extension followed an application by Senior Counsel Ashton Chase who represented the Judicial Manager when they appeared before acting Chief Justice Ian Chang.
When the matter was first called on March 6 last, Clico had been un-represented.
Ever since the February 25 ruling that placed the company under the jurisdiction of Ms. van Beek, Nizam Ali and Company has been contracted to assist her, and Prescience Insurance Consultants and Actuaries based in Toronto, Canada, has been contracted to provide an assessment of the company’s long-term insurance liabilities.
Van Beek told the media last week that the audited financial statements as at December 31, 2008 are now being finalised.
In addition, she said, attorneys in Guyana and a legal team in the Bahamas have been retained to provide legal services to the company.
“Our information thus far indicates that the company has 14,990 insurance policies, 90 members of staff and about 65 sales agents. Investigations into the financial status of the company are ongoing, and are expected to take another four weeks.”
“Claims for health contracts, fire contracts, motor contracts and other general insurance contracts will recommence and be paid, once the claim has been verified and payment has been approved as in the normal course of business.”
She added that payment of these claims would quickly erode the liquidity of the company and affect its viability.
At the briefing last Thursday, Van Beek told media operatives that it took most of the previous two weeks to verify each of the 1,197 un-presented cheques and the 154 stale-dated cheques with the company, and to complete an initial liquidity analysis.
At that time she had also pointed out that there was need for some four more weeks to complete a final report.