Government asks Clico to discontinue the issuance of new policies in Dominica
The Government of Dominica has advised the branch manager of Clico International Life Ltd. to discontinue the issuing of new policies in Dominica until further notice. In a letter to the insurance company, the Government said that it has been monitoring the developments with regard to the operations of Clico, and has found it necessary to seize the issuing of new policies in Dominica until further notice. This action is consistent with that which was taken by member states of the Eastern Caribbean Currency Union (ECCU) based on advice received from the regulator of insurance in Barbados. The Government of Dominica said that it will continue to provide updates on the issue as it is important for the continued good financial health of not just Dominica but all the other members of the ECCU.