and to report to the National Assembly. In light of this development

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CLICO Debacle…Chairperson of the Economic Services Committee, Gail Teixeira during the last sitting of the National Assembly presented the most recent periodic report for that body.However during the subsequent debate, the House was apprised on just how divided that committee is on the monitoring role it was tasked with as it relates to the development of the affairs of the embattled insurance company, Colonial Life Insurance Company Guyana (CLICO).Reprimand action was contemplated against Committee Member Khemraj Ramjattan for venting his frustration in the media and said that the committee was just forced to read newspaper reports given the fact that Teixeira was not allowing for in-depth probity.Teixeira in defence of the complaints by the opposition members of the Committee said that it was the Court Cases which is to be blamed.Shadow Finance Minister Winston Murray however, is convinced that the remit of the committee is very broad based and goes beyond issues that may be considered sub judice.He said that the guarantee that was given by Head of State Bharrat Jagdeo is one such aspect that could have been dealt with in that the Finance Minister could have at least updated the committee on how the government was looking to effect this promise to policy holders.Murray said that upon insistence by the committee members, Teixeira did send a letter to the Finance Minister inviting him to appear before the committee but the letter was not even acknowledged.The report tabled by Teixeira said that the Minister of Finance did supply the committee with the Commissioner of Insurance (COI) Annual Report for 2007, Audited Accounts COI for 2005 to 2007, the Insurance Act as well as 36 documents related to the two separate court cases involving CLICO (Guyana).Winston MurrayTeixeira’s report said that the Committee was empowered by a Parliamentary Resolution in March 2009 to monitor developments of CLICO (Guyana) and to report to the National Assembly. In light of this development, the Committee decided at the 36th meeting after much discussion that it should write to the Judicial Manager of CLICO for an in camera meeting.“During the discussions on the CLICO matter by members at the 37th meeting as to what questions could be asked of the Judicial Manager, a difference in views persisted…This development prompted the Chairperson to inform the meeting that the guidance of the Speaker of the National Assembly would be sought.”The Speaker of the National Assembly was written to by the Committee in April 2009, for guidance on how to treat the assignment and he in response said that the issue is Sub Judice and that Teixeira should consider Standing Orders.She said that the Committee was as such hampered by the sub judice nature of the matter.Following the move to the court in Bahamas to wind up the CLICO company, and realising that CLICO Guyana has in excess of $6B locked in there, the then local Commissioner of Insurance, Maria van Beek, moved to the High Court to wind up the company.Acting Chief Justice Ian Chang granted Judicial Management to the Commissioner of Insurance and asked for an in depth report on the affairs of the company.That report has been completed and, according to van Beek, in a worst case scenario, the company was some US$60M above its liability, but subsequent court proceedings have since stalled the winding up process so that policy holders can be paid.Some of the other issues dealt with by the Economic Services Committee in the report, includes the National Insurance Scheme and the Guyana Sugar Corporation.