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… orders failed insurance giant liquidated Chief Justice (ag) Ian Chang yesterday paved the way for Head of State,Discount NFL Jerseys, Bharrat Jagdeo,Jerseys NFL Wholesale, to pay the policyholders that fell victim to failed insurance giant, Colonial Life Insurance Company (CLICO) Guyana,Jerseys NFL Wholesale, when he ordered the company wounded up.The Bank of Guyana was ordered to be the liquidators of the company.Chang, in his ruling, said that the court finds that the total assets of CLICO (Guyana) do not exceed its total liabilities by any amount let alone by 25 per cent of the net amount of premiums received in respect of long-term insurance business for the preceding financial year.The Bank of Guyana, which presently performs the functions of the Office of Commissioner of Insurance, in its affidavit stated that the statutory funds of CLICO (Guyana) were then illiquid.“The report of Nizam Alli, Chartered Accountant showed that, as at the 27th February,Wholesale Jerseys, 2009, CLICO (Guyana) was in deficit of $7B at best and at worst $11B.”The Judicial Manager’s report showed that up to the 28th February, 2009, surrender of policies amounted to $1.7B and in a later affidavit, she deposed that up to April 2009, within two months, 829 policyholders had surrendered their policies to the tune of $9.6B.It was pointed out that Winston Ramalho, the director who represents CLICO (Guyana) in these proceedings, and his wife, surrendered their policies to the tune of $45M.According to Chang,Wholesale Jerseys From China, “The clear picture is not only that total liabilities of CLICO (Guyana) far exceed its assets but that the company is on a rapid decline… It does appear that this state of financial affairs was triggered by the illegal transmission of US$34M externally in favour of (Clico) Bahamas Limited,Wholesale China Jerseys, its sister company.”It should be noted according to Chang that the Insurance Act does not allow any insurer carrying on long term insurance businesses to invest more than 15 per cent of its statutory fund outside of Guyana.“In other words, investments abroad must not exceed 15 per cent of statutory fund…It does appear that CLICO (Guyana) has little or no chance of recouping this US$34M since CLICO (Bahamas) Ltd. has been wound up due to a deficit of assets relative to liabilities in the sum of US$30 million.”The US$34 million illegally remitted abroad represents about 53 per cent of the company’s total assets.“The actuarial reports of Canadian consultants Cheong and Ngai spoke to CLICO (Guyana) being insolvent and should be wound up…Prescience Insurance Consultants in its report dated 24th July 2009 underlined the urgent need for Clico to be wound up.”The Chief Justice in his ruling stated that although the Affidavit of local valuer,Wholesale Jerseys, Hugo Curtis, dated September 11,Cheap NFL Jerseys 2016, 2009, placed high valuations on CLICO (Guyana)’s immovable properties in an effort to make the point that the company may still be in a position to meet its liabilities, yet when bids were invited for the purchase of such properties,Cheap Soccer Jerseys Authentic, the amounts in the bids fell way below the respective values stated by Curtis.The Opposition parties have repeatedly called on the President to tell the nation, specifically the affected policyholders how exactly he intends to ensure that they are paid. The President consistently blamed the court case as the cause for the delay in payment to the affected policyholders.