THE CLICO CRISIS: A CASE OF REGULATORY FAILURE AND A CALL FOR  GOVERNMENT INTERVENTION

ALFRED M. SEARS

17^TH MARCH 2009

On the 24^th February 2009 the Registrar of Insurance petitioned the Supreme Court of The Bahamas  for the winding-up of CLICO (Bahamas) Limited ("CLICO") because CLICO was unable to pay claims of US2.6 million in the Turks & Caicos Islands and (b) its liabilities were estimated to exceed its assets by at least $9 million.  The Supreme Court appointed Mr. Craig Gomez of Baker Tilly Gomez as Provisional Liquidator for CLICO.  A hearing of the winding-up petition is scheduled to be heard on the 18^th March 2009.