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…worse case scenario liability outweighs assets by more than $11BBy Gary EleazarJudicial Manager of Colonial Life Insurance Company (CLICO) Guyana, Maria Van Beek, in a report to the High Court, says that its financial position reveals that the company does not have the resources to allow it to carry on its business and it is therefore insolvent.She added, in the report, that the sale of assets of the company appears to be unavoidable under any foreseeable scenario.Judicial manager of CLICO (Guyana) Maria van BeekIt was pointed out that upon the announcement by the Trinidadian authorities at the end of January that some of the assets of CL Financial were being taken over by the authorities in Trinidad, including the insurance company Colonial Life Insurance Company (Trinidad) Ltd. (CLICO Trinidad),Cheap NFL Jerseys Online, the company began experiencing heavier than normal surrenders.As at the end of February $1.5B in claims were paid during 2009 and $1.6B remained outstanding at that time.Prior to the Judicial takeover on February 25, the Company was unable to raise additional funds or liquidity from its parent company or the group.“Further, it was unable to recoup during this time, any of its investments totalling US$34 million held by CLICO (Bahamas) Limited, which represents in excess of 50 per cent of the assets of the company.“CLICO (Bahamas) Limited was subsequently placed under provisional liquidation on 24th February 2009. As a result I as Commissioner of Insurance petitioned the Court and was subsequently appointed Judicial Manager on 25th February 2009.”The Judicial Manager reported that based on the investigation by Nizam Ali & Company, the book value of the Company’s assets and liabilities shows the net asset position of the Company is approximately $1.6 billion which clearly attests to the claim that the Company is insolvent.It was pointed out that given the likely impairment of the Bahamas investment valued at $7.1 billion and assuming some write-off in the value of the remaining assets of the Company, the net deficit could rise to $11.9 billion should the Company be wound-up.She added also that it should be stressed however that the estimates are very dependent on the value of the long term liabilities produced by the Actuary who in turn is dependent on the policy data stored and compiled by staff of CLICO Trinidad who have been sub-contracted to perform this work.“The significant deterioration in the Company’s net position compared to 31st December 2007 is as a result of an increase in liabilities of about $4 billion compared to an increase in assets of about $1.7 billion amounting to a reduction in net assets of about $2.3 billion. Part of this loss is due to a change in the actuarial basis.”As it relates to the company’s liquidity,Wholesale Jerseys Free Shipping, van Beek told the court that the cash assets of the Company total approximately $560 million and it had a cash deficiency of about $1.5 B at the end of February this year.“This however assumes that surrenders of Executive Flexible Premium Annuity (EFPA), Flexible Premium Annuity (FPA), Group Flexible Premium Annuity (GFPA) policies totalling about $1.6 billion will be paid.”It was pointed out that, at present, in order to preserve the liquidity of the Company,Wholesale Stitched Jerseys, no payments on surrenders of any long term insurance contract have been made and it has been projected that the Company can remain in a liquid position for three months or more provided claims arising from Life and Pensions remain suspended until additional liquidity is obtained through the sale of the Company’s investments or by some other means.Van Beek in her report lamented the fact that the documentation by the Company has been generally very poor and based on the documents reviewed to date and a review of the investment decisions made by the Company,Wholesale NFL Jerseys, it appears that any assessment of the appropriateness of the investments in Group subsidiaries was ineffectual.It was pointed out that this is of particular concern given that two of the Directors are also Directors on the Board of CLICO (Bahamas) Ltd.She added that while the investment in the Bahamas appeared liquid on the Company’s books,Wholesale Jerseys From China, the Directors should have been aware of the high level of liquidity risk that the investments in the Bahamas entailed in recent years.Judicial Manager of CLICO (Guyana) Maria van BeekIt was also pointed out that there was also some common directorship with Caribbean Resources Ltd (CRL).“It does not appear that there were clear lines of communication between the Actuary, the management and the Board of Directors and discu