Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698072012753.pdf (Guyana)
NINTH PARLIAMENT OF GUYANA FIRST SESSION (2006-2009) NATIONAL ASSEMBLY RESOLUTION NO.
82 WHEREAS on Thursday, 26th February, 2009, in response to a petition by the Commissioner of Insurance, the High Court of Guyana issued an Order placing CLICO (Guyana) under judicial management pursuant to the provisions of the Insurance Act 1998, until further Order of the Court; AND WHEREAS the Commissioner of Insurance of Guyana has confirmed that amounts in the region of 50 percent of the statutory fund of CLICO (Guyana) were invested in CLICO (Bahamas) which has been put into liquidation by the Bahamian High Court; AND WHEREAS CLICO (Guyana) sold its bonds in the Berbice River Bridge valued at $1.5 B (one point five billion dollars) to the New Building Society Ltd (NBS) which sum was used by CLICO (Guyana) to provide liquidity to make payments to persons who were withdrawing their deposits or surrendering their policies; AND WHEREAS the 2007 National Insurance Scheme, (NIS), Annual Report states that NIS had $5,195,721,000 (five billion, one hundred and ninety five million, seven hundred and twenty one thousand dollars) invested in annuities in CLICO (Guyana) and, based on latest information, this amount is now approximately $5.6 B (five point six billion dollars); /...2 is 4 2.
AND WHEREAS the aforementioned developments have been the subject of considerable public discussion and concern; AND WHEREAS the Commissioner of Insurance is empowered to administer the Insurance Act 1998, the aims of which include the regulation of insurance in Guyana, the promotion of competition in the insurance industry, and the protection of consumers and policy holders; AND WHEREAS the aforesaid Insurance Act empowers the Minister of Finance to give general and special directions to the Commissioner of Insurance; AND WHEREAS on Thursday February 26, 2009, the President assured the Nation in a Press Statement that the Government of Guyana would take steps to protect pensions and policyholders of CLICO (Guyana); AND WHEREAS the Government has made an unequivocal statement that it will guarantee the savings, pensions, investments, and insurance of all investors, depositors, policy holders and contributors of CLICO (Guyana).
RESOLVED, That this National Assembly calls upon the Government to take all necessary steps to ensure that there will be no financial loss to any policy holder or depositor of CLICO (Guyana); /...3 e" 3.
FURTHER RESOLVED, That the National Assembly calls upon the Government to take all possible actions to secure the investments made in CLICO (Guyana) by the NIS on behalf of contributors and beneficiaries of the Scheme to prevent any consequential loss in benefits to them; FURTHER RESOLVED, That the National Assembly endorses the statement by Government guaranteeing the savings, pensions, investments, and insurance of all investors, depositors, policy holders and contributors of CLICO (Guyana); and FURTHER RESOLVED, That this National Assembly directs the Economic Services Sector Committee to monitor the developments at CLICO (Guyana) and to keep the National Assembly updated on developments within this institution.
Passed by the National Assembly on 12th March, 2009.

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ISAACS Clerk of the National Assembly S. E. ISAACS CLERK OF THE NATIONAL ASSEMBLY