Wesley MP, Ezekiel Bazil, has called for the strengthening of insurance and banking legislation here.
This as the 'Plan of Arrangement- BAICO & CLICO Act' was passed in parliament on Monday.
The bill will provide an arrangement or legal framework to aid in the resolution of the insolvency of British American Insurance Company (BAICO) and Colonial Life Insurance Company (CLICO).
Bazil says while he supports the bill, he proposed that the bill be tabled as an open bill in case of any other unfortunate eventualities.
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