Equity Insurance Company Ltd is appealing the Financial Services Commission’s decision to revoke its licence and ban it from writing any new business.
Today, the Financial Services Commission’s Appeal Tribunal met for the first time with the attorneys for Equity Insurance Company and the Financial Services Commission.
It took place at the Forde and Simmons Legal and Judicial Complex, Coleridge Street, St Michael.
During the close to hour-long proceedings, chairman of the tribunal, Christopher Blackman, outlined the guidelines and structure for the benefit of the parties on how things will proceed for the appeal.
The decision to revoke the licence follows the findings of a report submitted to the FSC by restructuring expert Craig Waterman.
Mr Waterman, who was appointed in 2025 by the financial watchdog, confirmed an initial assessment by the FSC that Equity committed serious breaches of domestic insurance laws and regulations and international best practices.
Late last year, the close to three-decade-old Lower Collymore Rock, St Michael firm filed a 205-page claim in court for a judicial review of the commission’s actions.
And yesterday, the FSC turned up the pressure on Equity Insurance by another notch by going to the High Court to get the court’s approval to put the insurance company out of business.
During today’s meeting, the FSC’s attorney asked for the appeal case against the revocation of the licence to be halted until the matter in the High Court is decided.
However, Justice Blackman and his panel declined that request.
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Today, the Financial Services Commission’s Appeal Tribunal met for the first time with the attorneys for Equity Insurance Company and the Financial Services Commission.
It took place at the Forde and Simmons Legal and Judicial Complex, Coleridge Street, St Michael.
During the close to hour-long proceedings, chairman of the tribunal, Christopher Blackman, outlined the guidelines and structure for the benefit of the parties on how things will proceed for the appeal.
The decision to revoke the licence follows the findings of a report submitted to the FSC by restructuring expert Craig Waterman.
Mr Waterman, who was appointed in 2025 by the financial watchdog, confirmed an initial assessment by the FSC that Equity committed serious breaches of domestic insurance laws and regulations and international best practices.
Late last year, the close to three-decade-old Lower Collymore Rock, St Michael firm filed a 205-page claim in court for a judicial review of the commission’s actions.
And yesterday, the FSC turned up the pressure on Equity Insurance by another notch by going to the High Court to get the court’s approval to put the insurance company out of business.
During today’s meeting, the FSC’s attorney asked for the appeal case against the revocation of the licence to be halted until the matter in the High Court is decided.
However, Justice Blackman and his panel declined that request.
Subscribe to CBC Barbados
https://www.youtube.com/@cbcbarbados246
Connect with the CBC Barbados
Website: https://www.cbc.bb/
Facebook: https://www.facebook.com/CBCBARBADOS/
Instagram: https://www.instagram.com/cbcbarbados246
X: https://twitter.com/CBCBARBADOS
#CBCTV8 #CBCNews #ConnectingBarbadianCommunities