EC wants action on insurance firm

Eastern Caribbean nations say they will appoint consultants to lay the groundwork for a new company to take over the operations of British American Insurance, a member company of the troubled Clico group.



Finance ministers of the Organisation of Eastern Caribbean States (OECS), say they will also seek approval for a judicial manager to oversee the affairs of British American in the interim.



The company\'s parent, Clico or CL Financial, was taken over by the Trinidad and Tobago government in January after it ran into financial trouble.



The OECS ministers are also calling for the urgent completion of a memorandum of understanding between Trinidad, Barbados and the Bahamas on the way forward on the Clico affair.