Mark wants to know what happened with Colman report

OPPOSITION SENATOR Wade Mark has questioned whether the Director of Public Prosecutions (DPP) has advised government on whether the Sir Anthony Colman Report into the collapse of CL Financial (CLF) conglomerate, and its insurance company Colonial Life Insurance Company (Clico), should be made public. Speaking on the Insurance Bill in the Senate yesterday, Mark said just over ten months had elapsed since Prime Minister Dr Keith Rowley told the House of Representatives that the report would be sent to the DPP’s office.

“Has the DPP written to the government? Has the DPP said this report cannot be made public, partially or fully? Several sections of that report, when the Prime Minister made his statement, dealt with the insurance industry. There are many things that are hidden in that Colman report. I hope that the Attorney General will tell us what is happening with this report, and all the criminals who have defrauded this country, and that action is being taken against them by the DPP.”

Mark also wondered why Central Bank legislation was not being strengthened as it was now called to oversee the operations of the insurance and pension sectors. “The agency that is now responsible for compliance and regulation of this particular insurance industry is the Central Bank,” he said, adding, “and shortly to arrive at this compound, is legislation for the credit union industry which we understand is also to be administered and controlled by the Central Bank.

“Is the Central Bank ready? Does the Central Bank have the resources?” Mark also proposed that a review amendment be added to the insurance legislation so that it would be reviewed between three to five years.

“We should have a provision in the law that commands the Parliament to review the legislation within every three to five years because we have all recognised the world is moving at a rapid and dizzying pace.”