Gosine: Allegations against appointment are unfortunate
Shubash Gosine, chairman of state insurance company Atrius (formerly CLICO), has called allegations raised in Parliament by Opposition Senator Dr Lester Henry against his appointment as “unfortunate”.
During debate in the Senate on the Insurance Act last month, Henry claimed Gosine was not an actuary, as stated by the Ministry of Finance.
“People can say what they want. My qualifications are with the (Finance) Ministry. It is unfortunate (coming from) a very well-educated person. He could have called me if he wanted to know. I’m listed in the phonebook,” Gosine said in a brief telephone interview with the Express on Tuesday.
The Ministry of Finance subsequently clarified Gosine’s position, saying that since he had a degree in Acturial Science, the Ministry had listed him as an actuary.
Gosine said his occupation is an independent financial consultant.
The Ministry has his place of work as Chancery Financial Services and Gosine said that is just one of the companies he advises.
He added that he was also a national island scholar in Mathematics (1979), so the Ministry of Education has his records.
He studied and attained a BSc in Acturial Science from City University in London, UK.
Gosine was rumoured to have been appointed on the recommendation of Central Bank Governor Jwala Rambarran.
“Everyone knows everyone in Trinidad...I know him, but he is Central Bank Governor and does not make recommendations to Cabinet,” he said.
Regarding questions about whether or not he was qualified to lead what will essentially become one of the biggest insurance firms in the country, Gosine said he worked at Sagicor in Jamaica for seven years and as a consultant with various acturial advisors for several years, in Trinidad and the UK.
“My mandate is very simple—to set up Atrius under the new Act so the sector is more robust and secure,” he said.
Atrius is the company that was formed to acquire the “good assets” of CLICO—for example, insurance policies.
The company was incorporated earlier this year and, in August, Cabinet approved the transfer of CLICO’s $8 billion worth of profitable business.
Those assets have yet to be transferred, so Atrius remains a “paper company”.
On May 21, 2013, a board was appointed in anticipation of the company’s acquisitions.
The Insurance Act is currently being debated in Parliament.