Residents with Outstanding Claims set to benefit from Solution

Residents in Antigua and Barbuda with outstanding claims from Colonial Life Insurance Company (CLICO) are set to benefit from a solution made with the Governor of the Central Bank of Barbados; Dr. Delisle Worrell.

He says individuals would be entitled to some annuity on maturity, which they could cash out but with a penalty, while in the case of institutional investors, a company will own those assets, which will go on sale overtime.

The Central Bank Governor says the authorities were taking that route, because of the issue of insurance companies now being restricted in their ownership of property and income generating assets.

He adds that the principle reason for the delay was to ensure that the new plan could be applied equally in Barbados and OECS states such as Antigua and Barbuda and ensuring that all of the territories were on board.

The appointment of the judicial manager is part of the initiative by Eastern Caribbean governments, including Barbados, to recover some of the assets of policy holders with the Trinidad-based CLICO, which is part of the financially troubled CL Financial Group.

CLICO and its sister company, the British American Insurance Company (BAICO) collapsed in 2009.