Tuesday, April 23, 2024

CLICO policyholders to get back 100% of investments

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The judicial manager of CLICO International Life Insurance Co. (CIL) has put before the court a final restructuring plan that will allow policyholders to recover 100 per cent of the $542 million they invested.
However, the road to that point is not a simple one as negotiations with regional governments for support still have to be completed.
Government here has signed off on the deal and issued a letter to Deloitte Consulting, urging it to notify the court of the state’s support of the plan.
According to documents obtained by the SUNDAY SUN, under the proposed plan, people who purchased traditional policies in life, health and pensions from CIL will get back the full value of those investments.
Individuals who put money into the controversial Executive Flexible Premium Annuities (EFPAs) will get their principal balance.

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