CLICO’s continuing money problems have turned into a new financial nightmare for hundreds of policyholders.
Indications are that about 600 CLICO International Life Insurance Limited “traditional policyholders” will be out of pocket by thousands of dollars following news that the company has run out of cash to meet its monthly commitments to them.
The WEEKEND NATION understands that this means these Barbadians, many of them pensioners, will not now be receiving between $2 000 and $4 000 each month, a development that has Barbados Investors and Policyholders Alliance (BIPA) president June Fowler fuming.
Calling the whole CIL affair “nothing more than a public relations charade”, Fowler said yesterday she was notified by a representative from CIL judicial manager Deloitte Consulting Ltd that, “effective immediately . . .”.
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