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June 6, 2012 - The judicial manager of Barbados-based Clico International Life Insurance Ltd (CIL) has proposed that the Government of Trinidad and Tobago commit to allocate $660 million (EC$300 million) as part of a proposal to resolve the status of holders of Executive Flexible Premium Annuities (EFPAs) in Barbados and the islands of the Eastern Caribbean.
Bridgetown - Feb. 22, 2012 - (nationnews.com): Criminal charges have been filed in the magistrates’ court against
former executive chairman of CLICO Holdings (Barbados) Limited, Leroy
Parris, and current president Terrence Thornhill.
Port-of-Spain - March 24, 2011 - Two years after CLICO collapsed and was rescued by the former PNM
government, government has paid approximately $33 million to
CLICO policyholders who invested in high-interest bearing Executive
Flexible Premium Annuity financial instruments offered by the company.
A proposal made by the Clico Policyholders Group (CPG) to have the
Government pay out 40 percent of monies owed to policyholders would
cost approximately $1.1 billion annually, according to details of the
plan released by the group’s acting chairman Peter Permell.
Trinidad: Bailout Budget
- By S Coward
- Published 09-Sep-10
- Economy, Trade & Investment , CLICO
- Unrated
Port-of-Spain -- Sept. 9, 2010 --(trinidadexpress.com): Thousands of Clico, HCU depositors to receive $75,000 each. In what can be aptly described as a "people's budget", the People's
Partnership Government yesterday brought relief to hundreds of
thousands of distressed depositors of CLICO and the Hindu Credit Union,
with a firm plan to give them their money. Newsday Article;
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July 23, 2010 -- In November 2009, the ECCU Governments announced a strategy to address the collapse of British American Insurance Company within the Eastern Caribbean (EC). Following this, we provided further information about the acceptance of the proposal for a new entity by a number of the Courts within the region. All Courts within the EC have now approved the proposal.
CLICO Facing Threats of Legal Action by PolicyHolders; Company Received 20 Legal Letters
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Port-of-Spain -- March 25, 2010 -- Finance Director of Clico, Carolyn John, yesterday confirmed that the ailing financial company has been sent a total of 20 legal letters warning of litigation if policyholders are not paid their money after closing their accounts in the wake of the Clico/CL Financial totter.
March 18, 2010 -- The SA is silent as to quantum, which would seem to mean that the group will enjoy unlimited access to taxpayers’ funds...Indeed, it seems clear that the cupboard is bare and that this CLF group has no unpledged assets of any value...No mention of interest at all.
We are therefore now advancing an unlimited quantum of taxpayers’
funds, for which no security has been provided and those funds are
being advanced at ZERO interest...
Nov. 4, 2009 -- For several months, the Governments of the Eastern Caribbean Currency Union (ECCU) have carefully monitored growing public concern about the financial situation of British American Insurance Company Limited (BAICO) and other subsidiaries of its Trinidadian parent company, C.L. Financial.
Nassau -- May 21, 2009 -- Bahamas PM:"Initially the Caribbean — Barbados, Guyana, Belize — all of them were
led to believe, or led themselves to believe, that Trinidad will stand
behind CLICO. It became abundantly clear to us that Trinidad will stand
behind CLICO insofar as Trinidad was concerned but not insofar as the
rest of the region was concerned, and that persons therefore of various
countries had to make their own decisions."
Port-of-Spain -- March 8, 2009 -- Non-performing loans on the books of the state-impounded CL
Financial-owned Clico Investment Bank (CIB) could account for over 20
per cent, significantly more than the industry standard of two-to-three
per cent, sources close to the bank have disclosed.
Providenciales -- March 7, 2009 -- The collapse of one of the region’s biggest insurance firms could leave more than 700 TC Islanders high and dry. See also: http://www.suntci.com/bombshell.html
Belmopan - Feb. 28, 2009 -- As a consequence of the actions taken in the Bahamas and in order to
protect the interest of the policyholders of the company in Belize, on
25 February the Supervisor of Insurance exercised her power of
intervention pursuant to section 53 of the Belize Insurance Act, Act
No. 11 of 2004 and placed restrictions on the company under section 55
of the said Act.
Feb. 27, 2009 -- In an effort to protect CLICO policyholders and pension funds in
Guyana, including the National Insurance Scheme (NIS), Government has
approached the High Court yesterday and obtained an order placing CLICO
Life and General Insurance Company (South America) Limited, otherwise
known as CLICO Guyana, under judicial management.
Port-of-Spain -- Feb. 14, 2009 -- Admitting that the financial position at Clico was “much worse” that
the authorities had envisaged, Central Bank Governor Ewart Williams
said yesterday that the “notional deficit” on the insurance company’s
statutory fund had risen to $10 billion by the end of 2008.