Nation e-Edition

Policyholders may lose 50%

Policyholders may lose 50% OLIVER JORDAN (FP)

By Dawne Parris | Sun, November 04, 2012 - 12:09 AM

CLICO POLICYHOLDERS will lose out on more than half of their investment under the plan recently proposed by judicial manager Deloitte Consulting Limited.

Details of the $400 million loss are contained in the judicial manager’s 13-page update to the High Court,  a copy of which the SUNDAY SUN has obtained.

“All policyholders, traditional and EFPAs [executive flexible premium annuities] would have their liability of $837 million written down to $441 million, representing a loss of approximately $400 million,” stated the document,  which indicated that  the write-down amount represented the current value  of CLICO International Life  (CIL) assets – $288 million  of which are in Barbados.

“The loss would be applied equitably across all policyholder types so that the restructured traditional business would  have total liability of $177 million  and the EFPA would have total liability of $264 million.”

Please read the full story in today’s SUNDAY SUN, or in the eNATION edition.

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Posted by Orange Peel 1 year, 5 months ago
How could this be possible when only last week the Prime Minister re-assured the policy holders that he would fulfill the promise of the late Prime Minister and which subsequently became his promise also, that the policy holders would get their principal back.
Now I would like to know where the truth lies.
Are the 35,000 policy holders being used as election pawns?
How could the Prime Minister make one statement and the judicial manager make another?
Again I ask who are the policy holders to believe?
If the judicial manager could only pay half where is the Prime Minister going to get the other half from to pay the policy holders ?
The opposition leader outlined the process of how the matter would be dealt with by him if returned to form the government.
If the Prime Minister has a better option then he should declare it and not only give " his word". After all things in writing are subject to change without notice, further more a word which is sometimes not binding,
The details are still being waited on before the elections.

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Posted by Terrol Cummins 1 year, 5 months ago
Dear Sunday Sun writer, please check your math! 400 is NOT MORE THAN 50% of 837! In your attempt to sensationalize this story you got you sums wrong. SMH.

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Posted by Pan Wallie 1 year, 5 months ago
Talking about mind games?!!!!!!!!!!!!!!!!!!!!!!

  • 2
Posted by Tech King 1 year, 5 months ago
The late PM also told the policy holders that their monies were safe,but it was later discovered that this
was untrue.One of the reasons why persons in this
country have lost respect for politicians is that they
have found it almost impossible to tell the truth.

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