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Paid in full – 150 CLICO policyholders retrieve assets

NATANGA SMITH, [email protected]

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GEORGETOWN – Head of Guyana’s Presidential Secretariat, Dr Roger Luncheon, said about 150 Clico policyholders had retrieved their assets in full since the start of the rescue plan outlined by President Bharrat Jagdeo.
According to a Government Information Agency (GINA) Press release, these recipients are in the first category of policyholders under the plan which gives first preference to policyholders with investments under GUY$30 million.
Luncheon told the media during a post-Cabinet media briefing on Wednesday that the payout was timely and based on the feedback from policyholders, their expectations had been reassured.
According to GINA, government made available GUY$3.6 billion to finance the payout. About $2.7 billion will be used to pay off in full all holders of investment annuity policies and other insurance liabilities not in dispute, subject to a maximum limit of $30 million per policyholder.
A total of 4 366 holders of executive flexible premium annuities and other undisputed claims against the company will be paid in full. The release said too that large policyholders would be given support and a remaining GUY$900 million would be utilised to pay these policyholders up to a maximum of $30 million each, with priority given to institutional policyholders.
“With most of the liabilities remaining in government agencies such as the National Insurance Scheme, the Guyana Forestry Commission, Dependants’ Pension Fund and Guyoil, government will also ensure that their interests are protected,” GINA said.
Currently, Clico has immediate access to over GUY$600 million of its cash resources, GUY$100 million of which will be set aside to cover the expenses of the company until wind up and GUY$500 million to ensure that the liabilities associated with the long-term insurance business are adequately funded. (Stabroek News)