Chance of big payout
INSTITUTIONAL investors in Barbados who hold Executive Flexible Premium Annuity (EFPA) policies with Colonial Life Insurance Company (Trinidad) Limited (CLICO), now have a precedent to pursue that can translate into a large payout.
That’s because CLICO has just paid out hefty sums – amounting to millions – to two regional banks, after a default judgment was entered against the company in the local courts.
CLICO had been taken to court by the Bank of Nevis (BN) and Bank of Nevis International (BNI) Limited for the full repayment of all outstanding principal and interest payments.
Both banks held EFPA?policies. (MK)
Full story in today’s MIDWEEK NATION.