Long way to go!
POLICYHOLDERS ARE CAUTIOUSLY optimistic about the latest judicial manager’s report into CLICO International Life (CIL) insurance company.
Following the recent disclosure that the report contained a proposal to ensure full repayment to policyholders of the value of their traditional CLICO policies and the return of the principal investment in the individual Executive Flexible Premium Annuities (EFPAs), the Barbados Insurance Policyholders Alliance (BIPA) warned yesterday that the road ahead would not be easy.
BIPA noted, however, it was pleased that the proposal for 100 per cent recovery for policyholders had been given the nod by Government.
“The Alliance is … pleased that the proposal has received approval, if only in principle, from the Ministry of Finance,” BIPA chairman June Fowler said.