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For the sake of investors


For the sake of investors

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CORPORATE HOLDERS of CLICO Executive Flexible Premium Annuities (EFPAs) should be thankful Government is extending a hand of protection.

That assertion was made yesterday by Parliamentary Secretary in the Ministry of Finance, Senator Jepter Ince, as the Senate debated the CLICO International Life Insurance Ltd. (Guarantee) Bill.

He said Government did not have to get involved in the private entity, but opted to do so to protect investors.

Ince informed the Upper Chamber that he had worked as a fund manager at CLICO  and later became the investment manager at the National Insurance Scheme (NIS). However, he recalled advising the NIS board against investing in the EFPAs in the late 1990s and again in 2008. (WILLCOMM)

Please read the full story in today’s Daily Nation, or in the eNATION edition.