DECADE-LONG CRIES were replaced with smiles yesterday as hundreds of policyholders in collapsed insurance company CLICO finally got their hands on the money.
The offices of ResLife in Worthing, Christ Church, were abuzz, as relieved former policyholders filled out paperwork which saw most of them getting an initial $20 000 as promised by Government.
Minister in the Ministry of Finance Ryan Straughn promised if another insurance company were to collapse, it would not take ten years for its policyholders to be reimbursed.
“We are looking at what will become a resolution framework, where if a financial institution fails, that there is a very precise action that is taken in a timely manner to make sure the fallout isn’t as long or protracted as the case of CLICO in Barbados,” he said. (TG)
Subscribe now to our eNATION edition for the full story.
For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.