The Tribune

By KHRISNA VIRGIL

kvirgil@tribunemedia.net

CLICO policy holders who were unsure of what would happen, following the company's liquidation, to the millions of dollars that they had paid in, can soon look forward to a resolution, Prime Minister Hubert Ingraham announced yesterday.

The company had more than 30,000 clients.

Mr Ingraham who made the announcement after touring the construction site of Princess Margaret Hospital's critical care block, said although a resolution was dragging on longer than he had expected, one is in sight.

"We are going to put up a guarantee of up to $30 million in respect to the policies and we are seeking to cause the policies to be sold."

"The resolution is dragging on longer than I would have hoped, but we are nearer now to a resolution than we've been before," Mr Ingraham said.

He added that the guarantee would only apply to policies of $100,000 or less.

CLICO Bahamas went into liquidation on February 24, 2009 after it was determined that the company was unable to pay its debts.

The Prime Minister met with former CLICO workers three months after the company sank when they demanded government assistance, by demonstrating in Rawson Square, Bay Street.

The 248 employees said they struggled to make ends meet as they waited for redundancy packages to be paid without any indication of when they would receive their share of the $3 million they are collectively owed.

Losing their jobs, many of the ex-insurance executives, managers and sales persons also lost their homes and cars. Some were forced to take their children out of private schools because they could no longer pay the fees.

Mr Ingraham said: "I saw them in Bay Street and I spoke to them gave them an appointment to see me this week."

"If they don't come to see me I will seek to do what we can to assist them.'

"I told them that I was not deaf so they didn't need to shout or march in the sun to see me."

The trials and tribulations of CLICO's liquidator, Craig Gomez, continued throughout 2010.

In January 2010, hope was raised that a transfer of the insurer's health and life insurance policies could be finalised by February, with Colina Insurance Company identified as the front-runner to acquire the policies.