The Tribune

By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

PRIME Minister Perry Christie yesterday said his administration has not abandoned efforts to bring relief to thousands of Bahamian policyholders who lost millions of dollars when CLICO (Bahamas) collapsed.

Speaking in the House of Assembly, Mr Christie said the government still considered the CLICO matter as one of importance.

Mr Christie was prompted to speak on the issue after Fort Charlotte MP Dr Andre Rollins persisted in raising the matter despite several commands from House Speaker Dr Kendal Major to adhere to the rule of relevance.

The Speaker made the ruling at the beginning of the House session, when members were debating a Bill that is expected to bring reform and regulation to credit unions.

Mr Christie said: “It (CLICO) is a matter that the government has of importance.

“It is important for me to say that in a nutshell that when this government came to power we did not have the money in place to deal with that issue because it will require money to bring a successful outcome.

“Secondly we have given considerable attention to what is a very complex issue involving international creditors in other jurisdictions.

“We believe that when we are coming to a certain period over the next few months we should be able to speak comprehensively about what we propose to do by way of assisting those persons who have suffered as a result.

“So the member raises this matter, it has not been withdrawn, it is a continuation of the process forward and we are working toward an outcome that we hope will be the best outcome for those affected in the country.”

Dr Rollins pressed the issue yesterday as he repeatedly defied the Speaker’s orders to take his seat. He went on to remind the government that it promised ahead of the 2012 general election that relief would be brought to those who lost their investments when CLICO was declared insolvent.

He said his constituents have repeatedly asked him to raise the matter in the House.

“Since being elected to power in 2012 we have been asked to deliver on the promises we made while on the campaign trail and like many members of this House I too have constituents that are either former or current policy holders of CLICO.

“Seeing that we are discussing a Bill that talks about promoting sound regulatory authority and the detection of the welfare of the people I wish to speak on behalf of the people who call me and ask me on the street when they see me about CLICO,” Dr Rollins said.

According to Tribune Business, at the end of June 2012, CLICO’s (Bahamas) portfolio contained 13,835 policies with a total surrender value of $20.074 million and cumulative sum assured of $1.093 billion.

Its Bahamian balance sheet showed a solvency deficiency of $22.162m at June 30, 2012, with total assets worth $44.794m out matched by liabilities totalling $66.956m.

Last year, there were calls from policyholders for the government to indicate whether it will honour a $30 million guarantee for CLICO policies.