Major payday

CLICO settlement early next year

Government today inched closer to paying out a whopping $91 million in settlements to Colonial Life Insurance policyholders.

Minister of Finance Chris Sinckler announced at today’s sitting of Parliament that New Life Investment Company (NLICO), which will take over the operations of the fallen insurance conglomerate, will begin operations on February 18, 2018, paving the way for payouts early next year.

Tabling the CLICO International Life Insurance Limited Resolution, which would allow Government to guarantee bonds to facilitate the restructuring of CLICO, the preservation of the investment by policyholders and the transfer to real estate assets of CLICO to NLICO, Sinckler said: “We confidently expect that we will begin to have payments being made to those persons who have been affected or disaffected . . . relative to this matter.”

Of the $91 million to be paid out, the minister stated that $16.6 million will go towards approved annuities and maturities, with $15.3 million for annuities and maturities still pending approval.

In addition, $11.5 million will be paid for approved death claims, while $13.6 million in death claims are pending approval.

Over $17 million in policies had been surrendered before, and just under $13 million after, the judicial manager was appointed, Sinckler said.   

He also told legislators that the judicial manager should complete transferring CLICO’s operations to Resolution Life Insurance Limited (ResLife) by December 31.

This, he said, would set the first two phases of the transfer process in motion in January 2018, which will entail the judicial manager handing over all CLICO assets and liabilities and the verification of information by ResLife.

Thereafter, Sinckler said, the Central Bank will issue the bond in February and NLICO will open its doors.

“The company will commence operations in February. Once clean and reliable data is presented, the company can then begin administering those policies on behalf of the policyholders,” he said.

Sinckler acknowledged that the transfer of the company from judicial management has been a long, exasperating process, but explained it was a complicated business.

29 Responses to Major payday

  1. Eddy Murray
    Eddy Murray December 8, 2017 at 10:53 pm

    You all feel the legislators should be taking that tax payers money and doing this foolishness with all who cause this should be jail and their properties sold to pay for this mess. People who cause this still living high off the hog.

    Reply
    • Ali Baba
      Ali Baba December 9, 2017 at 4:30 am

      yes eddy, like who they did stanford & madoff

      Reply
  2. Heather Cole
    Heather Cole December 9, 2017 at 1:32 am

    So who will own NILCO? Who will the executives be. Who will take ownership or decision making regarding Clico’s land?

    Reply
  3. hcalndre December 9, 2017 at 3:15 am

    Tis Christmas or election time is in the air. Civil servants! your time is coming too; bell time is drawing near.

    Reply
  4. Bajan boy December 9, 2017 at 4:43 am

    Another pre election trick..

    Reply
  5. Everick December 9, 2017 at 6:51 am

    Stanford, Bernie Madoff and Skilling (from Enron) must be wondering why they didn’t live in Barbados.

    Reply
  6. harry turnover December 9, 2017 at 6:53 am

    Wunna REALLY believe Chris Sinckler ?? a confirmed and reliable liar?

    Reply
  7. harry turnover December 9, 2017 at 6:55 am

    Wunna really believe Chris Sinckler ?

    Reply
  8. Alex Alleyne December 9, 2017 at 7:10 am

    Would love the see the same “MAJOR PAYDAY” for income tax recipients.

    Reply
  9. Errol Rayside
    Errol Rayside December 9, 2017 at 7:20 am

    Whores

    Reply
  10. Kevin Watson
    Kevin Watson December 9, 2017 at 7:41 am

    Still can’t save Dem come election day

    Reply
    • Mike Johnson
      Mike Johnson December 9, 2017 at 9:35 am

      Somebody got to take over and run government it cant run by itself.

      Reply
  11. milli watt December 9, 2017 at 10:04 am

    YOU DIS FINANCE MINISTER OUGHT TO BE STANDING NEXT TO RONALDO………..another kick the can down the road stunt yuh got to luv em. man does do it like a boss

    Reply
  12. Sherlene Phillips
    Sherlene Phillips December 9, 2017 at 11:23 am

    Pay people what wunna owe and pay wunna bills and debts and fix the sewage problem before tsking on private debt….if this go ahead…that will mark the beginning of the end for Barbados…I crying already

    Reply
  13. Home Boy December 9, 2017 at 11:51 am

    Once again , up to no good. I swear this man owns a money print press! Lol

    Reply
  14. Veroniva Boyce
    Veroniva Boyce December 9, 2017 at 1:16 pm

    Sewage!

    Reply
  15. straight talk December 9, 2017 at 1:21 pm

    Where he getting this money from?

    Reply
  16. Greengiant December 9, 2017 at 1:46 pm

    Those who caused it and those under whose watch it was allowed to happen. Artur should be ashamed, he did absolutely nothing even after the then Supervisor of insurance brought the imbalance to his attention as Minister of Finance.

    Reply
  17. straight talk December 9, 2017 at 1:51 pm

    Clico issue started in 2009 I can remember Mia Mottley brought a no confidence motion against the government and all thee parrots in thee house got up and said clico is on doing well and Mia Mottley just want to cause panic in the country. David Thompson who was PM at the time said, to show that clico was doing well he would put ten million dollars in the company if he did I wonder what become of that but I know if he was alive today he would have a lot to answer to especially that 3.3 million that went from one pal to the next. Now at the 11th hour on the heels of an election Chris Sinkler now looking to score points for the DLP by pay out 91 million dollars to put the country in further debt while a certain man still living like a king even though his assets were seized.

    Reply
  18. Helicopter(8P) December 9, 2017 at 2:26 pm

    “In pleanty and in time of need”! We have learnt our mistakes and have taken a flogging like never before. Mr Minister of Finance may The Good Jahova bring us out of all the complications in this God given world and set us to a bright and prosperous New Year! Merry Christmas and a Better New Year! May our bells at St Mary’s , and St. Michael’s of Arch Angels ring in joyous tone across the city.

    Reply
  19. Caroline Clarke
    Caroline Clarke December 9, 2017 at 2:30 pm

    Where all these windfalls of money coming from all of a sudden. Sewage millions. School millions. Clicco millions.everything getting fixed. busses.roads.who want house. Land.but no income tax money. Some light at the end of the tunnel. Wait I was dreaming !but what about what De IMF say now.

    Reply
  20. Adrian Allison
    Adrian Allison December 9, 2017 at 2:53 pm

    Vote bait ?
    Imagine. …..
    The Democratic Labour Party using taxpayers hard earned funds to settle debts for their former political campaign benefactor, CLICO while Leroy Parris can walk away with millions of dollars and other fringe benefits like high value real estate and this is not a reference to the cosy jail cell at Dodds that he so richly deserve.

    Reply
  21. straight talk December 9, 2017 at 3:34 pm

    Barbados is a corrupt place.

    Reply
  22. Jus me December 9, 2017 at 8:57 pm

    Watch!
    N see the ijjits vote he back in!!

    Reply
  23. Darson December 9, 2017 at 10:23 pm

    Straight talk ::.. Was it started in 2009 ? or was it blown up then , do you really know what hurt Mia in that matter ? that Motion could have been Brought 5 years earlier , Poor Leroy , as the saying goes ( Every body love a Star when you are at the top , but no one ever com around when you start to Drop) He Don’t deserve the treatment he got from the now silent ones whose hand were once open to receive.

    Reply
  24. Ralph Greene December 10, 2017 at 11:57 am

    Yeah keep looking for cannabis plants and locking up people for weed while letting white collar criminals go free after stealing millions. How honorable!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *