Categorized | National News


Very little has been said about CLICO in recent months, but years after the insurance company flopped, thousands of its policyholders are still holding on to hope that there will be some resolution. 

The Minnis administration has followed the lead of previous governments in trying to make both policy and annuity holders whole. 

However, liquidators agreed just earlier this year to cease the medical insurance component; a decision that affects hundreds. The cancellations take effect  Friday, May 18, 2018.

Deputy Prime Minister and Minister of Finance, K. Peter Turnquest acknowledged this was just unsustainable. 

“We’re finding that the level of claims just far outweighs the amount of premium income and it just became unsustainable for the government to subsidize that differential, but we continue with our commitment to make the existing life and annuity policy holders at whole, as much as that budget allows us to do that,” Turnquest said.

The Minnis-led administration budgeted $10 million to pay out the funds owed to CLICO policyholders during the 2017/2018 fiscal year. 

Written by Jones Bahamas

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