$10 million allocated to pay Clico policyholders

$10 million allocated to pay Clico policyholders

Ten million dollars has been allocated this budgetary term to pay Clico policyholders, according to Deputy Prime Minister and Finance Minister Peter Turnquest.

He told Eyewitness News in a recent interview, that those still awaiting payment from the government who stepped in to bail out the Insurance company that went belly up several years ago, can expect payment soon.

Turnquest said the former Christie administration agreed to pay out what was owed to the hundreds of consumers affected and during each budgetary term, funds are allocated to support that decision.

Clico Insurance Company went belly up in a court-supervised liquidation back in 2009.

At the time, former Prime Minister Hubert Ingraham had urged policyholders to continue to make payments in the hopes of getting their money back. These payments took place under the former Christie administration and the process continues.

Back in April of this year, Clico officials announced that British American Financial (BAF) had taken over the portfolio and medical policyholders would be without coverage.

“The government of the Bahamas has been committed to the payment we are set to make another payment soon,” Turnquest said. “We have been prioritizing payment based on annuities that have matured.”

He added that smaller payments have been liquated and policyholders entitled to bigger payments will be paid out in stages.

“It’s a process and we hope to have it done relatively soon,” Turnquest said.

Bishop Simeon Hall has long advocated for payments for policyholders. He praised both the Progressive Liberal Party and Free National Movement governments, who continued payments, for “doing the right thing.”

“The only culpability here was the government needed to protect its citizens and not let these companies come in here and do untoward sins against its people and rob poor people,” Hall said.