Turnquest: More Clico payouts expected before end of fiscal year

Turnquest: More Clico payouts expected before end of fiscal year

NASSAU, BAHAMAS – Acting Prime Minister and Minister of Finance, Peter Turnquest, revealed to media that Clico payouts are still underway and another payout is expected to be made before the end of this fiscal year.

During an interview with media back in October, Turnquest said that some $10 million dollars had been allocated in this budgetary term to payout Clico Policyholders. At the time, he also mentioned that those persons could expect payment soon.

Updating the media on Tuesday, Turnquest said that the first set of payouts have been issued.

“So, we’ve had our initial payout, I think it was in November of last year,” Turnquest said. “There are some additional payments that will be done before the end of this fiscal year.

The exact date I could not say at this moment, but we do have a balance of payments to make.”

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

Under the former Christie administration, an agreement was made to pay all persons that stepped in to bail out the insurance company.

Turnquest said that under the former Christie administration, an agreement was made for funds to be allocated solely for these payouts during each budgetary term and this now continues under the Minnis administration.