Three days ago, the Supreme Court of the Bahamas placed CLICO under judicial
management, in preparation for winding up the company. CLICO was heavily exposed
when its parent company C L Financial fell into financial troubles. The effects
of CLICO’s corporate demise are being felt throughout the Caribbean and
it’s no different in Belize where the Supervisor of Insurance Alma Gomez
have intervened and basically put a freeze on the company’s operations.
Under the powers of the Supervisor, CLICO Belize is restricted from issuing
new insurance policies, changing any existing policies, repatriating any funds
from Belize and from disposing of any of its assets without the approval of
the supervisor of insurance. This is to ensure that the assets are secured for
policyholders. The Office of the Supervisor of Insurance has also taken control
of the company’s reserves.
According to a government release, quote “policyholders can rest assured
that their interests are being protected,” end quote. It also advises
that policyholders are advised to continue paying their premium on the policies
to keep them active. It is foreseeable that Clico’s Belize portfolio –
because it is protected and intact – it may be transferred to another
company. Those policyholders who have concerns can call the Supervisor of Insurance
at 822-3808.
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