Bahamas, April 25, 2017 – Nassau – CLICO Policyholders began receiving their long overdue payments yesterday. The payments come less than three weeks before Bahamians go to the polls to vote for its new government and a few months after the government was slammed for reneaging on its original plan to reimburse policy holders and staff of collapsed CLICO.
The Christie Administration had promised payments in January and in a statement issued, assures that qualified policyholders would receive tranches of payments in April, July and November this year. Payment’s come from a $45 million bond, with monies expected to compensate former Executive Flexible Premium Annuity (EFPA) and surrendered pension policies.
Payments of $5000, per policy holder will account for 70 percent or One Thousand, Five hundred and ninety-five (1,595) claims from surrendered policyholders. The remaining 30 percent of policyholders will receive bonds carrying 4.25 percent interest rate which will distribute the owed balance over a four year period.
It had previously been told to bigger policy holders that they would receive double that $5,0000 amount up front. Still the payouts from the Perry Christie administration is said to be much welcomed, and comes when the government is said to be facing fiscal limitations.
#MagneticMediaNews
#CLICOpayingout
#CLICOpolicyholdersgettingpaid
