The Government of Saint Lucia says it fully understands the anxieties of policyholders of CLICO who were adversely affected by the collapse of the former insurance company.
“Since the collapse of CL Financial in 2009, CLICO International Life Insurance Limited has experienced serious liquidity problems,” Prime Minister Dr Kenny Anthony said in a statement.
“As a consequence, on May 11, 2010 the Registrar of Insurance intervened in the operations of the Saint Lucia branch operations and imposed a prohibition to writing any new contract of insurance and to refrain from any action that was adverse to the policyholders.”
“Furthermore, on April 11, 2011, the Eastern Caribbean Supreme Court appointed Mr. Richard Surage of PKF Professional Services as judicial manager for the branch.”
“Over time, the governments of the Eastern Caribbean and the court-appointed judicial manager for Saint Lucia and counterparts in St. Kitts/Nevis and Barbados have considered several restructuring options and their financing implications. We continue to work assiduously with the objective of deriving a regional solution which is optimal for policyholders in all practical circumstances.”
“The Government of Saint Lucia continues to work closely with the government of Barbados and other OECS governments in an effort to secure the most advantageous and beneficial interest of our policyholders.”
“Government recognises the burden which policyholders have had to endure and the tolerance and patience exhibited thus far. Government therefore remains committed to arriving at a practical solution at the earliest. However, the reality of the situation is that the issues surrounding the collapse of CLICO cannot be fully resolved without our regional partners.”