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All CLICO claims guaranteed

Mar 04, 2009 News

– Jagdeo

Persons who have insurance policies at Colonial Life Insurance Company (CLICO) are asked to continue paying their premiums. President Bharrat Jagdeo repeated this yesterday.
The Head of State said that the company can guarantee all claims, whether these are medically related or vehicular.
Speaking with the media, President Jagdeo said that if someone were to seek medical now, had a fire or had a vehicle accident and his premiums up to date, then the claim would be processed as is normal.
“So persons are to continue paying premiums regardless of what they are seeing. Even the cheques that are in limbo and many people who have received these cheques and are waiting just give us a few days more to go through that issue. But know that the money will not be lost.”
Some agents and brokers met with the Commissioner of Insurance, Maria van Beek, he noted, raising their concerns, since two weeks ago they were given all assurances from CLICO (Guyana) and now those brokers feel deceived.
He added that the government was given the same assurances.
“In Guyana people are not going to lose their money. We had no intention to deceive and now that they have sold policies to people the government has taken different steps from the Bahamas.”
Two of the more vulnerable areas, he added, are vehicle and property insurance.
All of the policy holders can be assured that their money is protected, the Head of State said, explaining that there is no need for policy holders to worry.
“What I want to urge people to do is to allow us. We’ve just gone into the company. It may take a week or two to determine the class of assets, what our short term plans are and what our long term liabilities are, but we looked at the total situation, the total exposure and we have extended that government guarantee.”
He pointed out that there is no need for the public ‘fuss’ that is being made about the National Insurance Scheme funds.
“On Sunday night we discussed at the Cabinet meeting and we decided that at the first sitting of the Parliament the Minister of Finance will issue a statement on our actions so far and why we had to take them.”
He added that there are a number of cheques that were issued that are in ‘limbo’ but assured that a verification process is being carried out.
“None of the government agencies have, including the Central Bank, removed its pension funds although they knew,” the President said.

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