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CLICO Guyana commence making payments

Mar 26, 2009 News

Colonial Life Insurance Company (CLICO) Guyana has commenced making payments to claims that were made prior to the Judicial Management on February 25, last.
Some 1,197 cheques to the value of $576M were not cashed and there were some $2 million in stale-dated cheques in the hands of clients. On March 12, Judicial Manager Maria van Beek told the press that these cheques would have to be reassessed, at the end of which CLICO would reissue cheques for claims pertaining to health, fire and motor vehicles. This has begun. $1M has already been paid ever since the decision to pay policy holders on Monday.
Judicial Manager, Maria van Beek in her update on the company recently stated that claims related to life and pension contracts would not be paid at this time, as the assets backing these claims are still being assessed and may be subject to litigation.

Since van Beek’s takeover, Nizam Ali and Company has been contracted to assist her.  Prescience Insurance Consultants and Actuaries based in Toronto, Canada, has also been contracted to provide an assessment of the company’s long-term insurance liabilities.
“Our information thus far indicates that the company has 14,990 insurance policies.”
Ms van Beek explained yesterday that no new business has been written by the company since February 25 last.
Alliance For Change Leader, Raphael Trotman, during a press briefing, yesterday, said that the pain and agony caused by greed, corruption, and mismanagement continue to be felt by hundreds as the full impact of the CLICO debacle unfolds.

He added that despite assurances that Government’s actions were being taken in the best interest of the workers and policy holders of CLICO, persons are losing their jobs and remain without salary since January.
The AFC leader said that the judicial management process to date has not been reassuring as to the fate of thousands of persons whose pension, health schemes and other investments are caught in this trap.
“The AFC empathises with all those who are in jeopardy and will continue to monitor the situation closely and render assistance wherever and whenever necessary.

“As it relates to the daily loss of money at the National Insurance Scheme, we simply call on the Chairman of the Board, Dr. Roger Luncheon to do less talking and to get about retrieving the billions that he allowed to leave these shores in a failed investment.”

He said that it was amazing that Dr Luncheon is still insisting, after overseeing this catastrophe, that it was a good and lucrative investment.
“How much more preposterous and outrageous can he get…Dr. Luncheon should heed his own advice and do the decent and honorable thing by resigning as the Chairman of the NIS Board.”

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