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ASSURANCE FOR CLICO POLICYHOLDERS

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Finance Minister: Resolution soon
Minister of Finance and Economic Affairs, Christopher Sinckler, making a point during his address.

Minister of Finance and Economic Affairs, Christopher Sinckler, making a point during his address.

 

This country’s Finance and Economic Affairs Minister, Christopher Sinckler, has added his voice to those who have been expressing concern and disappointment about the pace at which the restructuring of Colonial Life Insurance Company Limited (CLICO) has been taking place.
 
He raised the issue yesterday morning during the opening ceremony of the Domestic Financial Institutions Conference, which was held at the Lloyd Erskine Sandiford Centre, as he explained that the delays are not of his Ministry’s making. Nonetheless, he issued an apology to policyholders and gave them the assurance that they have not been abandoned. 
 
His comments came as he told those attending the conference that not just he, but the Cabinet of Barbados and the Ministry of Finance and Economic Affairs are “overly concerned” about the situation, which led to him meeting recently with the judicial manager and the team from Government which has been working on the CLICO restructuring plan, to relay those concerns.
 
Providing some background to the restructuring efforts, Sinckler explained that in December last year decisions were made regarding a plan for the company, and resources – including those of a financial nature – were provided. But, he lamented, the process has been slow.
 
“We have given full and complete support for that restructuring plan to proceed and I can say six, seven, eight months on, we are in fact disappointed that the pace at which that level of reform has transpired has not been at a satisfactory level,” the finance minister told the audience which included Chief Executive Officer of the Financial Services Commission, Randy Graham.
 
He further indicated that in a couple weeks he expects to issue a statement on the matter, at which time the public should be given the new schedule in which the transition should be complete, and he said, with that should come the resumption of the payments of the various awards that are due to members of the public. The Finance Minister said it is hoped that the statement will be done jointly with the judicial manager.
 
With that in mind, Minister Sinckler stated that now the Budget is out of the way, he will see to it that the timeframe to facilitate the transition is kept, with the view of having it completed before year end, so that “the process can move into the next phase of execution”. (JRT)
 
 
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