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More than 6,000 Vincentian CLICO policyholders exposed

More than 6,000 Vincentian CLICO policyholders exposed

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Over 6,000 Vincentian entities, with policies valued at approximately EC$135 million, have been exposed with the restructuring of CLICO International Life Insurance Company Ltd.{{more}}

The information was revealed by Prime Minister Dr Ralph Gonsalves as he responded to a question posed by Leader of the Opposition, Arnhim Eustace at last Thursday’s sitting of Parliament.

According to Gonsalves, there are two categories of annuities: the flexible premium annuity which caters to individuals and an executive flexible annuity for both individuals and institutions, including corporate entities.

Gonsalves stated that the flexible individual exposure was EC$14,060,281 million with 2,108 policy holders exposed.

The value of the executive premium exposure for individuals stood at EC$46,143,259 with 156 persons exposed.

On the affected institutions, the exposure was valued at EC$32,720,309 with 39 corporations affected.

The prime minister also said that 2,356 persons, holding life insurance policies with a value of $2,333,244, were affected.

Affected health insurance policy holders were 752, with a value of $846,939 and the deposit administration which includes pension funds, affects nine entities, including companies such as VINLEC, the Eastern Caribbean Flour Mills etc and was valued at $36,474,619.

The total value of the exposure in respect to CLICO, according to Gonsalves, is $135,299,625 with the number of affected policy holders being 6136. (DD)

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