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Mar 19, 2009

Another Caribbean branch of CLICO closed down

We reported recently that various branches of the Colonial Life Insurance Company throughout the Caribbean have been hit by the global recession and because of the gravity of the situation, the matter was discussed at the recent summit of Heads of Government of CARICOM in Belize. Just recently in the Turks and Caicos Islands, CLICO was forced to end operations and the Cayman Islands Monetary Authority ordered that the company cease collection of premiums and the issuing of new policies. That fate has now extended to Guyana, where CLICO was placed under judicial management two weeks ago, and this past Wednesday, sales representatives were told to either vacate the building by three o’clock in the evening or be removed by force. In Belize and the Bahamas, CLICO remains under government management and measures have been imposed to protect policy holders. The restrictions include that the company is not to issue any new contracts or change any existing policies. It cannot repatriate any funds out of the country and is not to dispose of any assets without written consent from the insurance supervisor.

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