CLICO Policy holders and other readers will recall the publication of the East Caribbean Currency Union (ECCU) Governments Call on CLICO Judicial Manager for fairness, accountability and transparency following the Barbados High Court conclusion that the Barbados First Plan to restructure CLICO is “most advantageous to the interests of policyholders”.
The ECCU governments then called on Mr. Patrick Toppin and Deloitte Consulting to provide clear evidence and assurance that the Barbados First Plan is being implemented fairly and transparently, and that processes and oversight are in place to ensure that the Barbados First Plan will not prejudice ECCU policyholders in any way.
The ECCU provided specifically among 12 points “That they enable representatives of the ECCU Governments and the other ECCU judicial managers to provide independent and timely oversight to ensure that the interests of ECCU policyholders are properly protected at each stage of the restructuring process, and that they ensure openness and co-operation in this process;” and:
“Confirmation that ECCU policyholders will receive a proportion of CLICO’s assets located in Barbados commensurate with the percentage of CLICO’s liabilities that they represent.”
This week the Montserrat Legislative Assembly tabled the third reading of a bill to enact laws to implement a plan of arrangement for insurance creditors. It is explained that the Arrangement’ (BAICO and CLICO) is expected to provide a framework to aide in the resolution of the insolvency of BAICO and CLICO by means of a Plan of Arrangement.
In late news coming out of Trinidad and Tobago where the headquarters of CLICO resides the following was published today. There is at the moment no sounds of how policy holders of ECCU of which Montserrat is a member will begin to see light to their savings.
