Governor of the Central Bank of Barbados Dr Delisle Worrell says a cooperative solution has been found to settle outstanding Colonial Life Insurance Company (CLICO) claims in Barbados and the Eastern Caribbean.
He told the Caribbean Media Corporation (CMC) that the latest report from the judicial manager made to the Barbados court provides a way forward which seems fair to all stakeholders.
“What it says is that you may not be remunerated for interest that you might have accumulated, but we will at least ensure that you get a product which restores the principal value of what you might have invested with the company,” Worrell said.
He said individuals would be entitled to some annuity on maturity, which they could cash out but with a penalty, while in the case of institutional investors, a company will own those assets, which will go on sale overtime.
“Institutional investors will get shares in that company and as the assets are sold then they will be paid their principal amount,” he added.
Worrell said the authorities were taking that route, because of the issue of insurance companies now being restricted in their ownership of property and income generating assets. —CMC