Business
Trinidad & Tobago: Gov’t to divest from CLICO
The Central Bank of Trinidad & Tobago has confirmed that the Kamla Persaud-Bissessar administration will divest from the cash-strapped Colonial Life Insurance Company Ltd (CLICO) whose near total collapse 4 years ago, led to the government pumping millions of of tax payer dollars into it in form of a bail out package.
The administration is planning to dispose of CLICO’s traditional portfolio which includes life insurance, health coverage and long-term annuities as part of the resolution strategy for the financially strapped financial and insurance company.
According to a statement from the Central Bank, as part of the resolution strategy for CLICO, the government of Trinidad & Tobago has been advised to transfer the company’s traditional insurance portfolio for value to an acquiring insurance company that is well capitalized, has a proven track record and the capacity to honor all obligations to policyholders.
The process of divesting has began, and the company’s financial and insurance portfolio is being evaluated by an independent valuation company.