Colonial Life Insurance (CLICO) has announced that it will begin a $631 million payout to thousands of policyholders who surrendered their policies after the company was forced to close.
The company is a subsidiary of CL Financial, which is now under government control. CLICO plans to begin the payout on Friday.
Policyholders began cancelling policies came after the Government and the Central Bank rescued the company in January 30 with a cash support payment of $1.3 billion to protect depositors and policyholders.
The state also made a commitment to pay all interest on existing policies and deposits. CLICO has more than 100,000 policyholders in Trinidad and Tobago and the region.
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Jai & Sero
Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai
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