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| Deputy chairman of Clico Policyholders Group (CPG) Peter Permell addresses reporters. Seated are: Clico agent Emmauel Lawrence and president of the Cooperative Credit Union League Brian Moore. |
Clico agent Emmanuel Lawrence made the disclosure Tuesday at a news conference in Port of Spain.
He said people who have traditional life insurance policies are still paying about $48 million in premiums monthly. He added that others with investment portfolio premiums are paying more than $40 million.
Despite the gloom over the company Lawrence expressed confidence in Clico. “I have every confidence that Colonial Life will not only survive but will succeed in the future.”
The deputy chairman of the policy hodlers' group, Peter Permell, suggested the establishment of a profit-sharing scheme that would allow policy holders to exchange current assets to which they have contributed for long-term gains.
Permell also told reporters that the government has assured him that "nothing is set in concrete" with regard to the bailout plan, which the association has rejected.
The government has set up a cabinet committee to meet with stakeholders and make recommendations.
Prime Minister Kamla Persad-Bissessar had planned to hold a meeting at the centre Pointe Mall in Chagunas to fully explain the Clico problem and measures to try to deal with it.
Read the story: PM to hold meeting Wednesday to explain CL affair
However officials of the United National Congress (UNC) have changed plans and will now hold a special meeting of the UNC executive to discuss the matter.
Pernell said he met on Monday with the members of the Cabinet committee headed by Food Production Minister Vasant Bharath.
The other members of the Government’s committee are Legal Affairs Minister Prakash Ramadhar, Energy Minister Carolyn Seepersad-Bachan, Tobago Development Minister Vernella Alleyne-Toppin and Education Minister Dr Tim Gopeesingh.
Pernell said it was Bharath who told him “nothing is set in concrete."
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