THE Bank of Guyana, in accordance with its appointment as Liquidator of Clico (Guyana), has commenced dispatching letters to policyholders inviting them to visit Clico Guyana’s office at 191 Camp Street, Georgetown on specific dates.
Policyholders are also required to take along their Policy Contracts and a valid form of identification to facilitate processing.
Policyholders will only be processed on the appointed date in their letter and those who wish to reschedule their appointment date are asked to contact the Customer Service Department of Clico Guyana on telephone numbers 226-2626-8.
The Government Information Agency (GINA) said policyholders without letters from the Liquidator who wish to make claims or queries can also contact the Customer Service Department.
GINA said holders of life insurance and other long term policies are reminded to ensure that their payments are made on time and are up to date in order that their policies remain valid and in force.
The Bank of Guyana further intends to transfer such policies to another insurer which will secure the continuity of those policies under their class of business and the coverage provided.
Minister of Finance Dr. Ashni Singh and Head of the Presidential Secretariat Dr. Roger Luncheon, during a panel discussion on the National Communications Network (NCN) on Tuesday last, noted Government’s focus on the welfare of the policyholders, as is consistent with the position of the PPP/C administration and vindicated by the popular support of President Jagdeo’s announcement of government’s interventions.
Dr. Luncheon added that there was always great concern for the great number of Guyanese that would have been affected, had the Clico matter not been properly handled.
This was endorsed by the Finance Minister who pointed to governmental engagement and response at every stage in the process.
On September 16, President Jagdeo outlined a rescue plan that guarantees refunds to those who were affected by CLICO’s financial debacle.
The Head of State explained that policyholders with investments amounting to less than $30M in the company as of February 2009 will be repaid in full.
The Government will make available $3.6B to finance the payout which President Jagdeo assured will be executed within weeks. About $2.7B will be used to pay off in full all holders of investment annuity policies and other insurance liabilities not in dispute, subject to a maximum limit of $30 million per policyholder.
According to the Head of State, a total of 4,366 holders of executive flexible premium annuities and other undisputed claims against the company will be paid in full.
The 39 large policyholders of the company will then be given support and a remaining $900M will be utilised to pay these policyholders up to a maximum of $30M each with priority given to institutional policy holders.