Chairman of the Private Sector Commission (PSC), Ramesh Dookhoo, yesterday lauded the efforts made by President Bharrat Jagdeo in ensuring that CLICO policyholders receive the much needed respite, as the company’s liquidation process moves apace.
“Guyana has come out on top, we have done better than most Caribbean countries in the resolution of the CLICO issue to the benefit of the policyholders,” the Chairman posited.
Dookhoo said that after being in a state of irresolution for almost a year-and-a-half, the private sector welcomes this initiative. He noted that institutional policyholders such as pensioners are particularly relieved at the outcome of Government’s intervention in resolving this financial dilemma.
“In the near future, we will be putting forward a proposal to the Minister of Finance for some legal measure to be introduced so that institutional pensioners can be paid their pensions at the time of their retirement.” Dookhoo said.
The sentiment was also echoed by President of the Georgetown Chambers of Commerce and Industry (GCCI), Komal Ramnauth, as well as General Secretary of the Guyana Labour Union and President of the Federation of Independent Trade Unions of Guyana (FITUG) Carvil Duncan.
The 4,366 holders of executive flexible premium annuities and other undisputed claims against the company will be paid in full, after which the sum of $900M will be remaining.
This will then be utilised to pay the 39 large policyholders up to a maximum of $30M each with priority given to institutional policyholders.
Last week, the Bank of Guyana, in accordance with its appointment as Liquidator of Clico Guyana, commenced dispatching letters to policyholders inviting them to visit Clico Guyana’s office at 191 Camp Street, Georgetown, to discuss details with regards to payment.