BELMOPAN, Belize, July 31, 2009 – An effort is being made to transfer life and health insurance policies from the Belize branch of CLICO (Bahamas) Limited to another insurance provider operating in the island.
The Belize government announced in a brief statement yesterday that the Supervisor of Insurance Alma Gomez and the Judicial Manager for CLICO (Bahamas) Limited, Mark Hulse of the Baker Tilly Hulse accounting firm, have applied to the Supreme Court for approval for the portfolio transfer to RF&G Life Insurance Company.
“What we have been telling policy holders from the inception that CLICO was put into liquidation in the Bahamas, was that we could transfer their policies from one insurance company to another. It did take a while to carry out that exercise because of the due diligence that had to be conducted. We have almost come to the end of that process where we have selected a company which is RFG Life Insurance Company to be the buyer for the life and health portfolio,” Gomez told Love News in Belize.
“What this means is that the court has now to approve that transfer. The office of the supervisor of insurance has already done the due diligence; we have checked out all that we need to check out. The company has done their due diligence too so we know what is being transferred.”
The Court will hear the application on August 10th and policyholders who object to the transfer have been told they must lodge any objection before then.
“What we need to do now is to put it up to the policy holders of CLICO and say this is the option that we have for you. Do you want to go over to RF&G Life? That is one of the requirement that the judge gave us for the court hearing…If a policy holder does not want to go over and they want to either cancel their policy or decide that they prefer not to go to that company then they need to make that objection to the court. The court will then decide to do with that specific policy holder,” Gomez explained.
The Supervisor of Insurance suggested that it was best for all the policy holders to be transferred to RFG Life Insurance Company to avoid losing out on life savings they have put into CLICO.