Government will sell the assets of the collapsed insurance giant CLICO to help pay off the expenses of its successor, which itself is being dissolved.
During a town hall meeting on Wednesday night for policyholders of Resolution Life (ResLife), the court-sanctioned successor of CLICO, Director of Finance in the Ministry of Finance Economic Affairs and Investment, Ian Carrington, said this course of action would be taken.
He had been quizzed by one of the hundreds of policyholders in attendance on whether CLICO’s vast property holdings would be sold to settle some of their policies.
“Are we going to sell them to recoup any of the expenditure incurred? The answer is yes!” Carrington told the capacity audience at the Lloyd Erskine Sandiford Centre. The meeting was held to give ResLife policyholders clarity about the forthcoming policyholder settlement processes and the liquidation and dissolution of the company.