NationNews - Barbados: "CLICO International Life Insurance (CIL) has been issuing letters of apology to policyholders for the inability to honour its financial obligations.
The correspondence blamed the company’s liquidity problems on the near collapse of its Trinidad and Tobago-based parent company, CL Financial, as well as policyholders withdrawing their investments.
The company informed policyholders that it was working with the assistance of a consulting actuary and accounting firm Ernst & Young to develop a proposal on the options available to settle its obligations.
Ernst & Young is also preparing a report to illustrate how Government can provide temporary liquidity support."
The correspondence blamed the company’s liquidity problems on the near collapse of its Trinidad and Tobago-based parent company, CL Financial, as well as policyholders withdrawing their investments.
The company informed policyholders that it was working with the assistance of a consulting actuary and accounting firm Ernst & Young to develop a proposal on the options available to settle its obligations.
Ernst & Young is also preparing a report to illustrate how Government can provide temporary liquidity support."
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