RF&G takes over CLICO’s 11,000 Insurance Policies

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Musa’s Compromis with Mark shattered

RF&G takes over CLICO’s 11,000 Insurance Policies

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Written by Administrator

Thursday, 13 August 2009 12:29

On Monday, August 10, 2009 Justice Michelle Arana of the Belize Supreme Court granted an Order for the Transfer of the Life and Health Insurance Portfolio of CLICO (Bahamas) Limited- Belize Branch over to RF&G Life Insurance Company. The portfolio contains almost 11,000 life and health insurance policies.

Alma Gomez, Supervisor of Insurance at the Ministry of Finance, said that the transfer process has already begun and it is expected that by September

1, 2009 RF&G Life Insurance Company will be serving the portfolio. Policyholders are advised to continue paying their premiums as usual during the transition.

Not all policies will be included in the transfer however, as those policyholders of Executive Flexible Premium Annuities (EFPA) are not part of the portfolio transfer. EFPA’s are the policies that led to the fall of CLICO (Bahamas) Limited and Gomez said that they are not about to allow a cancer to spread over to another company. Those with EFPA’s are to await further advice. It is expected that those policies will be bought out.