PM says CLICO customers should keep making payments

Read storyDespite the liquidation of the CLICO (Bahamas) insurance company, policy holders should keep paying their premiums, Prime Minister Hubert Ingraham told the House of Assembly yesterday.

He said if the company is bought, the buyer will only take policies that are up to date. Those that are not up to date will be dealt with "somewhere down the line in the liquidation process".

Four Bahamian insurance companies have expressed interest in buying CLICO - Atlantic Medical, British American, Colina Imperial and Family Guardian.

In his speech, Ingraham outlined some of the mistakes that led to the government's decision to liquidate CLICO, including CLICO's decision to lend $73.6 million to a Florida real estate company that ultimately compromised its financial integrity.

Full Story in The Nassau Guardian here

Full Story in The Tribune here (Page A1)