NOTICE TO CLICO POLICYHOLDERS

We wish to thank you, our valued clients, for your continued understanding and support as we continue to restructure to better serve you. 

Need more information on your insurance portfolio?  Visit any of our conveniently located Branch Offices listed here.

  1. Pursuant to Legal Notice No 32 of 2009 dated February 13, 2009 and its Special Emergency Powers under Part VA of the Central Bank Act, Chapter 79:02 (the “Act”), the Central Bank of Trinidad and Tobago (“Central Bank”) assumed control of Colonial Life Insurance Company [Trinidad] Limited (“CLICO”) in order to protect the interests and preserve the rights of all policyholders and creditors
  2. Since its assumption of control, the Central Bank has implemented a Resolution Plan for CLICO, one of the key components of which is to effect the transfer of CLICO’s traditional insurance portfolio (“the portfolio”) to a suitable insurance company.
  3. CLICO is pleased to announce that it has entered into a Sale and Purchase Agreement with SAGICOR LIFE INC. (“SAGICOR”) for the transfer of the portfolio. SAGICOR is a subsidiary of Sagicor Financial Corporation Limited.
  4. In accordance with the Insurance Act, Chap. 84.01, a Scheme of Transfer, as agreed between SAGICOR and CLICO, must be approved and confirmed by the Central Bank prior to the transfer.
  5. Policyholders are advised that until the Scheme of Transfer is confirmed, CLICO will continue to administer the portfolio. Following confirmation of the Scheme, policies in the portfolio would then be administered by SAGICOR who will be responsible for collecting premiums, processing and paying claims and communicating with policyholders.
  6. CLICO will keep its policyholders informed of all key developments with respect to the Scheme of Transfer and is committed to working with SAGICOR to ensure completion of the Scheme of Transfer with minimal disruption.



September 30, 2019

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