Policyholders of the now defunct CLICO company in Trinidad and Tobago, have begun to receive payments from the government, after the company was rescued by the former PNM government, monies they had invested. CLICO collapsed some two years.
Payments are currently being made to investors who have invested in CLICO's, Executive Flexible Premium Annuity (EFPA) contracts valued at $75,000 or less, representing some 1,053 payees, with 350 persons receiving money daily since processing began on March 10.
The deadline for the submission of application forms is September 30.
According to the Colonial Life Insurance Company (Trinidad) Ltd. The EFPA plans offered balance of financial growth, security and retirement income. The "worry free" retirement plan was expected to attract returns and all you needed was ONE premium payment for the life of the policy. The policy also offered, tax-free interest earnings, monthly retirement income starting between the ages 50 - 70, and policy accepted as loan security.