The government's decision to payout outstanding funds owed to CLICO policyholders has "quelled fears" and put an end to an "eight-year nightmare" for hundreds of Bahamians, according to prominent CLICO policyholder Bishop Simeon Hall.
"The fears of policyholders are quelled," Hall said yesterday.
"The new government is to be commended for continuing the program of reimbursing the beleaguered CLICO policyholders.
"This eight year nightmare has taken place under the watch of both governments.
"The previous government began the process, but there was never a meeting by any official of CLICO or the government.
"We pray that, that will change with the new government.
"We're calling on the new government and the minister responsible to meet with policyholders and asking the new minister to call for a meeting to bring policyholders together and to give them the needed official perspective on this debacle that has lasted for eight years."
Keeping its pledge to make good on the outstanding funds owed to CLICO
policyholders, the Minnis administration has budgeted $10 million for the distressed policyholders in the upcoming fiscal year.
According to the budget, the government will commit another $10 million for CLICO payouts in 2018/2019 and a further $10 million for the same in 2019/2020.
CLICO (Bahamas) went through a court-ordered liquidation in 2009.
The final payout of approximately $38 million was originally expected to be made in January.
As of last December, liquidators Leno Corporate Services and other professionals were completing a business plan and funding structure that would ultimately be approved by the Insurance Commission of The Bahamas and the Supreme Court, according to the former government.
In April, the former government announced proposed payments for April, July and November 2017.
The first payout took place on March 1 to June 30, 2016.
This encompassed approximately 3,389 issued checks, totaling over $11 million.
Around 300 policyholders were left out of the first payout.
Hall said the move to pay the policyholders was a "step in the right direction" for the government.
He challenged it to prove its worth to the Bahamian people.
"They have to prove themselves equal to the overwhelming support that the Bahamian people gave them," he said.
"You cannot argue with the facts.
"I think they must match their performance with what the people have entrusted them with.
"This thing with CLICO was a step in the right direction to prove that it is the people's time and let's see what happens."

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