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Monday, March 2, 2009
The Belize government has secured a judicial order, placing CLICO (Belize) Limited under the management of the country's Supervisor of Insurance Alma Gomez.
Gomez said in a Press statement, her office had secured the assets of CLICO Belize and assumed full control of the company's statutory reserves. This move comes after an order for the liquidation of CLICO (Bahamas) Limited which operates the Belize subsidiary was issued by the Supreme Court of the Bahamas.
State control of the local operations of CLICO means that the company is barred from issuing any new policies, varying any existing contracts or repatriating any funds out of Belize. However, the company is still allowed to continue servicing existing contracts that were issued prior to the order. Other regional subsidiaries have also been affected by recent financial troubles facing CLICO's parent company, the Trinidad-based CL Financial.
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