CCJ Rules that CLICO has to Pay
The Caribbean Court of Justice (CCJ) today directed the Judicial Manager of the Clico International Life Insurance Limited (CLICO), to recognise and pay a debt of EC$1,423,329.46 to Octavius John and Laurent John within ten days of the Court’s judgment. The CCJ noted that the circumstances of the appellants were unique, given the circumstances of the case. CLICO is a Barbadian company, in the business of general and life insurance, investment annuities and other investment products, which ran into financial difficulties. The appellants, who are brothers and live in Dominica, had invested in several “Executive Premium Annuity” policies from CLICO to fund their retirement.
At the expiration of these policies, CLICO did not pay the John brothers their entitlements. After much stalling by CLICO, the brothers were forced to resort to the High Court of Dominica to recover the funds due on surrendering the policies. In September 2010, the brothers obtained default judgment against CLICO in the sum of EC$1,423,329.46 plus interest.
Access the full Media Release here: 13-2019