CCJ dismisses appeal by Belizean CLICO policyholders

The Caribbean Court Justice (CCJ) last Thursday dismissed an appeal by six former CLICO Belizean policyholders whose contention it was that their financial loss from the company’s 2009 liquidation was the result of the Supervisor of Insurance, Alma Gomez’s reckless handling of the Company.

In its ruling, the Court, noted among other things, “that neither the Supervisor nor anyone else could have foreseen CLICO’s sudden collapse,” holding further, that Gomez “had acted in good faith.”

The appellants; Kent Herrera, Nikita Usher, Valdemar Castillo, Vildo Marin, Eugenio Ek and Leonardo Varela of Executive Flexible Premium Annuity (EFPA) were policyholders of Belize’s branch office of CLICO (Bahamas) Limited.