CLICO definition
Examples of CLICO in a sentence
They alleged that when the Defendant carried out the bailout measures to rescue CLF and CLICO, CIB and BAT, the same protection was not offered to them as policyholders of BAICO.
Article 30, which defines the scope of application of Chapter Three, excludes from the operation of Chapter Three ‘Activities in a Member State involving the exercise of governmental authority.’ According to the Defendant, its actions in providing financial support to CLF, CLICO, CIB and BAT, all Trinidad and Tobago registered entities, at CLF’s request, as alleged in the Originating Application, fall within this definition.
After the collapse of the Trinidad and Tobago conglomerate CL Financial (‘CLF’) in early 2009, the Government of the State of Trinidad and Tobago (‘the Defendant’) decided to rescue or “bail out” the company and its Trinidad and Tobago subsidiaries, CLICO Investment Bank (‘CIB’), Colonial Life Insurance Company (Trinidad) Limited (‘CLICO’) and British American Insurance Company (Trinidad) Limited (‘BAT’).
The Defendant engaged in a series of measures including assumption of control of CLICO and BAT, provision of liquidity support, injection of funds and the purchase of the rights of some policyholders of CLICO and BAT in order to mitigate the effects of the collapse on policyholders and the wider Trinidad and Tobago economy.
At the material time, CLF owned over 95% of the issued share capital of CLICO.
The email refers to CLICO fixed deposit and whether it was assigned and being held against the loan facility.
Having regard to the facts before the court, however, the court is convinced that the transfer may still be registrable if that is what the claimants wish to do at this time and all that may need to be done is CLICO pay the requisite stamp duty and or penalties which have accrued in relation thereto should they decide to go that way.
It provides, in essence, that in consideration of value received by CLF, CLF declared that it had sold to CLICO, and was CLICOs trustee in respect of 17% of CLF’s then shareholding in PETL, which comprised of 23,062,710 ordinary shares.
The Borrower will use commercially reasonable efforts to cause CLICO to apply for and receive all necessary regulatory approvals for such extraordinary dividend and to take all corporate and other actions necessary to declare and pay the dividend as promptly as possible after the Closing Date.
The only substantive suggestion was that it was not done because CLICO did not want to pay the stamp duty on the transfer.