BIPA urges quick action on CLICO restructuring
The Barbados Investors and Policyholders Alliance (BIPA) today called on Government to ensure that the company earmarked to handle the proposed restructuring of CLICO is active and fully funded “within a matter of days or weeks”.
The appeal by BIPA president June Fowler comes as the Supreme Court considers an application by the judicial manager of CLICO to remove the seal on a recent forensic audit report into the operations of the insurance company.
While stating that the alliance is hopeful that a decision will be made to lift the seal when the matter returns to court early next month, Fowler said the interest of policyholders should be paramount.
“If they do not fast track this operation, and I mean full speed ahead with no distractions or delays, the thousands of policyholders, their families and dependents will lose virtually everything because once the truck starts to race down the hill, there comes a point beyond which the brakes can no longer bring it to a safe halt and the effect on the Barbados economy, the country’s reputation, its credit rating and its integrity will be incalculable,” she warned.
The BIPA president said she was pleased that her recommendation to have a representative on the board of the New Life Investment Company – the company that will deal with the restructuring – had been agreed to by the relevant parties.
“Given the pending liquidation of CLICO by the Judicial Manager and the uncertainty surrounding the New Life Investment Company established by government to handle the proposed restructuring of CLICO, albeit under a new name, BIPA’s focus is on the various aspects and details relating to the restructuring plans, to ensure the best possible outcome for policyholders,” Fowler added.