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Frustrated and fearful

BIPA fed up with delays in settling CLICO issue

The head of the umbrella organization for thousands of CLICO policyholders June Fowler said he was both and worried over behind-the-scenes failures by the court-appointed judicial manager Deloitte Consulting and the board of the new replacement insurance company to end policyholders’’ near decade-long wait for payment.

Fowler, the head of the Barbados Investors and Policyholders Alliance (BIPA), told Barbados TODAY that the seemingly “one step forward and two backwards” situation had become frustrating and there were fears that more policyholders could die before reaping the benefits of their hard-earned investments in the collapsed insurance company.

“All the timelines that were set based on the last court order have not been met. So now we are hoping that within the next couple weeks that the judicial manager, along with the board of the new company, would have new timelines, and those timelines that are set would be honoured; and again, that is the problem. There is a lot happening in the background but it is taking too long. The process is slow,” she said.

The BIPA spokeswoman also expressed bewilderment over the tardiness in bringing closure to the pain and suffering which policyholders and investors have experienced over the past eight years.

She indicated that some members had died awaiting payment, and the frustration was evident in her voice as she spoke of a 94 year old policyholder who questioned her recently about his policy that had matured six years ago.

“I had a call from one of our members today. He is 94 years old. Uh mean, come on. His policy matured since 2010. So we got a ten-year annuity for him. We are looking for him to get his money. Give him his cash. He is 94 years old.

“When are these things going to be taken care of? When are these people in this category who had their policies matured over the last couple years . . . when are they going to be taken care of? These are the frustrations we are experiencing in this pushing back of timelines,” the spokesperson for the policyholders said.

“For the life of me, I do not understand why, if there is documentation, there is a process, why is the process taking so long?  So again that is our beef, that is our frustration that timelines have not been met and every time there are pushed backed, a new timeline is set, then there are not honoured and they have to be pushed back again.”

She said BIPA was anxious for word on when the $52 million would be transferred to the new company and when it would be approved by the Financial Services Commission, along with several other targets that had not been met.

Meanwhile, Fowler said she was pleased that the judicial manager had produced a final report on British American Insurance Company (BAICO), and she was hopeful that the process would be completed before the end of this year.

3 Responses to Frustrated and fearful

  1. Alec Pierre April 23, 2016 at 9:35 am

    I know June Fowler personally and I can say without fear of contradiction that she has gone way beyond bounds in trying to help “we the investors” to get our hard-earned investments back. Speaking for my self and having read all the documentation concerning the criminality that has been visited on the investors by a sloppy and dishonest government from top to wherever, I hold out very little hope that I will see my hard earned investment again. My only wish is that when the dust settles, Barbadians will lose their timidly and agitate for those criminals involved in the CLICO debacle to be brought to justice according to the law. My other Hope is that my grandchildren will be able to get my investment which through sloppiness, greed and dishonesty on both the part of the Government of Barbados and the management of CLICO I, at age 80 am no longer interested in personally receiving. However, i
    hope that I live to see the guilty parties (and let there be no doubt about it, THERE ARE GUILTY PARTIES) incarcerated!

  2. Tony Webster April 23, 2016 at 3:32 pm

    Well Sir, I also have lived long enough, to witness Trade Confirmers; Barbados Foundry; Bank of Credit and Commerce, etc. I also have been fortunate to visit both London and Paris , both in the spring, and in the summer. Both are utterly charming, …above-ground. Underneath, and out-of-sight, both hide a warren of tunnels, and sewers, and rats. Sewer-rats. Some big-up rats; some scuttling; some walking-bout big and bold , jes’ like dem own Bridgetown.

    This government, more specifically, the Min. Of Agriculture, occasionally has run out of rat-poison. They should never allow this to happen, for it can give this country, and those who put whole lifetimes into making it a place of Pride and Industry…a really bad name.

  3. Carson C Cadogan April 24, 2016 at 12:33 pm

    “….June Fowler said he was …..”

    Is June Fowler a man?


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