Too high a toll, says BIPA

The June Fowler-led Barbados Investors and Policyholder Alliance (BIPA) today warned that it was simply not prepared to give up the fight on behalf of the thousands affected by the collapse of the Trinidad-based CL Financial.

However, in a press release, BIPA expressed strong concern the heavy loss was weighing down on its membership – in particular families of the more than 200 policyholders who have died since the “scandalous” collapse, which also affected local subsidiaries CLICO and British American Insurance Company Limited (BAICO).

To add to the indignity of the situation, BIPA said it was still not known if the dependents of those who had died would ever see any of the money “so carefully and trustingly put by for them”.

“Eight years is eight years too long and as we have said from day one, ‘we want our money back’, especially before any more policyholders through illness, or those already in ‘the departure lounge of life’ pass away,” BIPA added.

However, it complained that while several of its members had already died, “the perpetrators of this debacle walk around free from accepting or being charged with any culpability for the utter devastation of so many lives for which they are directly responsible”.

BIPA also acknowledged that the BAICO Judicial Manager had already confirmed a
May 31 date for the transfer of all qualifying policies to Sagicor, with payments to policyholders due to follow shortly after that date.

However, it said no such commitment had been forthcoming on CLICO, with the transfer of those policies to ResLife Limited also yet to be approved by the court.

Today, the alliance also called on Minister of Finance Chris Sinckler to expedite the necessary parliamentary and other approvals to ensure immediate transfer of their funds as soon as the court approves the agreement.

2 Responses to Too high a toll, says BIPA

  1. Kevin February 9, 2017 at 9:21 am

    Clico was a private company. Why should my taxes go to repaying you back. Go after the parent company in Trinidad, they drained Clico of all the liquid cash.

  2. Alec Pierre February 9, 2017 at 9:48 am

    Kevin If you know nothing about the Laws of Barbados regarding Insurance companies and the responsibilities of the government in that regard then my advice to you is to hold your peace!


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