Never again!

Fowler warns that CLICO pain should never be repeated

With the eight-year wait for more than 20,000 policyholders in CLICO now seemingly coming to an end, Chairperson of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler is sounding a stern warning to local authorities that this situation should never be allowed to happen again.

Earlier this week, the High Court approved the transfer of assets and insurance policies from CLICO International Life Insurance Company to New Life Investment Company Inc (NLICO) and Resolution Life Insurance Limited (ResLife), paving the way for payments to be made to the policyholders who were left out of pocket after the collapse of CLICO’s parent company back in February 2009.

The much-anticipated decision came two months after it was expected and eight months after agreement was reached between CLICO, NLICO and ResLife last December.

While welcoming the latest development, Fowler is warning that there should be no such recurrence.

“Now that we have a regulatory body in place hopefully all that happened in the past will no longer happen,” she told Barbados TODAY, while suggesting that final responsibility rests on the shoulders of the regulatory authorities.

“The Supervisor of Insurance should have done what they were supposed to do and this thing would not have happened. So I would like to think that with the Financial Services Commission in place, what happened in the past with CLICO will not happen with this new entity, Resolution Life,” she added.

The Financial Services Commission was established until April 2011.

Fowler explained that following the High Court’s approval this week, there will be a 90-day “bar date period” in which a number of processes will have to be carried out, including the verification of policyholders information before the transfer can actually take place, hopefully by December.

“At the end of that and if there are no major issues, the transfer then should take place from the judicial manager to Resolution Life and then there is a two-week period for them to get their process together once the transfer has taken place,” she told Barbados TODAY.

“Hopefully after that two-week period, which should take us down to, let’s say conservatively, the end of November to early December, we should start to see death claims and mature claims and pensioners starting to get some level of payments, and policies that are currently active will be transferred and people can continue to pay their premiums,” she added.

Acknowledging that it had been a very long process, Fowler said BIPA members were simply waiting to exhale.

“It is good news. It is not the end of the process yet but it is part of the process we were looking to happen . . . So we are grateful that it has come to this point and we are at a stage where the transfer agreement has been approved by the court,” she said, while calling on relatives of policyholders who have died to “stay on top of things on behalf of their relatives”.

Government has allocated close to $30 million in this year’s Estimates of Revenue and Expenditure for the payment of the first tranche of its $300 million debt, which is to be paid over ten years.

Of the sum, $25 million has been set aside for CLICO policyholders and $4.9 million for investors in its sister insurance company British American Insurance Company (BAICO).

The transfer of the BAICO business to Sagicor, which was expected to be completed by May 31, 2017, is still held up due to a back and forth between the Ministry of Finance, Sagicor and the BAICO judicial manager, KPMG, following several concerns raised by Sagicor, including about Barbados’ economic downgrades and Government’s financing.

Barbados TODAY understands that Sagicor is now awaiting final word from the Ministry of Finance on some of the issues raised, following a meeting last month.

marlonmadden@barbadostoday.bb

23 Responses to Never again!

  1. Ricardo Worrell
    Ricardo Worrell August 4, 2017 at 1:48 am

    You fought admirably Mrs Fowler and you deserve numerous accolades but don’t count those chickens just yet cause any venture involving this government usually ends in problems

    Reply
    • Huey Newton
      Huey Newton August 4, 2017 at 6:09 am

      That bup forehead you got it so full of anger and bitterness for this govt you must eat real panadols.

      Reply
    • Ricardo Worrell
      Ricardo Worrell August 4, 2017 at 8:01 am
      Reply
  2. Ernesta Catlyn August 4, 2017 at 2:59 am

    The Supervisor of Insurance did its part – ask David Thompson

    Reply
  3. Charles Alleyne
    Charles Alleyne August 4, 2017 at 3:05 am

    Now pray would tell me this is going to continue to happen ..I am even reluctant to believe that this would even come into existence.Why would I put my hard earned money in any of these entities for because they changed the name of the organization.Same script different case, look we had Trade Confirmers, Northern Insurance and ClIco, BiACO all of these entities show what mismanagement can do to destroy people lives and livelihoods.I guarantee you this will happen again and they were regulators and they drop the ball too and it’s going to happen again .Although there is a FSC it means nothing until there is serious legislation in the financial services and Insurance act whereby those who do such things are held accountable and conflict of interest Is stamp out,then we are going to have a repeat.I would advice anyone do not put one red cent in these new companies again ,because as for of any monies being pay out it seems despite government injection it’s seems they need new people to pour money into these entities to start paying policyholders what is theirs.Am I happy this has taken about 9 yeas but I know December will come and it will go.and this will be still continuing .May god help us and let us be wise where we put our monies next time.

    Reply
  4. Hewers of wood August 4, 2017 at 4:19 am

    This situation will keep happening again and again, because they are some of the people that you can fool ALL of the time. There are not even words to describe such a mindset.

    Reply
  5. Hewers of wood August 4, 2017 at 4:28 am

    Resolution life – “New regulatory body” Here we go. You cannot out con a CONNER. New cons always being devised.

    Reply
  6. Tony Webster August 4, 2017 at 5:25 am

    Lady, you are a giant!! However wonderful the human creature might be, however intelligent, we have foibles, and weaknesses: I am willing to bet all the money I do not have in the bank, that many of the trusting , (now crying) investors in Dupigny and Paris (and others, like “regulators”)….didn’t remember “Simmons bank”; Barbados Foundry; B.C.C.I.; Trade Confirmers; and even Meeting Turns that ended in tears. There always shall be good, kind, honest, folks…as well as crooked folks, scheming, avaricious, greedy, folks, and there are walking ’bout today, or gliding by in their Benzes and Beemers.
    Even now, there are citizens who rue the day that they placed their bets on the “wrong” political party. Life is tough. We must pray for His guidance in everything we contemplate doing; keep in mind previous experiences , (even unto our fathers, and their fathers); remember the biblical injunctions concerning lending and borrowing; and above all, to n’use our common-sense…and live our Christian lives as best we can.

    One of each was born today ….and one’s loss…is another’s gain. That’s just how the cou-cou crumbles.

    Blesssings on you, dear lady!

    Fortunately,

    Reply
  7. Bonnie Marton
    Bonnie Marton August 4, 2017 at 5:53 am

    That ain’t even half of the money smh

    Reply
  8. Huey Newton
    Huey Newton August 4, 2017 at 6:08 am

    Only the policy holders should get back money taxpayers should never be laying out $30 m for those annuities. The interest rates were too high and greed made them ignore the saying ” if its too good to be true it is no good.” Trade Confirmers kill people and these lickrish Bajans still wont hear. The wise should not be payingfor the foolish.

    Reply
  9. Greengiant August 4, 2017 at 6:29 am

    I think we can ask both Owen Arthur and David Thompson. This Clico mess started while the B L P was in office when the Supervisor of Insurance warned the then M O F that Clico’s assets could not support it’s commitments to policy holders.

    Instead of reigning in the company, the then PM and MOF simply passed government businesses to the company to increase it’s cash intake. The government simply assisted the company in making the books look good. Thompson was an attorney doing a job for a client, he was not then a PM representing the interest of Barbadians. The political cover will continue once these two parties ( BLP or DLP ) continue to lead this country.

    Reply
  10. clint August 4, 2017 at 6:31 am

    Really, a new regulatory board? Wasn’t there a Supervisor of insurance? Was there an audit? The outcome is no better for the policy holders who have endured pain and suffering over these years. Despite the auditor’s report , no one was held accountable for the demise.Nothing will change in Barbados.New regulatory board my foot….

    Reply
  11. Cecilia Carew
    Cecilia Carew August 4, 2017 at 7:49 am

    Uh hope nuh beneficiaries tuh de deceased aint deceased themselves !

    Reply
  12. Angela August 4, 2017 at 7:56 am

    Greed and the capitalist way of life makes us forgo common sense and then we blame and expect the government to clean up the mess we make for our selves.

    Reply
  13. Saro Virasami
    Saro Virasami August 4, 2017 at 8:54 am

    Trade Confirmers….BCCI Bank

    Reply
  14. Ali Baba
    Ali Baba August 4, 2017 at 8:55 am

    SOMEONE CALL THE WOMAN AH BALL POOCH CAT, NOW AH BUP FOREHEAD, VERY INSULTING ISN’T IT…….ITS HER RIGHT TO QUESTION, CLICO, GOVERNMENT OR WHO EVER, THAT S THE PEOPLE SUNSET GONE DOWN THE DRAIN. THE TROUBLE STARTED WITH THE PARENT COMPANY, MIA WAS WARNING THE CHILDREN, DAVID THOMPSON WAS TELLING THE CHILDREN, “DON’T PANIC” DON’T PANIC” EVERYTHING UNDER CONTROL…..CLICO DROP IN…3.3MIL WENT TO HIS LAW FIRM,OF THE 10 MIL BONUS HUMMMMMMMM AND THE FORMER GOVERNOR HAD THE REST HOLDING AT THE CENTRAL BANK, AFTER THE BANKS REFUSE TO HOLD PARRIS MONIES…..WHAT GOVERNMENT SHOULD HAVE DONE IS, LIKE WHAT WAS DONE TO MADOFF AND STANFORD, REIGN IN ALL THE ASSETS WHETHER, HOUSES/LANDS/ YACHTS, BANK ACCOUNTS, THE SAME MONEY AT THE CB HOLDING FOR PARRIS,JEEPS ETC.ETC SELL THEM OFF, PAY THE POLICY HOLDERS AND JAIL THE CRIMINALS. BUT NO!!!!!!! HEAR THE SCRUFF OF THE EARTH, PARRIS IS MY FRIEND, I CAN’T SHUN E, HE AIN’T AH LEPER………THESE PEOPLE ARE VERY WELL PROTECTED WITH DARK WORKS(SECRET) BUT GOD GINE BRING EVERYTHING TO LIGHT, WHA AIN’T KETCH YA AIN’T PASS YA

    Reply
  15. Jason Patel
    Jason Patel August 4, 2017 at 9:23 am

    Do not party yet until payment is passed

    Reply
  16. Patrick Cozier
    Patrick Cozier August 4, 2017 at 9:53 am

    June, you have been an outstanding representative of the policy owners and every kudos is due to you. You have one other advantage on your side…..elections… I expect you will get the first 10% before elections with the hope of strategic impact. It is unjust for some to say that the CLICO offer was unrealistic and appealed to the greed mongers and hence they deserve what they got. I remember back in 2008 Government was issuing paper with similar 8% interest rates. I know as I bought some. So what do they say now?

    Reply
  17. Barker Antony
    Barker Antony August 4, 2017 at 10:01 am

    My dear thank you for your help , your efforts are appreciated!!!!

    Reply
  18. Milli Watt August 4, 2017 at 10:13 am

    not bad for a BALD POUCH CAT! I followed this from the start and you did well. It will happen again as long as Barbadians leave their money in the hands of thieves instead of pooling resources in a cooperative to pursue agricultural, construction and manufacturing investments.

    Reply
  19. ks August 4, 2017 at 1:16 pm

    I want to see published… how much was the Judicial Manager(s) paid????

    Reply
  20. Sheron Inniss August 6, 2017 at 7:07 am

    I commend Ms Fowler. I have been following this case from the beginning. I just hope the policy holders get some real hard cash. I was one of the lucky ones. My gut instinct told me to ask for my initial investment and I did just that before the fall out.

    Don’t mind those naysayers who say the policy holders were greedy. Who does not want the best investment for their money? It is the Clico big ups who were the licorish ones.

    Kudos to you Ms Fowler for standing valiantly against the big wigs.

    Reply
  21. Wayne Leacock August 7, 2017 at 8:13 pm

    What about the people who are waiting on cash value payments.Nobody ain’t say anything about them.

    Reply

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