Happy day for CLICO policyholders, says Sealy

The private sector cannot reject Government involvement in their affairs but when their businesses are on the verge of collapse, demand that the state steps in to save them.

That was the argument of St Michael South Central Member of Parliament Richard Sealy as he contributed to debate on the CLICO International Life Insurance Company Resolution which was passed last night in the House of Assembly.

He said Governments are constantly told to stay out of the private sector and let the market prevail, however, when crises arise, the private sector then wants Government to intervene.

Sealy, who is also Minister of Tourism, pointed to the collapse of Trade Confirmers, which he described as “eerily similar” to CLICO and was also a Trinidad-headquartered company.

In that instance, he said several Barbadians lost their life savings. He also pointed to the 2007/2008 mortgage crisis in the United States which was the precursor to the global financial crisis.

According to Sealy if companies are “too big to fail” then they must subject themselves to state regulation and examination.

He acknowledged that CLICO’s high-yielding Executive Flexible Premium Annuities (EFPAs) were risky instruments, however, Government was seeking to protect investors and secure at least the principal invested.

He noted that while policy holders were expected to receive their traditional coverage, EFPA investors would get their principal over a ten-year period with “blended payments”.

Praising the Minister of Finance Chris Sinckler and his team in the Ministry for bringing resolution to the near 10-year debacle, he described the parliamentary measure as a “happy day” for CLICO investors and policyholders.

“There is a limit to what the state can do and the only way to prevent this from recurring is to have stringent vigilance,” Sealy said.

He said it was hoped that those who were “burnt” by the CLICO affair would appreciate the efforts of Government to bring a resolution to the issue. (IMC)

38 Responses to Happy day for CLICO policyholders, says Sealy

  1. Mic Taylor
    Mic Taylor December 9, 2017 at 10:15 am

    I kinda disappointed with you I used to think that you were different from Dem rest but I know better now

    Reply
    • Beverley Headley
      Beverley Headley December 9, 2017 at 11:59 am

      “Different”? he is a different nasty snake that should never be trusted! He is no good!

      Reply
  2. Anita Applewhaite
    Anita Applewhaite December 9, 2017 at 10:17 am

    What happy day..after nearly 10 years.. another political gimmick.. Income tax return was for June ..leaves me to wonder which June

    Reply
  3. Winnie Meade
    Winnie Meade December 9, 2017 at 10:23 am

    They wont be happy and until they all get there money back but please let the little people get too i dont see why you all are jumping up and make it look like you all are doing good it well over due
    We all know election is around the corner now the tax return is that comming soon

    Reply
    • Adrian Allison
      Adrian Allison December 9, 2017 at 3:01 pm

      This is a debt that the taxpayers should not be settling for a multi-million dolar private company especially one that is the known political campaign benefactor of the ruling political directorate.

      Reply
    • Robbie-John Creole
      Robbie-John Creole December 9, 2017 at 8:32 pm

      Refund.

      Reply
  4. Ali Baba
    Ali Baba December 9, 2017 at 10:28 am

    SAD DAYS FOR THE TAXPAYERS WHO IS PAYING FOR THE HOLDERS, WHILE THE CROOKS ARE LIVING LARGE IN PLAIN SIGHT……WHERE THAT 91 MILL COMING FROM..NIS?

    Reply
    • Beverley Headley
      Beverley Headley December 9, 2017 at 12:03 pm

      Correct! DEM making sure all o DEM get their money before the govt changes in a few months.. the taxpayer of Bdos should never be paying for this, they are just like thieving Parr is, robbing Peter to pay Paul, while Parr is keeps the policyholders millions in the central bank for his personal use. Bajans too darn docile and refuses to stand up for their rights. Blasted crooked DLP government.

      Reply
    • Michelle Griffith
      Michelle Griffith December 9, 2017 at 12:10 pm

      Ali Baba you’re my friend on this one, taxpayers should not have to pay these people,this is what I think should happen, Mr Parris assets should be seized and sold,along with the millions that was allegedly: paid to Mr Thompson, and pay these people. The taxpayers of Barbados should not be paying back this money, because when you go into these things you go in at a risk, I do not agree that we the poor people of Barbados should have to fork out this money.

      Reply
    • Ali Baba
      Ali Baba December 9, 2017 at 2:43 pm

      Beverley Headley its so hurtful to see what dem get way wid for 10 years…hummmm but what is more hurtful that our children/grands/g/grands will be in slavery for years

      Reply
    • Ali Baba
      Ali Baba December 9, 2017 at 10:02 pm

      Michelle Griffith but u see we taking everything these morons pelting at us..i don’t no what it going to make us see clearly hummmm

      Reply
  5. Maville Giddings
    Maville Giddings December 9, 2017 at 10:52 am

    He pocket he have it so we will enjoy for new years ha ha ha ha what a joke minister go sleep

    Reply
  6. Francis December 9, 2017 at 11:07 am

    Lock up the CLICO Barbados bosses.
    Still living Large and In Charge in Million dollar houses.
    STUPES

    Reply
  7. Keith Forde
    Keith Forde December 9, 2017 at 12:44 pm

    MINISTER SEALY, YOU REALLY MAKES MY STOMACH SICK WITH ENEPT LIES AND DISTORTION.

    Reply
  8. Steve L. Jemmott
    Steve L. Jemmott December 9, 2017 at 12:51 pm

    If he can say publicly that ‘all policy holders will get back their money then i would believe him. But that is no what i was told by the

    Reply
  9. Steve L. Jemmott
    Steve L. Jemmott December 9, 2017 at 12:58 pm

    Ms. fowler needs to come public and tell us what is really the case and whats happening.

    Reply
  10. Mack December 9, 2017 at 1:12 pm

    Mr Sealy this is like somebody robing you and after a few years giving you back some of the money.
    And them proclaiming what a nice person they are. I don’t understand it!!!!!!

    Reply
  11. john December 9, 2017 at 1:59 pm

    Hold on a minute there. If you recall years ago the private sector as you refer to them ( policy holders and creditors in reality ) wanted the assets of this company seized and sold either at auction or as a going concern. Had this been done then the assets would have covered the liabilities and the company would have been more attractive to a buyer as a going concern. At that time you may recall the Supervisor of Insurance issued a ruling that the said company was to write no further policies. Instead of the government seeing that this ruling was enforced, what happened instead? The company not only went on writing policies but wrote the said EFPA’S that brought them to where they are now. if you doubt me look at the value of the EFPA’S written after the order to cease was given by the Supervisor of Insurance and the level of additional liabilities it created for the company today.

    The hurtful truth is this, had the authorities enforced the order of the Supervisor when it was given this mess could have been cleaned up without costing the tax payers a cent. It is this government’s failure to do this then for what ever reason, that will now cost us all millions today. For example if you look at how the U.S Government moved on Madoff they sold every thing they could find belonging to him, down to his personal Rolex watch and repaid the affected investors what ever could be liquidated!
    In cases like this speed of action in terms of seizure and liquidation is the key not talk and promises.

    john

    Reply
    • hcalndre December 10, 2017 at 4:50 am

      Hi John; they sold his silk ties too and it did not took them 10 years to put Madoff in prison for 150 years. Madoff is doing 5 years already and the fella that don`t have leper is living in luxury with millions stash away in the CB and other places.

      Reply
  12. Helicopter(8P) December 9, 2017 at 2:02 pm

    Thank you once again; Honorable Member of the House; Mr Sealy for your inspirational and informative view!

    Reply
  13. Adrian Allison
    Adrian Allison December 9, 2017 at 2:58 pm

    While it may be a happy day for these policyholders it is another blow to taxpayers whose funds are being tapped to settle this debt for the current ruling party campaign benefactor, CLICO.

    Reply
  14. L.Allan Wilkie
    L.Allan Wilkie December 9, 2017 at 4:46 pm

    Commissioner Dotting was going to lock up Parris, so DEM sent him home with full pay.

    Reply
    • Ali Baba
      Ali Baba December 9, 2017 at 10:06 pm

      and the other 2 women who would had to sound their voice dem send on leave wid full pay hahahahaha lord

      Reply
    • hcalndre December 10, 2017 at 5:02 am

      Is that is corruption too?

      Reply
  15. Charming Forde
    Charming Forde December 9, 2017 at 4:48 pm

    Big long rhole steupseeeees. You got to wait long to get back YOUR OWN MONEY and only a percentage of it and these asses getting on like they do people an f—ing favor.

    Reply
  16. milli watt December 9, 2017 at 5:14 pm

    minister buttering dem up for another body shift…….this one going hurt dem back.

    Reply
  17. Bajan boy December 9, 2017 at 6:33 pm

    Fellas really making a mockery of bajans. Hope they know they will get repaid.

    Reply
  18. Bajan boy December 9, 2017 at 6:35 pm

    Steve L Helm of they making a mockery of Ms.Fowler too..

    Reply
  19. baje girl December 9, 2017 at 7:35 pm

    Happy day – and taxpapers got to wait ten years to get back their money?

    Reply
  20. baje girl December 9, 2017 at 7:38 pm

    Happy day and policyholders got to wait ten years to get back thei money?

    Reply
  21. Shelley Parris
    Shelley Parris December 9, 2017 at 8:57 pm

    The government got involved when David Thompson, the then Prime Minister, got my television and said not to take myoney out….and extolled the virtues of the CLICO boss, Mr. Leroy Parris…..

    Reply
  22. La Flor Linda
    La Flor Linda December 9, 2017 at 11:39 pm

    just because election time is coming

    Reply
  23. Cheryl Barrow
    Cheryl Barrow December 10, 2017 at 6:19 am

    stupes

    Reply
  24. Steve L. Jemmott
    Steve L. Jemmott December 10, 2017 at 8:44 am

    Any of you realise the amount of money Govt has at its disposal now ?…. I sure hope that Govt don’t treat all of this “REST LIFE” insurance reserve as any cash Cow. Now that they are owners of this insurance and in possession of all these transfer monies who will ensure this does not happen. It would be interesting to see the composition of this board of directors.

    Reply
  25. Steve L. Jemmott
    Steve L. Jemmott December 10, 2017 at 8:47 am

    It doesnt resonate. People studying ham and rum!

    Reply
  26. Pamela Johnson
    Pamela Johnson December 10, 2017 at 9:11 am

    Deborah E.Smith

    Reply
  27. Andrew Simpson December 10, 2017 at 4:41 pm

    GOB should pay out up to the value of deposit insurance held. After that, judicial managers appointed could liquidate assets and repay government then distribute any balance. Government / taxpayers cannot be held responsible to private investors. They have too much on their plate already.

    Reply

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