Insurance policyholders threaten action

CLICO and British American Insurance Company (BAICO) investors are seeking answers from the Prime Minister and Minister of Finance on a number of areas of grave concern to them and have warned that if they don’t get them, and the “disrespect and dismissiveness” continue, the country will see unprecedented action.

The members of the Barbados Investors and Policy holders Alliance (BIPA) did not specify the nature of that action, however.

BIPA, which evolved after the collapse of CLICO and BAICO that led to the companies’ inability to meet the commitments of investors/policyholders, has questioned why the judicial manager’s report on BAICO was submitted to Government in November 2010 and no summary of the content, implications or next steps to be taken have yet been given to the thousands of policyholders who continue to pay their premiums in good faith, despite the fact that their claims continue to be unmet.

“Is Barbados descending to a state where the Government keeps the people in the dark, under the guise of having their best interests at heart?” BIPA asked in a statement issued yesterday.

“Are you aware that the people are close to having reached their limits of tolerance and patience and are preparing to take action the likes of which have never been witnessed in this island?”

BIPA said it considers the level of disrespect and dismissiveness of Prime Minister Freundel Stuart and Finance Minister Chris Sinckler towards the people they have taken an oath to serve and protect “staggering in its magnitude.”

Discussion of the alliance’s next steps will be high on the agenda when BIPA holds an extraordinary general meeting next Wednesday.

Caribbean360