BARBADOS INVESTORS AND POLICYHOLDERS ALLIANCE (BIPA) is heading back to court over the CLICO issue.
This was the latest word from BIPA chairman June Fowler when she spoke to BARBADOS BUSINESS AUTHORITY last week.
Fowler said BIPA was still going strong despite not receiving an update from the CLICO judicial manager for the past two weeks.
In fact, chairman June Fowler said in a telephone interview that their next step was to head back to court for further legal action.
“There has been no conversation coming from the Ministry of Finance or judicial managers [Oliver] Jordan or [Patrick] Toppin. We sent an email to them two weeks ago and they replied that they were preparing to make another presentation to court and would let us know.
“The next step is to take action against the directors of [CLICO] and the former Supervisor of Insurance, now the Financial Services Commission,” she said.
While Fowler said BIPA was not giving up, she admitted some others were already saying they were fed up with the length of time the process was taking and they no longer cared.
“I have heard some who are not members of BIPA say they are not bothering anymore and there are some who are feeling defeated, but BIPA will keep up the fight – no ifs, [ands] or buts, we have to get our due money,” she said.
Fowler said they were currently running an advertising campaign in the MIDWEEK NATION called Unanswered Questions and were also in the process of getting pre-action claims sent to regulatory bodies.
She said the prolonged delay was especially hard on the elderly which was why BIPA could not rest.
“People are really struggling and some are not even able to get interest. Some [retirees] had to go back to work; it is having a real serious impact on people’s lives, especially the elderly,” she said.
Fowler said people were still paying their premiums and questioned where that money is going, adding it was past time for something concrete to be said concerning the issue.
“We don’t want false promises, we need a fair and equitable position to be given,” she said.
Renatta Mohammed, Deloitte & Touche senior manager of marketing and business development, gave an update via a Press release: “The judicial managers of CLICO Insurance Limited are currently seeking to secure a date and time to appear before the High Court in Barbados later this month to provide a status report on the judicial management of that company and to lodge current recommendations for the court’s consideration.
“Following this court appearance, the judicial managers will provide an update to policyholders and the general public via the media.” (CA)
