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Mottley: BARP situation worrying

marciadottin, [email protected]

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OPPOSITION Leader Mia Mottley says it is “extremely worrying” that the Barbados Association of Retired Persons (BARP) is unable to collect more than $100 000 from cash-strapped CLICO, which matured last June.She was responding to a disclosure on Monday by BARP president Ernest Batson that the association was worried about the future of almost $420 000 deposited with two troubled insurance businesses.“BARP members, and indeed, individual senior citizens who have invested money with CLICO and British American Insurance, would have done so to secure their medical and living expenses at a time when they may no longer be able to earn a living,” Mottley said.“They deserve to enjoy their golden years with as few stresses as possible.”The Opposition Barbados Labour Party (BLP) leader recalled that just a few weeks ago, the Acting Supervisor of Insurance indicated that CLICO had undertaken to honour all of its maturing policies. “Given CLICO’s past behaviour in ignoring the supervisor’s directive to desist from selling policies, this revelation by the president of BARP comes as no surprise,” Mottley said.“The questions we must now ask Acting Prime Minister Freundel Stuart and Minister of State Darcy Boyce is whether the life of the Oversight Committee has been extended beyond its June 12 tenure? “If not, what measures have been put in place to oversee the operations of CLICO? Who will ensure that no further payments are made to CLICO managers in favour of legitimate investors? Who is protecting the interests of Barbadian policyholders and investors?“This is a serious matter deserving of timely answers and we trust that the Acting Prime Minister and/or the Minister of State will come out of their bunkers and speak to these matters,” Mottley said. (AB)