CLICO?policyholders are not the only ones demanding answers about their investments. So are their counterparts at British American Insurance Company (BAICO).
An official of British American said hundreds of people were still calling daily querying what was happening with their policies, as well as claims, but that the company had been unable to provide them with any concrete answers, as it was under judicial management since September 30. The official stated that no claims had been paid since that time.
One affected policyholder is 41-year-old Frederick Mapp, who until five months ago was receiving a BAICO health claim – the only income he had had since he suffered a stroke two years ago.
Mapp told the SUNDAY?SUN that BAICO?had been giving him just over $1 700 a month for the past year and a half and he was using this money to pay bills and support his family since he could no longer work.
“Every time I?call about my claim I?am being told to check back the next month. That is the only source of income that I?[have], and I am still paying my policy every month.”
Mapp, who has an 18-year-old son and two-year-old daughter, was forced to give up his job as a taxi driver when he suffered a stroke in 2009.
“All I am being told when I?call is that they have to wait on a decision from the court; but I mean this is five months and I?have not received anything and if I don’t pay my premium, I will be in trouble,” he cried.
Another policyholder, who did not want to be identified, said she was so disappointed with how the company had treated her that she had closed both the pension fund and life insurance policies she had taken out two years ago.
The self-employed vendor said she only realised something was amiss when she submitted a claim in September but never received a cent.
“I?called my agent and asked him what was going on and he told me everything was going to be okay. But when I?called the office they told me they were under judicial management and could not pay out any claims.”
When contacted, the court-appointed judicial manager David Holukoff, a director of accounting firm KPMG, said he had so far submitted two reports to the Supreme Court and had made recommendations “on the next step and the way forward”.
He refused to disclose those recommendations and could not say how soon a decision would be made about the company.
However, Holukoff said one of the aims was to ensure that all of the policyholders would be treated “fairly and equitably under the law”.
