CLICO?POLICYHOLDERS want the veil lifted from the interim judicial manager’s report on CLICO International Life Insurance Company and an end put to the secrecy surrounding the operation of this company.
They are also calling for restrictions to be removed on copying of the judicial manager’s report on British American Insurance Company (BAICO).
Responding to a release from CLICO judicial managers Oliver Jordan and Patrick Toppin of Deloitte that they had submitted their interim report to the court, the policyholders rejected the position that “disclosure of the contents is at the discretion of the courts”.
The local advocacy group of CLICO?clients said: “BIPA (the Barbados Investors and Policyholders Alliance) expresses in the strongest possible terms that CLICO policyholders have suffered from secrecy and silence for far too long and that the report must be made available within the shortest possible time.
“We believe that this interim report reveals some critical information about money which belongs to the policyholders and they have a right to know the latest status of the company that took their money.”
The same goes for the British American Insurance Company report, the group said.
“Whilst policyholders have the right to make an appointment with the Financial Services Commission to read the report, it is our understanding that the report can only be read at the FSC and no copying can be made. BIPA can express nothing less than its strongest displeasure at this preposterous restriction,” the policyholders maintained.
The group said the reports related directly to what these two insurance companies had done with policyholders’ money. (GE/PR)
