POLICYHOLDERS IN?BARBADOS?say they are buoyed by Friday’s High Court judgment handed down in Trinidad &?Tobago against the financially troubled Colonial Life Insurance Company (CLICO).
In a 51-page decision, Justice Maureen Rajnauth-Lee ordered the company to repay nearly TT$60 million (BDS$20 million) to six policyholders.
Head of the Barbados Investors Policyholders Alliance (BIPA), June Fowler, said the ruling in Port of Spain served as “motivation for local policyholders”.
“It sets a precedent for us and is a good sign of things to come. It is heartening news and certainly means a lot to us here in Barbados.
“I am pleased that the court in Trinidad has found favour with some of the policyholders. They are not beggars who can just be pushed aside. They are people here who have invested as much as $750 000 and even $1 million. If it happens in Trinidad, we will try to make it happen here,” said an upbeat Fowler.
Full story in today’s SUNDAY SUN.
