Tuesday, April 23, 2024

BIPA going to court


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CLICO policyholders are questioning the commitment of the Ministry of Finance to resolving the mess and have decided to take legal action.

Yesterday, June Fowler, head of the Barbados Investors and Policyholders Alliance (BIPA), said it was “an extremely serious matter” if “written undertakings, approved by Cabinet and issued by Government officials at the Ministry of Finance and Economic Affairs”, were not realised.

Her comments came following a NATION report that unless promised funding was received soon, the CLICO International Life (CIL) judicial manager Deloitte Consulting would be forced to liquidate the assets of the insurance company.

That move could spell more problems for policyholders who have been waiting patiently for a resolution since February 2008 when parent company CL Financial collapsed in Trinidad and Tobago, triggered contagion throughout the Caribbean. (GE)

Please read the full story in today’s Weekend Nation, or in the eNATION edition.



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