THE HIGH COURT has given its seal of approval to the Barbados Investors and Policyholders Alliance (BIPA).
And after four years of battling on behalf of individual investors and policy holders of CLICO and the British American Insurance Company Limited, the court yesterday recognised BIPA as the voice of those who have put money into the failed insurance companies and are now trying to get it back.
CLICO faced a run on its operations starting in February 2009 when its parent company CL Financial Corporation collapsed and sought a bailout from the Trinidad and Tobago Government.
Yesterday, Justice William Chandler appointed BIPA as the “representative party” for policyholders as it “relates to any final course of action to be taken by the judicial manager in relation to the company”, the group’s head June Fowler said in a statement. (GE)
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