The head of the umbrella organization for thousands of CLICO policyholders June Fowler said he was both and worried over behind-the-scenes failures by the court-appointed judicial manager Deloitte Consulting and the board of the new replacement insurance company to end policyholders’’ near decade-long wait for payment.
Fowler, the head of the Barbados Investors and Policyholders Alliance (BIPA), told Barbados TODAY that the seemingly “one step forward and two backwards” situation had become frustrating and there were fears that more policyholders could die before reaping the benefits of their hard-earned investments in the collapsed insurance company.
“All the timelines that were set based on the last court order have not been met. So now we are hoping that within the next couple weeks that the judicial manager, along with the board of the new company, would have new timelines, and those timelines that are set would be honoured; and again, that is the problem. There is a lot happening in the background but it is taking too long. The process is slow,” she said.
The BIPA spokeswoman also expressed bewilderment over the tardiness in bringing closure to the pain and suffering which policyholders and investors have experienced over the past eight years.
She indicated that some members had died awaiting payment, and the frustration was evident in her voice as she spoke of a 94 year old policyholder who questioned her recently about his policy that had matured six years ago.
“I had a call from one of our members today. He is 94 years old. Uh mean, come on. His policy matured since 2010. So we got a ten-year annuity for him. We are looking for him to get his money. Give him his cash. He is 94 years old.
“When are these things going to be taken care of? When are these people in this category who had their policies matured over the last couple years . . . when are they going to be taken care of? These are the frustrations we are experiencing in this pushing back of timelines,” the spokesperson for the policyholders said.
“For the life of me, I do not understand why, if there is documentation, there is a process, why is the process taking so long? So again that is our beef, that is our frustration that timelines have not been met and every time there are pushed backed, a new timeline is set, then there are not honoured and they have to be pushed back again.”
She said BIPA was anxious for word on when the $52 million would be transferred to the new company and when it would be approved by the Financial Services Commission, along with several other targets that had not been met.
Meanwhile, Fowler said she was pleased that the judicial manager had produced a final report on British American Insurance Company (BAICO), and she was hopeful that the process would be completed before the end of this year.