CLICO’s FAILURE TO HONOUR MATURING POLICIES: STATEMENT BY HON MIA AMOR MOTTLEY Q.C., M.P. LEADER OF THE OPPOSITION & POLITICAL LEADER OF THE BARBADOS LABOUR PARTY – 20th July 2010

ANONYMOUS PROLOGUE

SUBMITTED WITH STATEMENT

You would recall that in its 2008 manifesto, the Democratic Labour Party gave a commitment that it would treasure this country’s seniors in their golden years and further stated that it is committed to caring for all Barbadians in their senior years.

Image courtesy, Barbados Free Press - use of satirical portrayal does not indicate endorsement of views expressed by humorist nor ascribing any motions to those personalities used in comedic illustration {FAIR COMMENT USAGE}

Image courtesy, Barbados Free Press - use of satirical portrayal does not indicate endorsement of views expressed by humorist nor ascribing any motions to those personalities used in comedic illustration {FAIR COMMENT USAGE}

Members of the Barbados Association of Retired Persons (BARP) must be wondering if the DLP had them in mind when it made that statement and exactly how does the DLP plan to protect seniors in their golden years, when seniors cannot get their money out of the same Clico that the DLP told Barbadians is an “attractive asset,” which is: “sound, well managed and well regulated”??

OPPOSITION LEADER’s CONTENTION

Show me the money,”

a la Cuba Gooding’s award-winning role in “Jerry Maguire

The statement by the President of BARP that his association is unable to collect over $100,000 from CLICO, which matured last June, is extremely worrying. BARP members and indeed individual senior citizens who have invested money with CLICO and British American Insurance would have done so to secure their medical and living expenses at a time when they may no longer be able to earn a living. They deserve to enjoy their golden years with as few stresses as possible.

Just a few weeks ago the Acting Supervisor of Insurance indicated that CLICO had undertaken to honour all of its maturing policies. Given CLICO’s past behaviour in ignoring the Supervisor’s directive to desist from selling policies, this revelation by the President of BARP comes as no surprise.

The questions we must now ask Acting Prime Minister, Freundel Stuart and Minister of State, Darcy Boyce is whether the life of the Oversight Committee has been extended beyond its June 12th tenure? If not what measures have been put in place to oversee the operations of CLICO? Who will ensure that no further payments are made to CLICO managers in favour of legitimate investors? Who is protecting the interests of Barbadian policyholders and investors?

This is a serious matter deserving of timely answers and we trust that the Acting Prime Minister and/or the Minister State will come out of their bunkers and speak to these matters.

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