CLICO and BAICO policyholders agree on legal action
The Barbados policyholders of the troubled insurance companies say they’ll be turning to the courts to protect their investment.
BRIDGETOWN, Barbados, Friday April 1, 2011 – Concerned investors and policyholders in CLICO and British American Insurance Company have agreed to form a non-profit organisation in order to pursue joint legal action to protect their investment in the two companies.
They will also pressing for CLICO to be placed under judicial management without further delay.
The group, which would be known as the Barbados Investors and Policyholders Alliance (BIPA), will be making an application for non-profit status to the Minister of Finance.
More than 250 policyholders, including attorneys, former bankers, pensioners, accountants and just regular citizens who have invested in the companies, met this week to discuss strategies to ensure that the appropriate authorities know that they’re serious about getting their money back.
The investors and policyholders have agreed to retain attorney-at-law, Tariq Khan, to represent their interests.
During the meeting this week, the group was introduced to the interim management committee, which has been mobilising efforts to organise the investors and policyholders since the initial exploratory meeting on February 11. Committee members updated their audience on recent developments relating to the companies, and the group’s plans for achieving its objective.
Chair of the interim management committee, June Fowler, said the turnout was extremely heartening, and was a source of encouragement to redouble the effort to see that the investors and policyholders get their money back.
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