(Barbados Nation) Governments throughout the region have to take some of the blame for the CLICO insurance collapse that has left thousands of policyholders high and dry.
June Fowler, head of the Barbados Investors and Policyholders Alliance Inc. (BIPA), told the DAILY NATION yesterday it was unfortunate that some people think regional governments are doing policyholders a favour by coming up with a plan of action.
“If one looks at the judicial manager’s report, you will see CLICO did not have a statutory fund till 2008, unbelievably for an insurance company that is more than 25 years old,” she said.
“How come the banks aren’t allowed to run that way but CLICO was allowed to operate in such a fashion?”
