To work together as policyholders and investors to continue to agitate for answers and to get our money back, using whatever avenues are available to us and whatever legal recourse to which we are entitled.
- To get back the money investors and policyholders placed in CLICO and BAICO is the ultimate objective of the Barbados Investors and Policyholders Alliance.
- The Public Relations Committee has outlined a communications plan that will seek to support this objective by attempting to influence key audiences which can help the Alliance to realise this objective.
- Another important objective is to agitate for an improved regulatory framework for the insurance and financial services industry in Barbados, and for the enforcement of regulations governing the industry.
What you get for your $200
- A ‘strength in numbers’ alliance of policyholders giving each individual policyholder a voice.
- Legal representation by an Attorney-at-Law in the matter of recovering policyholder and investors’ moneys from CLICO and BAICO.
- Payment of the Attorney’s disbursements and retainer which, for BIPA members, will be a fraction of that which they would have to pay if they pursued individual actions.
- General advice and guidance on individual cases (if this need arises).
- Dissemination of information gained from the Judicial Manager of CLICO and BAICO.
- The cost of regular meetings, advertising, venue and equipment hire.
- The cost of postage, printing, stationery, administration and accounting.
- The cost of printed materials updating and explaining the process.
What will the Attorney be doing for BIPA Members?
Acting on behalf of Policyholders, the Attorney will be pursuing all avenues, including, but not limited to commencing legal proceedings, and all related legal matters with the aim of recovering monies owed by CLICO and BAICO on behalf of policyholders.
How will the Attorney be paid?
- Disbursements (actual expenses like photocopying, postage, Court filing fees, etc) will be paid periodically out of funds raised through membership fees.
- The Attorney will receive a ‘Retainer’, that is to say a fee on account of his final fee. The retainer will be paid out of BIPA funds raised through membership fees.
- Each BIPA policyholder who receives payment from CLICO/BAICO, or another body paying on CLICO’s/BAICO’s behalf, will be expected to pay to the attorney a legal fee, which again, will be a fraction of that which they would have to pay if they had engaged individual attorneys.
- This fee is to be negotiated and agreed to by a simple majority of members.
- This element of legal fees will not be payable if no money is received.