GREAT NEWS FOR POLICYHOLDERS AND SUPPORTERS OF BIPA WHO ARE NOT YET MEMBERS!
You can now join and support BIPA as an “Associate Member” for a minimum donation of just $20 AND remain anonymous if you so wish. Read on…..
The ongoing CLICO and BAICO situation is without doubt the most disgraceful financial debacle Barbados has ever witnessed. For nearly four years now it has devastated the lives of 35,000 Barbadians, most of whom can least afford it, particularly the elderly.
The vast majority of those who entrusted their hard earned savings to CLICO and BAICO purchased traditional Life and Health Insurance policies and Annuities to protect themselves and their families in the future. Following the collapse of CLICO in Trinidad in January 2009, many wanted to take their money out, but the late Prime Minister repeatedly assured Barbadian policyholders that their money was safe, as did the current Prime Minister and Minister of Finance. Both have since assured policyholders that they will get their money back and yet the process has slowed almost to a standstill, with no updated communication to date from the belatedly appointed Judicial Manager, the Minister of Finance or the Prime Minister.
The Barbados Investors and Policy Holders Alliance (BIPA) is an advocacy group which was formed in April 2011 to pressure the Government to bring about timely restitution of everything that is owed to all 35,000 policyholders. It is a legitimate, registered, not for profit company with a full Board and by-laws and will shortly be submitting its first year’s accounts for audit.
Due to the continuing inertia of the Government and failure of the Judicial Manager to come up with a satisfactory resolution, BIPA has now voted to initiate legal action against the directors of CLICO, the auditors and the Supervisor of Insurance, all for failing in their fiduciary and/or statutory duties.
BIPA also has an active media campaign with radio and press advertisements keeping up the pressure on Government to bring this matter to a satisfactory and expeditious conclusion.
You will appreciate that all of this costs a great deal of money and whilst we are moving forward thanks to the loyalty of our paying members and the generosity of those who have made additional contributions, the Alliance would appreciate your help to continue its fight and finally bring agreeable closure to this appalling affair.
This initiative is to ask for your support in raising funds. If you are a policy holder in CLICO or BAICO, we encourage you to join as a Full Member and pay the annual subscription of $200.00. However, we appreciate that some people cannot afford as much as $200 and so we are also offering “Associate Membership” for a minimum donation of just $20. This level of membership will obviously carry some restrictions, but you will be able to attend meetings should you wish to do so, and be on our email circulation list sharing updated information and developments.
Of course, regardless of whether or not you are a policyholder, if you support our cause and are able to contribute $20, $200 or more, we would be most grateful. This is a cause that affects not only the 35,000 policyholders, but the country’s economy. As you can imagine, within days of the repayment of the hundreds of millions of dollars that is owed to policyholders, they will start spending on goods and services again, and saving with reputable institutions, putting that money straight back into the economy, thus saving jobs and boosting struggling businesses.
We also appreciate that there are those who wish to keep their affairs private and so BIPA is offering to accept contributions and membership with only an email address as a reference so that they can send you a receipt for your contribution and keep you in touch with developments should you wish them to do so.
Please contact June Fowler in complete confidence with your offer of support at whatever level at firstname.lastname@example.org, or give her a call on 230 1026 for more details on how to make your contribution or join as an Associate or Full Member.