April 2, 2019 – Quick action from Prime Minister and Minister of Finance, Dr. the Right Honourable Keith Mitchell resulted in executive members of the Seamen and Waterfront Workers Union having discussions Monday on the ongoing fallout from the collapse of Colonial Life Insurance Company (CLICO).
Chairman of the Eastern Caribbean Currency Union’s (ECCU) Technical Core Committee on Insurance, Mr. Whitfield Harris met with the executive members at the union’s headquarters.
It was the first such meeting between Mr. Harris and CLICO policy holders and he provided updates on the current status of the CLICO situation, which essentially remains a legal issue with adjudicated matters handled by a Judicial Manager.
Although Mr. Harris did not have news of an imminent resolution of the matter, he spoke of ongoing attempts which have so far failed to bring about reimbursement for victims in Grenada and elsewhere in the Eastern Caribbean.
The ECCU committee chair said a plan approved by the court in Barbados four years ago is being challenged by the ECCU as it gives apparent preference to policy holders in Barbados, with payout to those persons expected in phase one and to those in other countries, in phase two.
Mr. Harris explained that the challenge is based on what appears to be an erroneous presumption in the court ruling that treated CLICO offices in Eastern Caribbean countries as subsidiaries, when in fact, they were branches which places their policyholders on equal footing as those in Barbados. A hearing on this appeal is still pending.
Making a brief appearance at the meeting, Dr. Mitchell said it is painful to hear of the grief the CLICO debacle has caused many persons. Though the Prime Minister himself is a victim of the CLICO fallout, he said it is nothing compared to the loss experienced by others