Categorized | Featured, National News

Bishop Hall Calls For Government Intervention In Policies

IMG_4644 2

IMG_4644 2Eight years since the CLICO debacle, Bishop Simeon Hall is calling on the government to step in to ensure that Bahamians are protected from eventualities like the one that led to CLICO flatling.

With yesterday being the second tranche of payments in a series of three tranches during 2017, policyholders gathered at the CLICO head office on Mt. Royal Avenue to collect their cheques.

Speaking with the Journal, Bishop Hall, who was once a policyholder with CLICO, commended the government for living up to its commitment. However, he called on the government to ensure that another episode of failed insurances does not reoccur.

“CLICO has made this another expression of its obligation to the policyholders and we are very glad and we commend the government for continuing to bring this to fruition.

“I cannot resist the temptation though, to call on the government to see that this never happens again.

“And that all those policyholders are dealt with as soon as possible,” he said.

Bishop Hall says that although he and many of the policyholders are grateful that they are being paid out, he wished that the government had met with individuals who held policies with the company.

“I would have liked for a government official to call people together and to give them information. But be that as it may people are hurting by this,” he said.

Bishop Hall recounted how, although, one man was receiving a cheque, he was overwhelmed by the timing of which the checque came.

“I met a gentleman sitting at a desk and he was crying, literally crying and I asked him, sir what’s the matter, you’re getting a cheque why are you crying?

“He said I wish my wife was here to enjoy this day. She died two years ago waiting for these kinds of things. So, you know some things are just egregious and wrong and CLICO is one of them.

“But again, thank God for small blessings and I hope that the day comes soon when this thing will be finalized,” Bishop Hall said.

He expressed concern that the monies from CLICO had allegedly been invested and that investment did not pan out when the company closed its doors and added that policyholders were left ‘holding the bag’.

“I often wonder who is the Minister of Finance when CLICO went belly up. Who were those who were able to get their monies out one or two weeks before the debacle; some things are just wrong, and this is one of them.

“I can’t say specifically, but it seems like some monies went elsewhere and was invested and the investment turned sour and thus we were made to stand with the empty bag, holding the bag.

“The money never should have left the Bahamas in the first place. You could only take certain amount out; so how come? Somebody fell asleep at the wheel while CLICO went belly up,” Bishop Hall said.

CLICO payouts took place for New Providence policyholders yesterday and will continue for Grand Bahamians on Monday October 30.

According to a CLICO (Bahamas) Limited (in Liquidation) Public Notice qualified policyholders, with few exceptions, were expected to receive up to $5,000 in respect to their outstanding claim balances.

Policyholders who have yet to collect their cheques from the tranches that took place in April of this year and of last year will receive combined payment covering those disbursements.


Written by Jones Bahamas

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