Categorized | National News

Hall Wants Financial Assistance For CLICO Policyholders

Five years after insurance company CLICO went belly-up leaving more than 30,000 customers in limbo, Pastor Emeritus of New Covenant Baptist Church Bishop Simeon Hall who initially went to bat for the policyholders is now calling on the government to offer financial assistance.

In fact, Bishop Hall warned that if the Christie Administration wants to ensure a victory in the 2017 general elections, then resolving the CLICO issue should be a top priority.

“More than 30,000 Bahamians have been financially waylaid by CLICO – the collapsed insurance giant – and I call on the government not to forget the pain that someone in authority inflicted on scores of unsuspecting clients,” he said in a press release.

“Regulators in the Ministry of Finance, under two separate administrations, fell asleep at the wheel while CLICO went belly-up and millions of dollars left the country. It is painful to learn that the governments in at least two neighbouring Caribbean countries have come to the aid of their citizens affected by CLICO.”

The insurance company folded in February 2009 and was forced to close its doors and let go more than 100 workers.

“I understand that our government is badly in need of financial resources,” Bishop Hall added. “However, in the face of the protracted global economic and financial crisis, bold leadership is imperative.

“Therefore if the Christie Administration wishes to assure victory in the next election, it must lower the crime rate, increase the rate of employment, regulate and tax web shops, lower the VAT percentage and resolve the CLICO issue.”

Written by Jones Bahamas

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