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Another option for British American policy holders

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Fri, Sept 17, 2010

Editor: In the recent news across the region, I have heard that in Trinidad & Tobago the government is willing to pay the CLICO policy holders a maximum of $75,000.00 upfront and the rest of their monies without interest over a long period of time.{{more}} In Guyana, the government plans to liquidate the assets of CLICO, and in Barbados their government plans to pay the policy holders of CLICO ten cents on the dollar.

With all this happening across the region, it is only a matter of time before British American policy holders with annuity policies in the OECS are told some unfortunate news. This has become even more likely since after the change of government in Trinidad & Tobago the new government seems unwilling to honor the US$100 million, which was promised by the previous government, to assist the British American policy holders in the OECS. Also, with all or most of the OECS islands having financial difficulties, it will be difficult for them to supply their portion of the monies to help with the formation of the new company.

With Barbados’ government offering 10 cents on the dollar to CLICO policy holders, it is very possible that they, too, might renege on their commitment to British American. With elections due in St. Vincent and the Grenadines next year, who knows what will happen if the current chairman of the group, put in place to oversee the British American affair in the OECS, Dr. Hon. Ralph Gonsalves, loses his seat; where will this leave the negotiations?

With the uncertainty surrounding the formation of this new company, I would like to take this time to plead with the OECS team, headed by Dr. Hon. Ralph Gonsalves, to examine carefully the other option which was outlined in a proposal submitted to his team, a copy of which was given to the recovery group in Antigua. In examining and discussing this proposal, I would like to suggest that it be looked at with an open mind, not finding reasons why it cannot work but looking at the possibilities of how to make it work.

From my understanding, this proposal outlines ways to help the policy holders get back their monies in a shorter period of time. I, therefore, ask all policy holders of British American in the OECS to ask their respective governments to examine this proposal carefully, as it may be our best chance of getting back our monies.

Concerned Client from Antigua