Company to shut off medical policy next month
“Capitalism gone sour” is how Bishop Simeon Hall – advocate for Clico Policy holders, is describing the latest turn of events in the Clico debacle, which now leaves medical policy holders without coverage as of next month.
The change means that policy holders will continue to pay their premiums at British American Financial (BAF), which has taken over the portfolio.
Company officials explained to Eyewitness News, that the move simply means that they are providing a service for Clio’s liquidator, but are not ultimately responsible for the portfolio or liable in regard to polices.
And while Hall said he believes the change will be beneficial to some, he lamented that, “the poor suffers once again.”
Clico Insurance Company went belly up in a court supervised liquidation back in 2009.
Former Prime Minister Hubert Ingraham at the time, had urged policy holders to continue to make payments in the hopes of getting their money back. These payments took place under the former Christie administration and the process continued under the Minnis government, which Hall praised both governments for.
“The only culpability here was the government needed to protect it citizens and not let these companies come in here and do untoward sins against its people and rob poor people,” Hall said.
“We give thanks to all government involved because it was a private company and they were not obligated to do it.”
He said however, that it was gravely unfortunate that those who continued with their medical insurance payments, will now be “left out in the cold.”
“I remember at one of the meetings, a woman was sick and said, she was holding out refusing to die because she knew that was the only thing she had left to cover her,” Hall recalled.
“These people sacrificed a great deal to continue to pay and now this?”
Hall urged government to make legislative amendments that would no longer make private companies accountable and force them to be more transparent.
“This is capitalism gone sour,” he said.
“There are those of us who had an annuity and we got about two thirds of our money back but the poor man suffers when these organizations sink… the government needs to ensure that before they are given a license they should post their collateral so we know what they are dealing with.”
The transfer of policies to BAF are expected to come into effect at the end of next month.