BIPA watch­ing and wait­ing

Daily Nation (Barbados) - - News -

The Bar­ba­dos In­vestors and Pol­i­cy­hold­ers Al­liance (BIPA) is pa­tiently wait­ing to see how the Bar­ba­dos Labour Party Ad­min­is­tra­tion han­dles the CLICO and BAICO fall­out.

BIPA vice-pres­i­dent Deighton Smith said they re­alised Bar­ba­dos was in a tough sit­u­a­tion and the Gov­ern­ment had its work cut out for it, so they were sat­is­fied to watch and wait, at least for now.

“We are now find­ing out where we stand. [Gov­ern­ment] is in the process of ne­go­ti­a­tions with the IMF [In­ter­na­tional Mon­e­tary Fund] and re­struc­tur­ing [the coun­try’s] debt, so at the end of those ne­go­ti­a­tions, we will then be able to de­ter­mine how that re­struc­tur­ing will af­fect us and to what ex­tent the Gov­ern­ment has looked af­ter our in­ter­ests,” he said.

Smith was speak­ing to the Week­end Nation af­ter the al­liance’s sixth an­nual gen­eral meet­ing on Wed­nes­day evening at the L.V. Har­court Lewis train­ing fa­cil­ity, Bel­mont Road, St Michael. He is hope­ful the new ad­min­is­tra­tion has them in mind.

“We trust they will look favourably on all of these Bar­ba­di­ans who have suf­fered for so long and do their best to make sure the court so­lu­tion that was put in place comes to fruition.

“I have no rea­son to doubt that Gov­ern­ment will up­hold its obli­ga­tions. When they were in Op­po­si­tion, they ex­pressed sup­port for BIPA’S cause and I ex­pect, now they’re in Gov­ern­ment, they would show that sup­port in a very tan­gi­ble way,” he said.

Smith said BIPA was do­ing well, as it had seen a lot of its hard work come to fruition.

“The trans­fer to Res­life (Res­o­lu­tion Life As­sur­ance Com­pany Lim­ited) has been com­pleted and a lot of our mem­bers have be­gun to re­ceive pay­ments – peo­ple who had ar­rears; peo­ple who had death ben­e­fits to be paid – and a lot of those with out­stand­ing ma­tu­ri­ties have also re­ceived pay­ments.

“Our pen­sion­ers are re­ceiv­ing pay­ments and we are now await­ing the Gov­ern­ment’s debt re­struc­tur­ing so our EFPA [Ex­ec­u­tive Flex­i­ble Pre­mium An­nu­ity] pol­i­cy­hold­ers will get what was agreed upon in the court,” he said.

BIPA’S ex­ec­u­tive was re-elected un­op­posed, with pres­i­dent June Fowler now lead­ing the en­tity for the eighth year. She said she was hon­oured by the mem­bers’ faith in her and gave the as­sur­ance that she was as ded­i­cated and fo­cused now as she was when she started.

“I re­ally want to see this through to the end with a suc­cess­ful res­o­lu­tion for the pol­i­cy­hold­ers, and I am hum­bled the or­gan­i­sa­tion still wants me to lead,” she said.

BIPA mem­bers at­tend­ing the meet­ing. The or­gan­i­sa­tion is wait­ing on the re­sults of Gov­ern­ment’s debt re­struc­tur­ing ini­tia­tives.

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