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Bahamian Politics Last Updated: Feb 13, 2017 - 1:45:37 AM


DNA: Bahamian’s Misfortune Equals PLP Political Expediency
By Branville McCartney Leader, Democratic National Alliance (DNA)
Sep 3, 2014 - 3:08:01 AM

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More than five years have passed since the Supreme Court ordered the winding up of CLICO (Bahamas). The closure of CLICO’s local operation, which at the time accounted for 68% of its parent company’s total premiums in the region, translated into major job losses for some 141 qualified Bahamians including 90 sales agents, and 50 administrative staff. Even worse however, was the fact that thousands of Bahamians lost all the funds they invested in insuring their lives and valuables. Those Bahamians, an estimated thirty thousand of them, have, years later received no satisfaction or reimbursement for their policies.

According to court records, CLICO (Bahamas) handled some 17, 297 Life Insurance policies in the Bahamas with annual premiums of $5.1 million dollars. In Accident and Sickness Health policies, the figure totaled 11,230 with annual premiums of $3.2 million dollars; while Annuities were recorded at 2,689 with annual premiums of $4.6 million and group policies totaled 7,402 with annual premiums of $1.8 million. All told, the total individual and group policies amount to some 38,618 with annual premiums of $14.8 million dollars.

That number represents the hard earned salaries and savings of thousands of sacrificing Bahamian men and women who understood the value of insuring their lives and property.

Unfortunately for those persons, the former FNM government allowed them to be taken advantage of and lied to, while providing none of the same guarantees afforded to other CLICO customers elsewhere in the region. Many Bahamians will remember the official communication on the CLICO controversy by the former PM Hubert Ingraham who, at the time, assured concerned policy holders that their accounts would be sold to a viable local insurer and further encouraged those persons to continue making their premium payments as the winding up process moved forward.

While in opposition the Progressive Liberal Party (PLP) was extremely vocal about what can only be described as an unnecessary miscarriage of justice. While on the campaign trail, the mistreatment of CLICO policy holders was made a platform. At packed rallies the PLP pledged to take action and resolve the matter in favor of the Bahamian people. Unfortunately their inaction on the matter since taking office has again proven that they used misfortunes of Bahamians for political expediency.

The Democratic National Alliance (DNA) demands to know what if anything is this government prepared to do to provide closure for the thousands of former CLICO customers. The time has come to make the necessary legislative changes to the Insurance Act to ensure that the rights of Bahamians are protected in the future.This government should not be allowed to falter on yet another of its promises to the people of the Bahamas. Believe in Bahamians. Protect their interests.

Branville McCartney
DNA Leader


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