Government accused of dragging feet on BAICO/CLICO issue

Leader of the New Democratic Party, Arnhim Eustace (above left) and St Vincent and the Grenadines Prime Minster Dr. Ralph Gonsalves.

KINGSTOWN, St Vincent, Tuesday April 12, 2011 – The opposition party in St Vincent and the Grenadines is becoming increasingly frustrated over government’s handling of the British American Insurance/CLICO issue.

Leader of the New Democratic Party, Arnhim Eustace issued a statement late on Monday calling on Prime Minster Dr. Ralph Gonsalves to do something “practical” for Vincentians who found themselves disadvantaged because of what he termed as the “fiasco” surrounding the dealings of the Trinidadian insurance group.

During his party’s New Times program on Monday, the opposition leader made an appeal to the Gonsalves-led administration to do something other than to talk about what is being discussed regionally.

Eustace called for “swift action” to be taken on behalf of policy holders especially those whose livelihood depends on the monies, which were now outside of their reach.

With 7000 persons affected, the trained economist said he did not expect everyone to be dealt with at the same time, and is proposing that government float a bond issue raising some of the money for early pay-outs.

Eustace also encouraged Vincentians who had medical claims in British American Insurance to submit them now. He based his recommendation on information he received that there had been a trust fund created from the premiums that were paid-in since the collapse of the company, as well as some funds from the petroleum fund in Trinidad and Tobago. Those monies, he advised, could be used to meet some of the medical claims.