A Stabroek News article today carries the following updates on the CLICO story in Guyana. My comments are in the emboldened sections:
. . . . During a press conference held at the Office of the President, the Head of State said that following the recent issues concerning CLICO and Stanford Investment Bank there needed to be closer co-operation among the different regulators in the region especially if the region was moving towards financial integration. Consequently he called for a regional regulatory system such as a college of regulators to be established. Comment: Nice talk about regional financial reform, but concentrate hard on straightening out your own local mess before you go talking bout regional reform. . . . . Meanwhile the Head of State re-emphasised that persons with investments in CLICO (Guyana) will be protected. Jagdeo said that “the state will guarantee that no policyholder in CLICO (Guyana) will lose their money… so anyone who has money in this institution will not lose his or her money.”
He said that CLICO (Guyana) will continue to honour claims for accidents, medical and fire once the premium payments were up to date. He urged customers to continue to pay their premiums. Jagdeo, meanwhile, expressed his disappointment that some hospitals are refusing to accept the CLICO health insurance cards but said that he understood that some of these institutions may have been owed money in the past and would have been operating on a credit system. He, however, said that customers could pay cash now and reclaim from the institution later.
Comment: What kind of dismissive band-aid crap is that? This sounds like a serious situation that requires thought and sensible solutions, not "pay cash now, reclaim from institution later." What de ass? What if said institution ceases to exist before a person could reclaim anything? And where is the cash coming from? People got it like that? They can just pull cash out of wherever to pay medical expenses?
Jagdeo said that after the current status of the company has been determined by its Judicial Manager Maria van Beek some persons will get back their money immediately, while some will have their policies sold to another insurance company and others will have to wait a little longer to get back their money.
Comment: WHAT?
He said that since van Beek has been appointed as Judicial Manager, Canadian Actuaries have been hired and an accounting firm has been identified to examine the records of the local companies and to verify its position.
Comment: So before these Actuaries make their assessments, you're telling people they are going to get back their money? Do you have some kind of psychic knowledge that the Actuaries will say it's possible for the institution to do so?
. . . .
Jadgeo said that on Thursday [03/11/09], van Beek will provide a detailed statement in a press conference about the state of the company and about the results so far of their deliberations with the Bahamian Liquidator. Last week, paper trail evidence of CLICO (Guyana)’s $6.9B investment in CLICO (Bahamas) had been provided to the Bahamian liquidator Craig Gomez, Finance Minster Dr Ashni Singh told this newspaper. Full article here.
Comment: Raise your hand if you lil psychic too, and done know wha van Beek will say. And Stabroek News eyes pass people who respect them. Why de ass they still ain't get a comment, a verification, SOMETHING from Craig Gomez yet?
