The Barbados Advocate blows the Manulife Lawsuit story big time

barbados-insurance-belgrave-500

Prior to being appointed to his regulatory position, (current Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds” … from OffshoreAlert’s 2006 “Worst Regulator” Award

Manulife Case Going To Trial in 2011

The civil court case involving Bajan policy holders who claim they were fleeced by Manulife will finally take place in 2011. Maybe. If the Manulife lawyers don’t do their “delay, delay, delay” thing until witnesses and victims die or move on after a decade of being under the oppression of being denied justice for so long.

If you want some background on the case and to read the court documents, they are posted online at the Sutts, Strosberg lawyers who are handling the class action. Here is their website: Manulife class action website

About That Inadequate Barbados Advocate Story…

“The suit claims that Manulife obtained approval for the sale of its Barbados interests by providing adequate information to the Supervisor of Insurance in Barbados.”

… from The Barbados Advocate article Manulife trial set for 2011

I guess that the reporters at the Advocate didn’t read the court documents about the case because if they did they would know that the plaintiffs are alleging that Manulife provided inadequate information to Barbados Supervisor of Insurance, Wismar Greaves, not “adequate” information as the news story says.

That is a small issue – a word that changes the whole meaning of the story – but it is important.

Lawsuits Cut Two Ways

The larger issue about this story is unreported and unremarked upon by the Barbados news media: lawsuits cut two ways. The defense will undoubtedly claim that the fault lies not with Manulife, but with inadequate and/or incompetent performance by the Barbados Supervisor of Insurance.

In many ways, it will be the Wismar Greaves and our system of oversight that is on trial. Considering that Carlos Belgrave, our current Supervisor of Insurance, received the 2006 Offshore Alert award for “Worst Regulator” – I expect that Manulife will come on strong and aggressively defend this case.

No Sir, this Manulife case will be no “slam dunk”.

Contributed by an anonymous BFP reader

Further Reading

Barbados Supervisor Of Insurance Announces $2,500 Voluntary Fine For Infractions… That Should Stop Multi-Million Dollar Insurance Frauds Like CLICO!

Belgrave named in 2006 as the “worst regulator” by Offshore Alert.


7 Comments

Filed under Barbados, Consumer Issues, Crime & Law

7 responses to “The Barbados Advocate blows the Manulife Lawsuit story big time

  1. Hants

    Oh Canada, Here we go again.

    Barbados,Canada,Lawsuit.

    This a growth industry for lawyers.

  2. BFP

    Hi Hants,

    In this Manulife case I think it is alleged that the wrongdoing originated in Canada and that Barbadian policy holders were unfairly deprived of the true value of their interests. Fortunately, that is why countries have international treaties with each other so victims have recourse if they are unfaired.

  3. Crusoe

    One question that must be asked when considering situation such as supervisory capacity, permissions etc, is whether there is political interference in decisions and publications of such supervisory authorities, decision makers.

    Is there? Can our authorities act without fear of recourse of a screaming Minister on the other end of a phone? Or without fear of other actions against the person.

    Barbados if rife with rumors of previous such actions of Ministerial behaviour.

    Is this true, or urban legend?

  4. Donald Duck, Esq

    Supervisor (Ag.)

    When is the public going to have access to the 2008 financial statements of clico life insurance and clico general insurance.

    2009 is about to come to an end.

  5. Layman

    Who de hell you asking questions bout CLICO? Better direct that question to the Integrity Commission. Is your name Daffy Duck?. Ask another question it could be bout balance of payments. The unlettered want educating too.

  6. Donald Duck, Esq

    Layman

    Are you satisfied that we have been told everything about the difficulties which CLICO Barbados got itself into?

    Our Minister of finance seems to brush everything off by saying that there were buyers for clico general and clico mortgage and finance. Why would clico be selling off these entities if there was no problem? Why is it that we can’t hear about buyers for clico life? Why is it that the companies noted in this comment could not publish their accounts and make them available by the dates they were to make them available to the public?

    By the way I was not aware of the existence of the Integrity commission. When was it formed and who are its members

  7. Layman

    All has not yet been told and I’m yet to comprehend what has been said. You sell when there is a good offer or when you need money. The audit process might not have been completed,perhaps the reason for not publishing accounts. Sorry for mixing up Integrity Commission with the ‘Oversight Committee’ set up to look through CLICO’S affairs. I really don’t know where the thought about integrity commission came from. Reading too much and not understanding I guess.