Tag Archives: Offshore Insurance Industry

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.


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Filed under Barbados, Consumer Issues, Crime & Law