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IS GOVERNMENT DISCRIMINATING AGAINST A SMALLER GROUP

After reading the Editorial in “The New Today” of March 11, 2011 and Listening to The Permanent Secretary in the Ministry of Finance, I write again on this subject, this time to ask the Constitutional question about DISCRIMINATION.

Is Government acting unfairly and discriminatory, in its attempt to bail out BRITISH AMERICAN and CLICO policy holders and investors, thus adversely affecting NALGICO CLAIMANTS?

BRITISH AMERICAN and CLICO are companies that can be classified as FAILED INSURANCE COMPANIES. Both companies appeared to have invested premium and investment capital in high risk areas, which has caused each company to suffer severe Losses. The Government has intervened in the financial outcome of these companies via the Court, a Judicial Manager, Government Capitalization and the sale of the Companies, all this to save Policy Holders’ and Investors’ money.

NALGICO has been exposed to the same financial despair as the above mentioned insurance companies. NALGICO could not and has not paid insurance claims after Hurricane IVAN in 2004. I must emphasize that Hurricane Ivan was a natural disaster not one fuelled by greed on other manmade occurrence.

In the aftermath of Ivan, the Government simply cancelled the insurance License of NALGICO. This action left Policy Holders and Claimants with no prospect to claim losses and recoup financial investments. This action by the Government has been frustrating to all involved.

To no avail, we the Claimants of NALGICO have attempted to make the Government and Regulator, who is said to be responsible for the failure of NALGICO, aware of the total lack of regulation at the time.

We do recognize that our case is not as “….strategically important to the economy” as British American and Clico however, we too are ..’ ordinary John Public..’ who is loosing our shirts because of this NALGICO fiasco, a failed insurance company.

To date it seems like every News Paper and Media House has forgotten about NALGICO and on a campaign to pressure Government to bail out policy holders and investors of British American and Clico.

The editorial in “The New Today” even suggested that “… it is the ordinary John Public who are in the vast majority when it comes to losses with CLICO and British American…” Upon reflection  …” ordinary John Public” is NALGICO’S Claimants. Let’s not forget, NALGICO was an affordable Insurance Company and thus attracted ‘ordinary John Public’. These claimants had to go in serious debt to fix their homes after IVAN because their claims were not settled. Today, some of these claimants may loose their homes because of this debt, which was incurred because of the nonpayment by NALGICO.

 Who is helping NALGICO claimants? Is it that to get attention or avoid being discriminated against by Government, an individual or group must have political clout and /or money? Is it that to get Civil Justice in today’s Grenada; you must have political connections and/or money? Let’s not forget, a lot of money was invested with BRITISH AMERICAN and CLICO, simply because people were seeking higher interest rates, in a seemingly unregulated business. Jamaica did not have a problem, because those companies were not allowed to sell their products in that Island.

Why do I keep writing? I remain hopeful that maybe someone with the skill and professional principle may decide to help in this glaring case of POLITICAL DISCRIMINATION. I hope action is not hinged on the number of votes the decision will attract.

According to Mr. David Phillip, the Managing director of NALGICO, now the country MANAGER of American Life, neither the Ministry of Finance nor Garfin, the current regulator, is returning his calls as he tries to raise the money to pay his claims. As a matter of fact, Mr. Phillip has asked me to try to convene a meeting with the Minister.

 What does that mean?

In my eyes this seems like a typical case of DISCRIMATION, maybe for votes. No one seems sensitive to the plight of these IVAN NALGICO VICTIMS.

 It’s time Government stands up, and does the right thing by addressing this injustice and helping these victims of one of the worst natural disasters in Grenada’s history.

Finally, I know this letter will anger some Government officials, guilty as they may be, as they continue to hope that this matter will go away. Like the old political saying “if you ignore it and give it time, it will go away,” but this matter will not go away, because an injustice is being done and Bank Loans do not go away.

BRIAN PITT

NALGICO VICTIM

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