Conflict of Interest
It appears that CLICO or its various parent companies and subsidiaries made large political donations in the Caribbean region. Some of the governments have used taxpayers’ money to bail out the same companies. This is a conflict of interest.
An insurance company makes much of its money from collecting premiums from the people. Is it fair that some of this money be given to the politicians?
It is almost certain that CLICO made financial contributions to both the Barbados Labour Party (BLP) and the Democratic Labour Party (DLP). Is it fair that the DLP used taxpayers’ money for the bailout?
What is the solution?
Pay the Money Back to the Taxpayers
For starters, both the DLP and the BLP should return the money they took from CLICO to the taxpayers. Why the taxpayers rather than policyholders? The policyholders have already benefitted from the bailout. After all, it was the taxpayers who bailed out CLICO, so they should be repaid first!