Former BAICO policy holders to receive payment this year?

 

Former BAICO policy holders to receive payment this year?

By Loshaun Dixon

 

Basseterre, St. Kitts – Former British American Insurance Company Limited (BAICO) policy holders may be set for a 2017 pay out, according to a communique released following the 88th meeting of the Monetary Council of the Eastern Caribbean Central Bank held in Dominica last week.

According to the communique, the council noted that the Plan of Arrangement (BAICO and CLICO) Act has been passed in all ECCU member countries and in the home jurisdiction of The Bahamas.

“Council further noted that once the agreements of the respective courts are received, this would pave the way for the meeting of the creditors and a distribution to BAICO policy holders in the last quarter of 2017.”

It was noted that the payments regarding CLICO still posses a challenge for former policy holders in the region. “With respect to CLICO, progress has been markedly slower and resolution is a greater challenge. The Technical Core Committee is exploring a number of options to have the issues relating to the CLICO policy holders addressed effectively.”

The BAICO (Plan of Arrangement) Bill 2016 passed in to law at the sitting of the National Assembly Aug. 23, 2016, and provided the legal framework to implement a plan of arrangement to resolve the long outstanding matter of payments to the policy holders of the failed British American Insurance Company (BAICO).