St. Kitts and Nevis (WINN); Regional policyholders of the British American Insurance Company Limited may be one step closer to receiving a payout, eight years after the company collapsed.
Close to 4000 individuals and businesses in St. Kitts and Nevis were among the many persons in the Eastern Caribbean who suffered losses when BAICO failed. For the OECS alone, the loss from BAICO was estimated at over $300 million.
Coming out of the 84th meeting of the Monetary Council of the Eastern Caribbean Central Bank held in Dominica Friday (July 21), it was reported that the Council received a report from the Technical Core Committee on Insurance – BAICO, which indicated a payout could come for the thousands of affected policyholders later this year.
“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 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.”
As it relates to CLICO, however, the Monetary Council said 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.”