WEBSITE ANNOUNCEMENT
BAICO Eastern Caribbean Policyholder Update
Judicial Managers across the Eastern Caribbean release a Letter to Policyholders on their progress to date and the ongoing restructuring of BAICO
The Judicial Managers of the Eastern Caribbean branches of BAICO have recently released a Letter to Policyholders on their progress to date and the ongoing restructuring of BAICO. A copy of the letter for each branch is available at the following [links].
If the letter relevant to your jurisdiction is not available on this site then please contact your local BAICO branch or your local Judicial Manager for further information. If you have any questions on the content of this letter then please contact your local branch.
ECCU/BAICO HEALTH INSURANCE SUPPORT FUND
ECCU Governments announce launch of Health Insurance Support Fund
The ECCU Governments have announced the commencement of the ECCU/BAICO Health Insurance Support Fund. The Fund has been established and funded by the ECCU Governments to provide financial assistance to persons with certain unpaid but valid claims under Health Insurance Policies issued by British American Insurance Company. Applications for assistance must be made by 31 December 2011.
For more information about the Fund, please click here.
Notice
On 8th September 2009 The Supreme Court of The Commonwealth of The Bahamas ordered that British-American Insurance Company Limited (“the Company” or “BAICO”) be placed under Judicial Management pursuant to Section 77 (1) (b) of The Insurance Act, 2005 of The Commonwealth of The Bahamas (the “Insurance Act”) and that Juan M. Lopez of KPMG Restructuring Limited, 5th Floor, Montague Sterling Centre, P.O. Box N-123, Nassau, The Bahamas be appointed the Judicial Manager of the Company, with immediate effect.
The Role of the Judicial Manager appointed for BAICO is set out in the Insurance Act, and his primary role is to report to the Court on the operational and financial position of BAICO, including its branches and subsidiaries, and to make recommendations to the Court as to the following course of action which is most advantageous to the general interests of the policy-holders of the Company:
(a) The transfer of all or any part of the Insurance business of the Company to some other company in pursuance of a scheme to be prepared by the JM in accordance with the Insurance Act,
(b) The carrying out of its business by the Company either unconditionally or subject to such conditions as the Judicial Manager may suggest,
(c) The winding up of the Company, or
(d) Such other course as the Judicial Manager considers advisable.
The Courts in each of the countries shown below where BAICO operates branches have also issued the following separate Orders:
Judicial Management |
Judicial Administrator |
Provisional Liquidation |
Liquidation |
| Antigua and Barbuda | Anguilla | Bermuda | Panama |
| Barbados | |||
| Dominica | |||
| Grenada | |||
| Montserrat | |||
| St Kitts / Nevis | |||
| St. Lucia | |||
| St. Vincent and the Grenadines |
At this time, we recommend you contact the local BAICO office or Court appointed office holder, for further information.
