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KPMG Notice Re: Statements – POLICYHOLDER INFORMATION VERIFICATION

ATTENTION ALL BRITISH AMERICAN POLICYHOLDERS!
Please read this notice and the one regarding missing contact information and take action accordingly to ensure the correct policy information is transferred to SAGICOR.

Please note the deadline for amendments is MARCH 31ST 2017

IMPORTANT NOTICE
BRITISH AMERICAN INSURANCE (BARBADOS) LIMITED

 

POLICYHOLDER INFORMATION VERIFICATION

KPMG Transactions and Restructuring Limited, the Judicial Manager (the “JM”) of British American Insurance Company (Barbados) Limited (“BAICO”) wishes to advise that the Final Report which contained the formal recommendations and outlined the details of the proposed treatment of remaining policies of BAICO, has been approved by the High Court of Barbados.

  • The Final Report is available on the website http://www.kpmg.com/bb/en/ba.
  • The JM has sent correspondence to all policyholders dated January 31, 2017.
  • The JM now requests that policyholders review the contents of their letter as their policy will be valued on the information contained within “Appendix 1 —Your Statement”.
  • If you believe the information contained within “Your Statement” is correct there is no action to be taken at this time. You will receive further information from the JM shortly after the Bar Date on March 31, 2017 regarding the Solution.
  • However, if you believe any of the information in “Your Statement” is incorrect you must notify BAICO of any amendments before March 31, 2017.

NO AMENDMENTS TO POLICY INFORMATION WILL BE MADE AFTER MARCH 31, 2017.

Due to the vast number of policyholders, the JM has ensured additional persons are available at BAICO to answer your queries. For this process, policyholders will be grouped according to policy type and are requested to visit the BAICO office located at the Corner of Collymore Rock and Britton’s Cross Road at the specific dates listed below.

The groupings will be based on the colour of the “Appendix A —Your Statement” contained within your letter. The specific dates are as follows:

  • Pink – February 6, 7, 9 – 10, 2017
  • Blue – February 8, 2017
  • Green – February 13 -17, 2017

FROM FEBRUARY 20, 2017 POLICYHOLDERS WILL STILL BE ABLE TO VISIT THE BAICO OFFICE BY SCHEDULING AN APPOINTMENT WITH A CUSTOMER SERVICE REPRESENTATIVE.

If visiting the BAICO office, policyholders should bring supporting policy documentation. Policyholders are reminded that this is an information verification exercise and no payment will be made at this stage in regards to any policy.

Policyholders are also urged to call the BAICO office at (246) 431-4400 or email baico@kpmg.bb if they have any queries.

List of Names of Policyholders for whom No Current Address or Contact Information is Held

BRITISH AMERICAN POLICYHOLDERS please see this list of names of policyholders for whom no current address or contact information is held. If your name, or the name of someone you know is on this list, please contact the BAICO office as shown on the notice.

A downloadable pdf is available here:    http://freepdfhosting.com/4ef74d440e.pdf

ATTENTION BAICO POLICYHOLDERS: URGENT

The Judicial Manager of British American Insurance Company (Barbados) Limited (“BAICO”) — In Judicial Management has filed its final report with the High Court of Barbados and is now in the process of verifying policyholder contact information.

If your name and/or policy number is included in the list at http://freepdfhosting.com/8b9250ad1e.pdf, please visit the BAICO office located at the Corner of Collymore Rock and Britton’s Cross Road or call the office at 431-4400 to provide your current contact details.

Sinckler sorry

THE GOVERNMENT says it has not abandoned the policyholders of the failed CLICO Insurance Company.

Minister of Finance Christopher Sinckler said yesterday he would be issuing a statement, hopefully within the next few weeks, to let policyholders know when their policies, as well as those of the failed CLICO subsidiary British American Insurance Company Ltd (BAICO) would be transferred to the new company Resolution Life.

“On behalf of whomever has been responsible for the inordinate delays in the implementation, I want to apologise.

“I can’t say me because I, and my ministry, are not involved in the day-to-day execution of it, but I want to say to those Barbadians who have been ill affected by this process continually that we have not abandoned you and that we should apologise publicly for those delays.

sinckler-sorry

EDITORIAL: CLICO case going on for too long

Nation News Editorial:  http://www.nationnews.com/nationnews/news/85476/editorial-clico

HOW LONG IS too long when thousands face unnecessary pain and hardship? For a frank and honest answer to this question just ask the many anxious and nervous policyholders and investors of the failed CLICO/BAICO insurance companies.

To say that these long-suffering policyholders would be frustrated and angry would be an understatement. They may reasonably believe that mock-sport is being made of them.

The fundamental questions any reasonable person would ask is why it has taken so long to bring these matters to a satisfactory conclusion and who stands to gain and to lose. It is certainly annoying that whenever it appears as if a workable solution is at hand, something pops up ensuring there is no endgame.

The judicial managers for both BAICO and CLICO Barbados have been on the job for a long time, even if it is a complex undertaking. The months have turned into years, for it was in September six years ago that BAICO was placed in judicial management of KPMG, and CLICO less than a year later under Deloitte Consulting.

The action was taken under Section 57 of the Insurance Act on the grounds that the companies were incapable of paying liabilities due to policyholders, given the inadequacy of their assets to satisfy both creditors and policyholders.

What is frustrating to policyholders is that the CLICO plan, approved since December 2015 by Justice William Chandler following months of deliberation, is yet to show signs of being a reality.

Time does indeed become money and when a decision is finally agreed and implemented the cost would have risen above the over $400 million needed to pump into any rescue plan.

This is a burden to the Government, the taxpayers and the same policyholders and investors. It also leaves many trusting policyholders who faithfully continue to pay their premiums wondering whether it will be all for nothing.

There is undoubtedly untold hardship being faced by policyholders and their families and the longer this process takes the greater will be the anger and downright mistrust.

Many people have been reduced to virtual poverty and a growing number will question who stands to gain from this drawn-out process. Investors, including retired employees, are eager to draw on their anticipated benefits.

What makes the entire debacle particularly disgusting is the lack of regular updates by the judicial managers to keep an eager public aware of what is happening.

The people of Barbados deserve to be kept informed on what is a very public matter. Minister of Finance Chris Sinckler needs to speak to the public.

CLICO Investors Dying Out

Hopefully this will reach the eyes of those who are dragging their feet and will put enough fire under them to speed things up. If Barbados’ 50th Anniversary arrives on 30th November and policyholders have not seen the start of their money coming back, BIPA will have plenty to say about it.


Nation News Monday 12th September

WITH SOME MEMBERS dying before any resolution in the CLICO/BAICO insurance debacle, the head of the Barbados Association of Retired Persons (BARP) has called for quicker action to conclude the rescue deal.

“They don’t have a lot of time left and they need to have this thing settled within their lifetime, as rapidly as possible,” said Ed Bushell. “A lot of these people [who made the investment] were in their 70s and 80s so some would have gone on without any hope.”

The BARP leader was among more than 50 people attending the annual general meeting of the Barbados Investors & Policyholders Alliance (BIPA) at the St Gabriel’s School last Wednesday.

Bushell said BARP members were very concerned about the time being taken to resolve the problem, and he expressed mixed views about the current situation.

dying-out

IMPORTANT NOTICE FOR BRITISH AMERICAN (BAICO) POLICYHOLDERS

KPMG, the Judicial Manager for BAICO is now in the process of verifying policyholder contact information. If you are a policyholder and believe your contact information may be out of date or incorrect, please contact BAICO on 431-4400 as soon as possible.

BAICO’s Magazine Lane, Bridgetown office will close permanently on June 30th, however the Collymore Rock Office (between the BARP Office and the traffic lights) will remain open and can be contacted at the same telephone number as above, 431-4400.

PRESS RELEASE

December 3, 2015

PRESS RELEASE

In giving his decision in the Supreme Court yesterday, following some three months of deliberation, Justice William Chandler approved the Government of Barbados’ proposal for the reconstruction of CLICO Life Insurance as submitted by the Ministry of Finance and endorsed by the Judicial Manager and BIPA. However, the final result is subject to the outcome of an application seeking leave for an appeal by the attorneys for the ECCU (Eastern Caribbean Currency Union).

BIPA looks forward to working with the implementation of the plan as soon as possible.

BAICO

As with CLICO, a great deal of hard work has been going on ‘behind the scenes’ with BAICO, and we have been assured that progress is being made on the Agreement with Sagicor. It is hoped that a Final Report will be presented to the Court in February and we will share any further information as it becomes available to us

END

CLICO Judicial Manager’s Final Forensic Report Unsealed

BIPA was pleased to hear that the CLICO Judicial Manager’s Final Forensic Report was unsealed in the High Court today.

“This will put an end to the speculation regarding what is contained in the Report, and will allow us to focus on the need for exceedingly swift action by the Government to avoid the possible commencement of liquidation proceedings of the Company at the Court Hearings on 17th, 20th and 21st April 2015,” said BIPA President June Fowler today, adding that liquidation “would result in less than 20 cents on the dollar for policyholders and would contradict every assurance that has ever been given to thousands of policyholders by successive Prime Ministers and the Minster of Finance since this debacle started over 6 years ago.”

BIPA is frustrated that despite the existence of a detailed restructuring plan, in which Government and the Ministry of Finance fully participated with the Judicial Manager, and which was subsequently approved by Cabinet on 27th March 2014, there has not to date been any tangible evidence of the Ministry’s execution of the initial phase of the plan which should have been well underway by the end of December 2014 at the latest.

Various communications, which are a matter of public record, between the Ministry and the Judicial Manager, make it clear that the Judicial Manager was assured that the initial funding approved by Cabinet would be forthcoming during 2014 in order to meet shortfalls and facilitate funding of the initial phase of the Cabinet approved plan. However, such funding never materialised, leaving the Judicial Manager with little option but to change course and pursue liquidation.

At the hearings in April, BIPA will be strongly objecting to the liquidation of CLICO on the grounds that a viable plan put together by Government and the Judicial Manager and approved by Cabinet is on the table. “All that is required is for Government to either get moving and execute the plan with uncharacteristic haste, or come up with a viable alternative that can be executed even more quickly,” says June Fowler, adding, “I doubt the court will be satisfied with empty promises of the kind policyholders have had to put up with. Rather, I expect hard evidence that the plan is ready to roll is what will be required, and that is what policyholders are looking for too.”

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