The Judicial Manager of British American Insurance Company (Barbados) Limited (“BAICO”) wishes to advise that the BAICO Office will be closed effective September 1, 2018.
After this date, payment of claims under the first distribution will be available for collection from KPMG located in Hastings, Christ Church between 8:30 a.m. and 3:30 p.m. by appointment. Policyholders can contact the Judicial Manager at 434-3900 or through BAICO’s email account – email@example.com to schedule an appointment or for any queries regarding payments.
Policyholders are reminded that they are required to provide a valid form of identification in order to collect their cheques. If policyholders have instructed persons to collect payments on their behalf, these individuals must present a valid form of identification, along with one valid form of identification of the policyholder and a signed letter from the policyholder authorizing collection on their behalf.
Policyholders are also requested to bring all correspondence received from the Judicial Manager during
The Judicial Manager apologizes for the delay of the final distribution but will provide policyholders with an update on the timing of this payment in due course. Your patience is greatly appreciated.
See this notice linked below:
Policyholders please note that this announcement ONLY affects the EFPA policyholders at this time.
All other payments due from ResLife are being made.
BIPA is not at all happy with the situation and has already made contact with a number of the parties involved on behalf of policyholders.
See notice below:
Does your name appear on this list of ex-CLICO, now Resolution Life policyholders?
Did you know there are funds waiting for you, but the Resolution Life Office does not have any contact information for you?
Please read the notice carefully and follow the instructions so that you can arrange to collect your funds.
The following information was received by BIPA from the BAICO Judicial Manager at the weekend, too late to disseminate to members.
BIPA notes that the information and explanation regarding the payment of only 70% of valid claims at this time was not included in the press notices and is causing some confusion and concern among policyholders when they go to collect their cheques.
Please read the following carefully which explains the delay in payment of the final 30%.
To BIPA from KPMG, Judicial Managers for BAICO
As you know, the life and annuity portfolio of BAICO was transferred to Sagicor Life Inc. (“Sagicor”) with an effective date of April 24, 2018. The Judicial Manager of BAICO (the “JM”) and Sagicor are in the process of completing the final steps of this transaction and have already sent correspondence to policyholders notifying them of the status and value of their policies.
As per the JM’s Final Report dated March 14, 2016, the JM is responsible for payment of all outstanding claims by policyholders which were incurred prior to the Court Approval Date of December 31, 2016. To make these payments the JM intends to use the segregated premiums collected during JM, funds received from liquidating shares held by BAICO and funding from the GOB; which has already been received.
The JM has liquidated the majority of the shares held by BAICO but is experiencing a delay in liquidating the remaining shares held in Trinidad and Tobago. The JM is actively working to resolve the situation.
Given the aforementioned circumstances, the JM will distribute 70% of the amount outstanding to all policyholders within the next few weeks. The remaining 30% will be paid when the funds are received from the sale of the securities.
The JM will send correspondence to all policyholders next week notifying them that payments will be available for collection from the BAICO office from July 2, 2018. Notices will also be placed in the Nation and Advocate newspapers on July 1st and 4th notifying policyholders of payments.
The British American Insurance matter came before Judge Cornelius in the Supreme Court on Tuesday 3rd April. The hearing was intended to provide the Court with an update on progress since the last hearing on the 13th of March 2018.
Counsel for the Judicial Manager confirmed that the Financial Services Commission had approved, on March 13th 2018, the transfer to Sagicor and that Resolutions for the approval of the bond had also been passed by both houses of parliament. The Resolution for the issuance of the bonds was published in the Gazette on March 22nd. and they were due to be issued the day of the hearing, 3rd April. The Judicial Manager was therefore expecting to be able to meet a new transfer date of 24 April.
The matter has not been adjourned as the Court did not consider it necessary to do so, but the Judicial Manager will update the Court and make any further applications deemed necessary.
BIPA expects the Judicial Manager to make a formal announcement soon.
Important Policy Holder Notice – KPMG, British American