BRITISH AMERICAN INSURANCE UPDATE

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.