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St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil L. Douglas
noted a Health Insurance Fund was in place for most of last year in
order to assist affected BAICO health insurance policy holders.
“Even as we continue to pursue the best possible outcomes for policy
holders, however, it should be understood that final outcomes for BAICO
and CLICO will not be the same - due to the assets held by CLICO,” said
Prime Minister Douglas at a press conference.
Dr. Douglas, who is also the Minister of Finance said the complex and
highly technical undertaking of recapitalizing and selling BAICO is now
underway.
“Final negotiations with a preferred bidder should begin this quarter,
due diligence being of absolute and utmost importance,” Dr. Douglas
disclosed.
He said that at the end of this process, which could last until the
third quarter of this year, regional Governments wish to see “policy
holders having received some relief, and a significantly strengthened
ECCU insurance marketplace.”
Dr. Douglas said it is anticipated that some 2 out of every 3 of BAICO’s
remaining policy holders will be assisted as a result of the efforts of
the Eastern Caribbean Currency Union (ECCU).
For more information visit the Communication's Unit of the Office of the
Prime Minister Website at
www.cuopm.org or
www.cuopm.com or contact
Erasmus Williams
Press Secretary to the Prime Minister
Office of the Prime Minister
Government Headquarters
Church Street
Basseterre
St. Kitts
TeL: 869-465-9698
Fax: 869-466-9997
Cell: 869-665-8422
Email:
sknpmpresssec@hotmail.com
erasmuswilliams2000@yahoo.co.uk
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.jpg)
BASSETERRE,
ST. KITTS, FEBRUARY 1ST 2012 (CUOPM) – The Eastern
Caribbean Currency Union (ECCU) continues to seek financial relief from
the Government of Trinidad and Tobago, both in support of policy holders
as well as in support of regional institutions whose investments in
British-American Insurance Company (BAICO) now pose a risk to the member
countries.