Vincentian policyholders of British American Insurance Company Limited (BAICO) are likely to receive an additional payout later this year.
Prime Minister Dr. Ralph Gonsalves speaking on the Issue at Hand programme aired here on WEFM on Sunday May 14, 2017, said he expects about US$50 million will be available for distribution to BAICO policyholders in the Eastern Caribbean Currency Union (ECCU) by October this year.
The Prime Minister said the US 50 million dollars for this additional payout comes from settlements made by the Judicial Managers through the sale of assets, and litigation proceedings, under the Plan of Arrangement BAICO and CLICO Act that provides a framework to facilitate the insolvency of the insurance companies.
Dr. Gonsalves said there is a certain legal process involving the sanctioning of the payments by the courts, that must be done, but he is optimistic that the payout to BAICO policy holders will be done by about October.
