Eligible British American Insurance Company Ltd. (BAICO) policyholders in St. Vincent and the Grenadines will receive a settlement of 4% of agreed claims, effective Monday September 2nd, which will follow settlements of 10% made in 2017.
The announcement According to I Witness News – was made by Brian Glasgow, partner at KPMG and The Judicial Manager of BAICO, who indicated last week that approximately EC$30 million is to be released across the Eastern Caribbean to make a further distribution of 4% on agreed claims making a cumulative total of 14% paid to policy holders to date.
This amount of EC$30 million was obtained mainly from litigation efforts, and the sale of property including the sale of the British American property in St. Vincent and the Grenadines.
Glasgow disclosed that policyholders who have not yet collected the first distribution, to which they are entitled, will be able to receive the outstanding payment in addition to the payment due in this second distribution.
Glasgow said there are 490 remaining policyholders with EC$ policies amounting to close to EC$5 million, and a further 33 policyholders with US$ policies amounting to just over US$450,000.00, in St. Vincent and the Grenadines.
He added that Policyholders with amounts of EC$30,000.00 have already been refunded their deposits, plus interest.
