Dominicans who are worried about their investments in failed British American Insurance Company, BAICO, will have to wait a little longer for a resolution of their financial woes, because the governments of the Eastern Caribbean Currency Union (ECCU), have announced that the sale of the company to Sagicor has been delayed.
According to an ECCU release, the delay is due to “a lengthier than expected process to finalize the Scheme document in The Bahamas, and also an extensive exercise to bring all policy records up to date.”
In June this year, the ECCU governments announced that BAICO would be sold to Sagicor and the completion of the sale would have taken 4 to 6 months but they are now saying that they anticipate the sale to be completed during the first quarter of 2013.
The business of BAICO which is being sold to Sagicor is reported to be made up of group pensions and traditional life policies issued by BAICO in Anguilla, Antigua, Dominica, Grenada, Montserrat, Saint Lucia, St Kitts & Nevis, and St Vincent and the Grenadines.
These life policies include Universal Life policies, Term Life, Whole Life, Endowment and Home Service Life.
BAICO and the governments involved say approximately 17,500 policyholders are expected to benefit from the sale, restoring the policy values for nearly two in every three BAICO policyholders.
In the meantime Policy holders are being advised “to continue to pay any premiums that are due in order to maintain their policies.”
what about people who had pension plans with BAICO? What is going to happen to us? I have over $18,000.00 in that insurance. I need my money souplay
Supposed after the sale to Sagicor I don’t want to continue with Sagicor will I get back my money?
Within the boundaries of the English language “Life” is classified as a noun. A person, thing, place or an idea. In the case of this matter people ought to consider their life, and their paramount right to protect it.Relating to the noun, the person involved in the current situation yourself. Discipline in my humblest of opinions is the root of the problem. People are not disciplined with their finances so they rely on insurance companies to handle that for them at a cost. So the thing is discipline, the place involved is society and the idea is the system. Naturally in society every adult must work and earn material and financial matter. Therefore once you have worked and owned such substance you have the inescapable right to protect it. This involves discipline. Discipline to deviate from the idea or understand the idea to your benefit (logic). Insurance companies are part of the system therefore part of the idea. why pay someone to hold your money and protect you on paper?
This clearly indicates your lack of knowledge.
Insurance companies have been around for years, and many persons have benefited from the insurance system.the present mess is due to the negligence of the authorities responsible for the over sight and regulation of the insurance and financial services industry.long before this comess became public in trinidad people in the know in the industry were alerting their regulators but nobody wanted to tell on their friend. “the good citizen” syndrome.heed sparrow’s warning.ther are territories in the caribbean where policy holders of BAIC were not affected because their regulators had the foresight to place their on stipulations for just such a scenario.
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what about those who put in fixed deposits? i read alot about life insurance etc…. but nothing on those who simply made fixed investment…
my group pension policy after putting all my life saving in b american and not yet sure know what am going to get out of this still asking poor people to put money in this.i am also a social security contributor for 3 decades and more and this i still not sure if am going to get any thing out of this when i stop work u put people in charge of people monies and when u get old you have to walk like a dog looking for a bone to collect ur benifits!!!!!!!!! dame