Finance minister says plans afoot for new company to take over BAICO’s liabilities

PM Skerrit. *Sean Douglas file photo

Finance Minister Prime Minister Roosevelt Skerrit says Dominica is among regional states which have approved proposals for the establishment of a new company, to assume the liabilities of British American Insurance Company (BAICO) Limited.

Prime Minister Skerrit told Parliament on Monday that the plan is to have the new company capitalized by contributions from member-governments of the Eastern Caribbean Central Bank (ECCB).

He said last November the Chairman of the Ministerial Sub-Committee on Insurance Prime Minister Ralph Gonsalves articulated the strategy to work together on this issue, based on a number of guiding principles.

According to Skerrit, as of March 29, 2010 the High Courts in seven of the ECCU jurisdictions have approved proposals for the establishment of a new company to assume the liabilities of BAICO.

“It is proposed that the new company be capitalized by contributions from the ECCU governments, a liquidity support fund established by the ECCU states, to which the government of Trinidad and Tobago has contributed $US50 million from its Petroleum Fund,” he said.

PM Skerrit noted there are also prospective strategic investors from renowned regional and international institutions.

These investors, he said will play a significant role in the ownership and management of the new company. “Since the governments preferred role is to stabilize, rather than become directly involved in the long-term management and ownership of an insurance company,” the finance minister added.

He said discussions with these individuals have been progressing well and due diligence is already underway; however their identities cannot be disclosed at the time.

It is hoped that the new company will become fully operational in the next few months.

– DNO Correspondent

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  1. .My investment, my future
    March 31, 2010

    No guarantee that this new company to assume the liabilities of BAICO will be any better PM. BAICO officials will continue to enjoy life and will not be brought to the courts for mismanagement of clients money. Even more disgusting is that regional GOVTs are going to use people’s hard-earned dollars to capitalize that new company. The cycle continues. PM fix up with the wealth accumulated. He can say without much concern that people should not complain too much, because even they make noise or go to court, BAICO has no money. There is no guarantee that clients will a cent back on their investment for the future.

    Institutions like the credit Unions will lose hundreds of thousands of dollars invested in BAICO. Poor people will tend to be at the losing end. But strangely, The people of the region are subdued, muzzled in their response to the insurance company messing around with their money, living in hope that things will turn around.

    But what about when GOVTs misuse people’s money and the state is cheated of huge sums of money through crooked business. Many are not aware where dollars go or for what. People do not know of Govt investments, amount, reasons for doing so, nothing like that. Such actions are just as bad.

    People have lost their money and that is that. The politicians and technocrats will form a new company and life will be alright. So be it

  2. Anonymous
    March 31, 2010

    The article is all about Finance minister’s plans afoot for new company to take over BAICO’s liabilities Balico exports Dominican dollars overseas for re-investment purposes without the least intention of good service to their premium holders.

  3. March 30, 2010

    Balico is a capital export company and the Prime Minister should know better than that. In other words Balico exports Dominican dollars overseas for re-investment purposes without the least intention of good service to their premium holders.

  4. Anonymous
    March 30, 2010

    why cant we build the international airport if you suck GOOD finance minster

    • Mahaut People
      March 30, 2010

      Annonymous if you were a goat i would not eat your head. You are too tebeh. It looks like you cant understand whats being said. Sot, sot, sot.

  5. Sheldon
    March 30, 2010

    Will the individuals who have monies invested in British American as it is in the form on insurance policies, be able to get monies owed?

    March 30, 2010

    hey them people have 900.00 for me somebody tell me how i can get it please, is a good thing my financially advisor tell me to stop paying that i would be in s*** now. I WANT MY MONEY.

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