Still in the air

St Vincent and the Grenadines’ Prime Minister Dr Ralph Gonsalves (FP)

By Kaymar Jordan, Editor-In-Chief | Sun, July 08, 2012 - 12:12 AM

THERE’S STILL no word of a settlement for local policyholders in British American Insurance Company Limited (BAICO) and CLICO International Life (CIL), following last week’s CARICOM Heads of Government Summit in St Lucia, where both matters were discussed.

At the close of the meeting on Friday, St Vincent and the Grenadines’ Prime Minister Dr Ralph Gonsalves reported that “in relation to CLICO International, or some may say CLICO Barbados, there is a proposal on the table which we are now studying which has come from the judicial manager of CLICO International and the Barbados Government”.

No mention was made by him of the BAICO (Barbados) situation, but he did announce some positive news for BAICO annuity holders in the Eastern Caribbean, who are in line to benefit from a new US$100 million facility, financed by Trinidad and Tobago and approved by Heads.

“We concluded at this meeting a very important limb of the solution, which involves resources where the government of Trinidad and Tobago, in accordance with a prior arrangement, is putting some resources, including resources from the CARICOM Petroleum Facility [to finance the measure],” Gonsalves announced.

Please read the full story in today’s SUNDAY SUN, or in the eNATION edition.