More than $12 million in fees, charges and bills have so far been paid out in the British American Insurance Company (BAICO) Barbados judicial management process – almost half of it to the judicial manager and others involved in recovering money for policyholders.
Although Barbados Insurance Policyholders Alliance (BIPA) chairperson June Fowler doesn’t believe the fees charged are exorbitant, she says it is unfortunate that even as those professionals get their due, people who bought BAICO policies still haven’t received a cent and there is still no “comprehensive plan for them to get their 100 per cent”.
The latest report submitted to the court by judicial manager David Holukoff of KPMG shows that up to the end of May this year, he received $4.66 million – the largest amount paid to any group or individual.
Another $1 million has been paid out to lawyers for their advice and to actuarial advisers for their assistance in preparing the actuarial reports and the negotiations on the proposed solution for the remaining policyholders.
