PARLIAMENT HAS ALREADY GIVEN its approval, but the near $100 million rescue plan for British American Insurance Company (Barbados) Limited (BAICO) is not a done deal.
The DAILY NATION has confirmed that on June 30, Justice Jacqueline Cornelius will accept submissions from the Barbados Investors and Policyholders Alliance (BIPA) and an individual BAICO policyholder at a hearing to determine if the solution submitted by judicial manager KPMG Transactions and Restructuring Limited should be approved by the High Court.
And indications are that BIPA will be pushing for changes to the plan outlined in KPMG’s “final report” to the court.
That plan proposed that BAICO’s life and annuity policies be transferred to Sagicor Life Inc., followed by the winding-up of BAICO’s operations.
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