OECS leaders pressing TT for CLICO/BAICO fund for policyholders

ROSEAU, Dominica, Thursday March 29, 2012 – The Organisation of Eastern Caribbean States (OECS) is continuing to engage the Trinidad and Tobago government on the establishment of a special fund to assist policyholders affected by the collapse of insurance giant CLICO.

Following the recent 23rd Inter-sessional meeting of CARICOM leaders in Suriname, Dominica Prime Minister Roosevelt Skerrit revealed that a meeting was held discussed between OECS leaders and Prime Minister Kamla Persad-Bissessar in Suriname to help the OECS address the issue of the collapse of British American Insurance Company (BAICO) and CLICO.

Prime Minister Skerrit said the target for the fund was EC$150 million (US55.5 million), for which they OECS had “gotten some form of commitment” from Trinidad and Tobago, which he put at around EC$74 million dollars. (US$27.4 million).

He said that the governments were now looking at options to raise the other EC$76 million (US$28.1 million). Skerrit added that the OECS would put in about $75 million dollars (US$27.7 million) to create this special fund in an effort to assisting its people. Click here to receive free news bulletins via email from Caribbean360. (View sample)