BAICO Health Insurance Fund makes first payments
ST. GEORGE’S, Grenada, Friday August 19, 2011 – Three months after the launch of a British American Insurance Company (BAICO) Health Insurance Support Fund to provide relief for policyholders, the Eastern Caribbean Currency Union (ECCU) says it has issued payments to meet the unpaid health insurance claims for the first group of applicants.
So far, over 1,000 applications have been made to the ECCU/BAICO Health Insurance Support Fund from policyholders across all eight ECCU member territories.
The Fund was established to help bring some relief to health insurance policyholders whose claims could not be met because of the collapse of BAICO and a statement issued by the ECCU governments said that “reaching those affected policyholders remains the Fund's top priority”.
The Fund will remain open until the end of December by which time applications must be submitted in order for policyholders to benefit.
The ECCU/BAICO Health Insurance Support Fund has been established as a trust, under a Trust Deed that outlines the operating rules for the Fund.
The ECCU governments have appointed a special purpose company called ECCU Health Insurance Support Inc as the trustee.