The insolvent British American Insurance Company (Barbados) Limited’s future could become known in a matter of days.
That’s because the troubled company’s Judicial Manager David Holukoff is about to present his fourth report to the Barbados High Court. Holukoff confirmed this development when he spoke to Barbados TODAY this afternoon.
“I am about to present another report to the court, that should be filed next week, I would think,” he said. “We just have to present periodic reports and update the court as things are progressing …; what we have done and where we are going.”
The official did not divulge any of the contents of the document, but said he expected that as was the case with the previous reports, this latest one would be available at the Financial Services Commission for public perusal. Some major things have taken place since Holukoff last reported to the court, including the severing of 30 sales agents effective March 1 this year.
This was after they had been barred from writing new business for two years.
Prior to this mass separation, another insurer, Sagicor took over BAICO’s health and property insurance businesses In his report, the judicial manager is expected to give the court details about “a preferred purchaser” for BAICO’s life and annuity business.
Holukoff’s last report was in September last year, in which he reported that despite receiving $8.6 million in premiums since his
appointment on September 30, 2010, and having a $10.8 million cash balance up to the end of July this year, the company’s insolvency meant BAICO’s was characterised by a “likely inability to pay claims in full”.
In that 25-page document, the official had also asked the court for guidance in getting Government to pay for health care policyholders at least for the duration of the judicial management. (SC)