On Friday 31st July, 2009, upon the application of the Registrar of Insurance, the High Court by order directed that the business carried on by British American Insurance Company Limited (hereinafter “BAICO”) in St. Christopher and Nevis be placed under judicial management and the Court appointed Ms. Lisa Taylor of the firm KPMG as Judicial Manager.
The Registrar of Insurance having exercised the power of intervention under section 57(1) of the Insurance Act No. 8 of 2009, found it necessary and proper to apply to the Court under Section 62 of the Act for an order that the business carried on by BAICO in St. Christopher and Nevis be placed under judicial management.
By virtue of the said Court Order the management of BAICO’s business operations within St. Christopher and Nevis forthwith vested exclusively in the Judicial Manager. Similar action has also been taken in Anguilla, Antigua & Barbuda, Grenada, Montserrat, St. Lucia and St. Vincent & the Grenadines.
In accordance with Section 64 of the Insurance Act, the Judicial Manager is required to conduct the management of the business operations of BAICO within St. Christopher and Nevis with the greatest economy compatible with efficiency. Under the terms of the Court Order the Judicial Manager must, as soon as possible after her appointment and in any event not later than 60 days after her appointment, file with the court a report stating which of the statutorily outlined courses of action which is in her opinion most advantageous to the general interests of the policyholders of BAICO.
The general public is asked to give full cooperation during this process.
Dated 6th August, 2009
Financial Services Regulatory Department
Ministry of Finance
