Friday, February 22, 2013
BEFORE THE SUPERVISOR OF INSURANCE NOTICE OF INTENTION OF BRITISH-AMERICAN INSURANCE COMPANY LIMTED (IN JUDICIAL MANAGEMENT) TO TRANSFER PART OF ITS INSURANCE BUSINESS TO SAGICOR LIFE, INC PURSUANT TO SECTION 56 OF THE INSURANCE ACT CHAPTER 11.20 OF THE LAWS OF MONTSERRAT Notice is hereby given that a request was presented to the Supervisor of Insurance under Section 56 of the Insurance Act Chapter 11.20 of the laws of Montserrat for an Order confirming a scheme for the transfer of insurance business (the “Scheme”) between British-American Insurance Company Limited (In Judicial Management) (“BAICO”) and Sagicor Life, Inc. (“Sagicor”). Be further advised that the Supervisor of Insurance has ordered that the said request shall be heard on 25 February 2013 at 5pm at The Credit Union House, Brades. Under the Scheme, BAICO intends to transfer certain of its traditional life insurance business issued in Montserrat to Sagicor under the terms of a Sale and Purchase Agreement entered into with Sagicor on 29th day of June, 2012 (the “Sale and Purchase Agreement”). Pursuant to the Sale and Purchase Agreement, certain in-force traditional life insurance policies issued by BAICO in Montserrat or with respect to which BAICO otherwise has continuing liability (collectively, the “Policies”), will be transferred to Sagicor, and Sagicor will assume the liabilities associated with the Policies (the “Transfer”). The types of policies that will transfer to Sagicor are listed below. Any person wishing to confirm the type of policy they have, and whether their policy is intended to be included in this transfer, should refer to the Schedule of Benefits section in their policy, refer to their local branches or telephone the helpline for assistance.
Home Service Ordinary Life Universal Life Group Pension Plan
The terms of the proposed Scheme are described in more detail in the legal scheme of transfer request made to the Supervisor of Insurance (the “Scheme Document”). It is proposed that the Transfer be completed on a date agreed to by the parties (the “Effective Date”), subject to the satisfaction by the parties of certain closing conditions and the receipt by the parties of all required regulatory approvals, including the approval of the Supervisor of Insurance. Until the Effective Date, BAICO remains responsible for all of its insurance liabilities in Montserrat.
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Watch Little Bay cont’d. from page to the interests of Montserratians. government. 5 Local representatives of the people Handing over pristine Little style of village encounters and manipulated and neutralized him to a follower status, shutting him out and down to the Premier’s pleasure and shadow. It is certain though that he had a wider mandate to change the immigration and land holding laws on Montserrat in order to become more attractive to investors. Through the governor, Britain has imposed this thinking on a perceptively morally weak local administration and has been insistent in repeating this demand with the passing of a retrograde constitution over the fervent objection of public opinion and notably other legislative changes detrimental
simply ignore this travesty and glibly collect their paycheck. Now at a time when the land space is so limited the British have been allowed to design the takeover of Little Bay in a manner which will render the area exclusive to wealthy foreigners plus of course a certain few locals who have accumulated mega wealth through various nefarious means. One draft of the plan at Little Bay provides for the construction of properties with starting price of US2M each. That will certainly create an exclusive ghetto for rich foreigners whether they are British, Chinese or others. To have amended laws pertaining to immigration and land holding means that they will have economic and political control and the indigenous Montserratians will be relegated to third class citizens. In fact a colonial status infinitely more malignant than what was experienced prior to emancipation will be established with the consent of our local
Bay and the surrender of the indigenous population to the status of hewers of wood and drawers of water in their own country is scandalous. It is in the making my dear reader! (more on that later). Given our pristine and healthy climate, the abundance of high quality water, the fact that Montserrat is the safest country in the world and also our strategic location between Europe and Asia and the Pacific on the other side, with proper management, we could easily have attracted investors on our own terms just as we did in the sixties and beyond. Even though one senses that the cause is virtually lost, there is still lurking, the fantasy of the original model, in which Montserratians maintained ownership and control of their country and way of life. Only moral vision in leadership will save the day on this sorrowful ship of state that we care so much about.
TCI seeks CARICOM
The Transfer is part of a larger transaction whereby Sagicor will acquire the majority of BAICO’s in-force traditional life insurance policies across the Eastern Caribbean Currency Union (see above list for the types of policies affected). Once the Scheme is implemented on the Effective Date, Sagicor will be responsible for all liabilities under the Policies. Sagicor has advised that there will be no impact on the terms of existing Policies or the guarantees cont’d. from page 5 contained therein. Specifically, Sagicor has confirmed that the transaction will not impact the following: they do not exist, all those institutions that promote democracy and good governance. policy rates, terms and conditions; Guided by that commitment, the people of coverage and benefits; and the Turks and Caicos Islands by and large service and administration of the Policies.
assistance
Sagicor is a highly respected insurance provider operating across 19 countries in the Caribbean as well as in the UK and US. Sagicor’s parent, Sagicor Financial Corporation Limited, is a listed entity in both Barbados and Trinidad & Tobago, Sagicor has a financial strength rating of A- (Excellent) from A.M. Best. Sagicor is already a regulated entity in all of the ECCU countries involved in the transaction. Sagicor has demonstrated its commitment to the ECCU region by: Agreeing to set up an ECCU Consultative Committee, whose role will be to play an oversight role (including compliance, anti-money laundering, capital adequacy and corporate governance) in relation to the performance of the business; Placing its ECCU business into a separate ECCU-based entity within 12 months of completion of the sale; and Committing to listing at least 25% of the shares of the ECCU Entity on the Eastern Caribbean Securities Exchange within two years of its commencement of operations.
It is advised that policyholders should contact a professional for advice on this transaction, if necessary. Any person who believes that he would be adversely affected by the carrying out of the Scheme shall be entitled to be heard at the hearing of the application for the Scheme to be convened by the Supervisor of Insurance. The said Scheme will be subject to the approval of the Supervisor of Insurance. If you have any queries regarding the Transfer, you may call the BAICO branch at 1-664-491-2361 or the Judicial Manager at 1-784-456-2669, or email the Judicial Manager at brianglasgow@kpmg.vc or send inquiries to BAICO at its offices in Montserrat at PO Box 71, St Peters. Copies of the Scheme Document, the related actuarial report and other related documents will be made available for inspection by any affected policyholder at BAICO’s office at PO Box 71, St Peters, Montserrat for a period of fifteen (15) days after publication of this notice and on BAICO’s website (www.baico-intl.com). DATED this 8th day of February, 2013.
welcomed the need for reforms and for the strengthening of governance systems. By and large we acknowledged that the allegations of corruption and maladministration necessitated investigation. We have however, always been concerned that the inquiry was left to a lone Commissioner and we have always maintained that the suspension of our constitution and the establishment of an Interim Administration, was an inappropriate response to the Commissioner’s findings and ran counter to every principle of democracy and good governance.” Dr. Ewing, the country’s third Premier, added: “Our sense of what is right and decent and fair compels us to question even to this day, why it is that former Governor (Richard) Tauwhare, who was a member of the Cabinet for a significant period of the last elected government’s term, has not been required to speak to his involvement in the alleged wrong doings. As you would expect, I am slow to comment on judicial processes, but I would betray my duty to the people of the Turks and Caicos Islands if I did not express our concern that in relation to the criminal investigations that followed the commission of inquiry, persons who were charged criminally have avoided the criminal process by paying millions of dollars into the treasury before they were even called upon to answer the charge. This type of action is abusive and nothing short of corrupt. It is the more egregious, because those who have to date been able
to purchase their justice, have not been Turks and Caicos Islanders. When those who dispense justice are allowed to see black or white, rich or poor, expatriate or Belonger, what they dispense ceases to be justice. When justice is for sale and when laws are implemented and made retroactive, arguably in an effort to secure particular convictions, the justice system and the system of justice is being challenged and democracy is under siege.” On the issue of taxation without representation, Dr. Ewing told CARICOM that the people of the Turks and Caicos Islands by its duly elected Parliamentarians have just recently unanimously voted in support of an ordinance to repeal the Value Added Tax Ordinance that was passed by the Interim Administration and that is scheduled to come into force on April 1st of this year. He said the unanimity of the vote to repeal the VAT Ordinance, did not come as a surprise, as both political parties campaigned against its immediate implementation and sought its delay in order to allow the elected Government to explore alternative measures. “We have made representations to the effect that VAT is not in the best interest of a small economy such as ours and have provided sound alternative revenue generating measures. While we maintain that VAT will not work in the Turks and Caicos Islands, we are more concerned, as you can see, that the principle of Democracy and Good Governance, which mandates that the people of the Turks and Caicos Islands through their elected
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