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BAICO policy holders urged to take advantage of Health Support Fund

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The governments of the member territories of the Eastern Caribbean Currency Union (ECCU) are renewing their call to BAICO policyholders to take advantage of the unique opportunity that currently exists.{{more}} The ECCU/BAICO Health Insurance Support Fund has been open since May 18, 2011, with the sole purpose of bringing some relief to health insurance policyholders whose claims could not be met since BAICO entered judicial management.

To date, over 1,300 applications have come in to the Fund from BAICO policyholders in all eight member territories of the ECCU. The Fund has also paid out $600,000 in cash to 511 affected BAICO policyholders from across the ECCU territories.

A release from the governments of the ECCU says: “Our initial estimates suggest that many affected BAICO policyholders have not yet capitalized on this relief facility and we continue to strongly urge eligible policyholders to make use of the Fund. The ECCU governments lay tremendous stock in ensuring that some relief is brought to those who have been affected, especially since the Fund has passed the halfway mark of its existence.

“We believe that, in a time of uncertainty, the Fund is a source of some financial comfort to those who have been affected. The ECCU governments will continue to use the resources available to the Fund to reach as many affected BAICO policyholders as possible in the coming months as a matter of priority.”

The release, dated September 19, said applications must be received by the local BAICO branch no later than 31 December, 2011.

Applicants should allow up to 90 days for processing once they have submitted their completed Applications. Payments will not be made on any Application until it is fully processed.

The Fund has been established as a trust, under a Trust Deed that outlines the operating rules for the Fund. The ECCU governments have appointed as the trustee a special purpose company called ECCU Health Insurance Support Inc.

More information about the Fund can be obtained from BAICO branches in the ECCU, or from http://www.baico-intl.com/.

The ECCU Governments will continue to provide regular updates on the progress of the Fund’s operations.

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