CIMA receives final report on insurance firm’s demise

| 23/02/2011

(CNS): The Cayman Islands Monetary Authority has now closed the Cayman chapter in the story of the on the collapse of British American Insurance Company Limited.(BAICO). CIMA said Tuesday that it had now received the final report from the controllers Simon Whicker and Kris Beighton from KPMG appointed to manage the affairs of the Cayman Branch which confirms that it has ceased to carry on business and no longer carries any insurance liabilities. CIMA said the insurance company has also been removed from the Companies Register.

The authority said that in view of the completion of the work CIMA has now revoked the appointment of Whicker and Beighton in accordance with section 13(4)(a) of the Insurance Law (2008 Revision). In addition, the Class A insurer’s licence granted to BAICO has been cancelled pursuant to section 14 of the Law.

BIACO a Bahamian company operated out of Trinidad, with branches throughout the Caribbean collapsed in 2009 and had wide reaching socio-economic effects across the eastern Caribbean region.

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