Special $75m fund to help OECS policyholders
The Organisation of Eastern Caribbean States (OECS) will continue holding talks with the Trinidad and Tobago government over the establishment of a special fund to assist policyholders affected by the collapse of insurance giant Colonial Life Insurance Company (CLICO), Dominica Prime Minister Roosevelt Skerrit said yesterday.
Skerrit said that the issue had been discussed between OECS leaders and Prime Minister Kamla Persad-Bissessar during the just-concluded 23rd Inter-sessional meeting of Caricom leaders in Suriname.
He said the meeting was to help the OECS address the issue of the collapse of British American Insurance Company (BAICO) and CLICO.
"We have gotten some form of commitment, we have not been able to identify with Trinidad and Tobago the full amount of EC$150 million (US55.5 million), I think we got to about 74 million dollars (US$27.4 million).
"So we have to further engage them to see where we could get the EC$76 million (US$28.1 million) and of course the OECS will put in about $75 million dollars (US$27.7 million) to create this special fund in an effort to assisting the people," Skerrit said.