ECCU/BAICO begins payments of health claims

Three months after the launch of the ECCU/BAICO Health Insurance Support Fund (“Fund”), the Governments of the Eastern Caribbean Currency Union have announced that the Fund has issued payments to meet the unpaid health insurance claims for the first group of BAICO health insurance policyholders who submitted applications.{{more}}

So far, over 1,000 applications from BAICO health insurance policyholders across all eight ECCU member territories have been received.

Fifty-three applications have been received from St. Vincent and the Grenadines.

The ECCU Governments are encouraging BAICO Health Insurance policyholders to submit applications to the Fund.

“The Fund was established to help bring some relief to health insurance policyholders whose claims could not be met because of the collapse of BAICO, and reaching those affected policyholders remains the Fund’s top priority,” a release from the Governments of the ECCU said.

The Fund will remain open until the end of December 2011.

“This closing date provides ample time for affected policyholders to seek assistance,” the release, dated August 18, 2011, 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 a special purpose company called ECCU Health Insurance Support Inc as the trustee.

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 provide regular updates on the progress of the Fund’s operations.