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(Barbados Today) Despite Minister of Finance Chris Sinckler’s protestations of innocence, it has emerged that the Ministry of Finance is not entirely blameless in the delay of a settlement to the Colonial Life Insurance Company Ltd (CLICO) and British American Insurance Company (BAICO) Ltd matter, at least in the case of the BAICO transfer.

Barbados TODAY investigations revealed that the Ministry of Finance, Sagicor, which is to take over the BAICO portfolio, and the BAICO judicial manager KPMG, have been engaged in a continuing back and forth which has stalled progress towards a resolution.

The May 30 deadline for the transfer of BAICO’s individual life and annuity policies to insurance giant Sagicor was missed, prompting the judicial manager to propose a new transfer completion date of July 31, 2017.

KPMG also pointed out that recent valuation estimated that Government support would be $88.4 million, as opposed to the previously estimated $90 million.

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