VOLUME 10 ISSUE 41

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NOVEMBER 1ST, 2014 – NOVEMBER 8TH, 2014

Website: www.suntci.com

VOLUME 10 - No. 41

Email: sun@suntci.com

Tel: (649) 946-8542

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Fax: (649) 941-3281

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INSURANCE CATASTROPHE Hundreds of residents suffer huge losses; no buyer found for company By Vivian Tyson

A

TCI GETTING READY FOR EBOLA

s hundreds of Turks and Caicos Islands residents continue to reel from the shocking collapse of British Atlantic Financial Services Limited, the situation has become even more grim, as officials say it has been difficult to find a buyer for the company. Kevin Higgins, Managing Director of the Financial Services Commission (FSC) told the SUN that a number of large insurance companies across the Caribbean that were contacted by a TCI court-appointed administrator to purchase the assets of British Atlantic Financial Services (BAFSL) Ltd are steering clear of the troubled entity because its possessions are said to be too toxic. Higgins said that the assessment is that British Atlantic Financial Services Ltd (formerly known as British American Insurance) is short $6.2 million, and every year its financial performance has worsened. There is no indication its fortune would change, he said, adding that the appraisal is that its condition would get worse. “It is not that the liquidation process has too far gone; it is that the company’s financial position has deteriorated to point where there is no other option because we have not been able to find a buyer for the company. “We have tried all the big Caribbean companies, and all of them have looked at it and said, ‘the hole is too big, and the Turks and Caicos is too small a jurisdiction for us to make our money back’, so that is the problem,” Higgins explained. Joseph Connolly of PriceWaterhouse is the court-appointed administrator, and according to Higgins, his efforts to finding a buyer have largely been unsuccessful. “His (Connolly’s) last report to the court, which was the 25th of September, said ‘we cannot find a buyer. Everybody said the company’s shape is too bad, and so there is no other option but to place it into liquidation’. Now, we here at the FSC are the ones who have to legally petition for the liquidation, but it is based on the administrator’s assessment,” Higgins said. Higgins conceded that the liquidation of BAFSL will result in significant losses for its clients, but at this point there seems to be no other option. “Obviously, the problem with liquidation is that the people who put money in are not going to get all of their money back. For instance, you

PHOTO: Vivian Tyson Emergency Management Services (EMS) workers demonstrate the correct way to effectively put on and take off the Personal Protective Equipment (PPE) gear before and after dealing with an Ebola patience and what precautionary measures to be taken while doing both. Occasion was the Ministry of Health and Human Services Preparedness and Response to Ebola Virus workshop on Thursday (October 30, 2014) at the Gustarvus Lightbourne Complex in Providenciales. In photo D’Angelo Francis, Acting Supervisor at EMS is suited up in the gear, while Delwyn Furguson (right), Director for EMS, hoses him down with bleach chemical – a demonstration of the measures medical personnel should take after coming in contact with an Ebola patient. Ajahmek FitzHenley (left), Training Coordinator at EMS, along with other workshop participants (partly hidden) look on. The second leg of the workshop was held in Grand Turk on Friday (October 31, 2014) and included South Caicos and Salt Cay Health workers. Health Professionals from North Caicos and Middle Caicos joined the Providenciales workshop. would put in $10,000 (and because of the liquidation) you get only $4,000. I am sure people will get something back, but not as much as they put in,” he said. The FSC boss said that the court will begin to hear the liquidation proceedings on November 6. “We go to court on Thursday the 6th of November, but how long it will

take to finish, I don’t know,” he said. British Atlantic Financial Services Ltd is a life insurance company, which also offers medical and endowment and annuities, which are saving and investment portfolios. Hundreds of Turks and Caicos Islands residents have monies tied up with the insurance company; some from as far back as the

Green tips to save you some Green — Your bathroom lights are the most frequently used lighting in the house so be sure to use energy efficient bulbs rather than incandescent bulbs.

www.fortistci.com | 649-946-4313 | P.O. Box 132 Leeward Highway, Providenciales, Turks and Caicos Islands

1980s. Many persons have life insurance policies that are tied to their residential and commercial mortgages and a significant amount of persons continued to have private medical insurance there. The SUN understands that there will be a meeting with policy holders in Providenciales on Monday November 3rd and then in Grand Continued on page 2

NHIP Amnesty ends - Page 11

No bidders for new high school - Page 9

Banking sector has $1.8Billion in assets - Page 12

Six-year-old died from stab wounds - Page 13


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VOLUME 10 ISSUE 41 by The SUN Newspaper - Issuu