The Plan of Arrangement BAICO and CLICO Bill 2015 in Antigua and Barbuda is in its final stage before it becomes law, having received a unanimous nod in the Senate yesterday.
The Bill will now have to be gazetted.
According to the Antigua Observer, the Act seeks to provide a framework to facilitate the insolvency of the insurance companies where government can recover the money of local depositors.
Speaking during yesterday’s debate, Leader of Government Business Senator Lennox Weston said he does not understand how BAICO and CLICO did not raise the suspicion of the Central Bank and the Monetary Council.
Taiwan National Day Celebration
