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Antigua Government Creates Commission To Guide SIC Sale

Following its plans to sell the State Insurance Corporation (SIC), Antigua and Barbuda’s Baldwin administration has established an advisory committee to shepherd the insurance company’s divestment.

“The divestment of the Corporation will fulfill several objectives including ensuring the long-term sustainable development of the Corporation through a partnership between the government and a reputable private sector insurance provider,” the Prime Minister’s Office said in a statement.

It said that in addition, the selling of shares in the insurance company would provide significant cash injection for the Treasury, thereby enabling the government to fund crucial areas including education and healthcare.

Invitations to serve on the advisory committee have been issued to a wide cross section of stakeholders including the Antigua and Barbuda Workers’ Union, the Antigua Trades and Labour Union, and the Antigua and Barbuda Employers’ Federation. The board of directors and management of SIC, the Ministry of Finance and the Attorney General’s Chambers are also expected to be represented on the committee.

“The divestment program will most certainly be enriched through the establishment of the advisory committee,” said Chief Implementation Officer in the Office of the Prime Minister, Ambassador Joan Underwood. “We want the stakeholders to share their thoughts and concerns with us.” She also added it will be an open process with a constructive airing of all different views.

The divestment, whose process is expected to last six to eight months, will also give State Insurance staff, policy holders and other interested Antigua and Barbuda investors the opportunity to purchase shares in the Corporation while the government focuses its efforts on regulating the industry to safeguard the interests of both investors and policy holders, the statement said.

However, the planned transaction of SIC has drawn fire from the opposition Antigua Labor Party, who urged the government not to go through with it.

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