April 10, 2015
On the 6th of April 2015, the BAI Co (Mauritius) Ltd, also called BAI Insurance, released a communiqué stating that following recent developments the Government has taken charge of the insurance policies under regular plans. These plans cover BAI A+ Education Plan, Personal Pension Plan, Top Hat Endowment Plan, Cash Back Money Plus Plan, Level & Decreasing Term Assurance, Wedding Plan, All-in-One Family Policy, Group Pension, Group Health, Group Life Assurance etc…
However, the “etc” doesn’t cover the much hyped Super Cash Back Gold plan. What I understood from press reports, it is this plan that has been tossed as a “ponzi scheme”. The latter being strongly debated among professionals (lawyers, investment & insurance experts etc) I doubt the policyholders would gain a government security. At most they could probably recover their investment but not the promised “cash back”. Well, it’s still a speculation and I am no expert in the matter.
In this field I am just being the citizen who’s picking up bits and pieces from news :-)
From the same communiqué one can learn that the Government will soon create an organization that will take over BAI Insurance. Since it is the Government taking actions, why create a new entity? Wouldn’t it be less hassle if it was the State Insurance Company of Mauritius (SICOM) that took over? Well, as again, I am no expert. I can only speculate. Maybe taking over by SICOM would imply more operational costs than having a new entity. I don’t know, I can’t say.
As a good citizen, I will just wait for the next few days to see how things unravel themselves and maybe think about investing in some insurance.