British American Insurance Company (BAICO) health policyholders have again been urged to swap their existing policies for an Argus Group health policy by the agents to the company's Official Receiver.

KPMG Advisory, which is working for the Registrar of Companies in the winding up process of British American, sent out letters to BAICO's health insurance clients in a bid to get them to come into the company's offices to exchange their coverage.

The Argus Group signed a deal to take on around 500 of BAICO's health insurance policyholders, while efforts are also underway to find a solution for the approximately 4,000 life insurance clients of British American, whose Bermuda branch has gone into liquidation, with the Bermuda Monetary Authority announcing it had started winding up proceedings against BAICO in the Bermuda Supreme Court at the start of August,.

Under the terms of the agreement with Argus, health policy clients will have the opportunity to keep their policies with the same benefits, terms and conditions as they had with British American, but the offer to change over their contracts will only be available until Wednesday, September 30.

After this date, KPMG can not guarantee that those health policyholders who have not exchanged their policies will continue to receive any health insurance cover.

In its letter to policyholders, KPMG revealed that to date a significant proportion of BAICO health policy clients had not yet exchanged their existing policy for an Argus health policy, adding that next week it will contact each outstanding policyholder to urge them to come into the British American office to exchange their contract.

To maintain their coverage, BAICO health policyholders should report to the ground floor of the British American Building at 133 Front Street, between 8.30 a.m. and 4 p.m., from today until next Wednesday.

They should bring proof of coverage, such as their medical identification card or insurance documents.

Argus staff will be on hand at the British American offices from today through to Thursday September 24 to meet with all health policyholders and answer any questions they may have.

The BAICO hotline for concerned clients is 294-2651. Queries can be directed by e-mail to infoba@kpmg.bm. Information will be updated at www.kpmg.bm/ba