Dominicans who invested in the failed British American Insurance Company (BAICO) can now breathe a sigh of relief since the governments of the Eastern Caribbean Currency Union (ECCU) have announced the commencement of Phase I of the Policyholders Relief Programme which is aimed at paying investors.
Under this phase of the program, owners of FPA (Flexible Premium Annuity) Policies issued in the ECCU will receive a payment equivalent to the amount of their policy balance as at August 1, 2009, plus the amount of any premiums that they have paid since that date, according to an ECCU release.
However, the present phase does not include either Executive Flexible Premium Annuity (“EFPA”) Policies or Flexible Premium Annuity II (“FPAII”) Policies, which are expected to be covered in subsequent phases of the programme.
“If a former FPA Policy Owner never received payment for an FPA Policy that matured or was surrendered before August 1, 2009, they will receive the amount of that surrender/maturity payment,” the ECCU said in its release.
According to the ECCU as condition of payment, “Owners must sign an Application and Release Form in which they give up all of their rights against BAICO and other specified persons in respect of the FPA Policy, and their Policy will be cancelled as at August 1, 2009.”
Dominican FPA policy holders seeking payments before Christmas should report to the local BAICO branch based on the schedule below:
Surnames A-F ……..Thursday December 6
Surnames G-O ……..Friday December 7
Surnames P-Z ……..Saturday December 8
Cheques will be made available on the dates above but according to the ECCU, policy balances that exceed $30,000 at August 1, 2009, will not receive payment until the first quarter of 2013. “However, you should apply now in order to ensure that your application will be finalized without delay once payments are ready to be made,” the ECCU release said.
Policy holders must take along with them a valid photo identification, such as your passport or driver’s license. If a policy owner’s name has changed, they should also bring proof of that change and their original FPA Policy.
For further information visit the local BAICO office or log on to http://www.baico-intl.com/index.html