ECCU announces commencement of BAICO payments

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

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17 Comments

  1. possie
    December 5, 2012

    what about the hundred and plus THOUSAND dollars collected by the then LIFELINE CHRISTIAN FELLOWSHIP by its members….Who and when is this monies going to be received…..JUST CHECKING….

  2. Anonymous
    December 5, 2012

    What about life insurance with cash value. When will we be paid?

  3. December 4, 2012

    i still don’t understand this……what about investments……some of us placed all our retired british sterlings into this!

    can anyone tell me where the group who were looking after this went?

    help help……helpppp

  4. J.J.John-Charles
    December 4, 2012

    I had invested in BAICO but discontinued in 2008.I received a check less than what I invested also with no interest/dividend.I went to CLICO’s office April 2008 and put $10,000 in cash.Now $10,000 gone plus all what I had invested many years before.
    Escaping the frying pan and landed in the fire.

    One day hoping to read via DNO.
    ECCU announces commencement of CLICO payments.

  5. Aye CLICO
    December 4, 2012

    What about the $194,000,000.00 or so invested by Dominican institutions like DSS, NBD and Credit Unions, and individuals in CLICO?

    Remember the Bajan CLICO Boss, close friend of PM? He had received a diplomatic passport by PM? It is alledged that funds were given for election campaign in Dominica? None of the Cabal could deny up to now.

    Remember the fraud, the corruption using people’s money to hire jet for PMs and their ilk to ride? Where did all those millions go? In whose pockets? but who cares? People even afraid to speak for their money that was stolen. The culprit(s) are roaming freely, as if no fraud or money-laundering took place. What injustice!!!!!

  6. african queen
    December 4, 2012

    well i must say that i am a happy woman today i put and i collect my money this morning with a little surplus added so i am happy and the process only took twenty mins in antigua.

  7. Victim
    December 4, 2012

    anyone can give the number to their office?

  8. Haterz Get Yours
    December 4, 2012

    Flexible Premium Annuities (FPA). FPA policyholders are those with traditional insurance policies, most likely used to save for a pension or lump sum on their retirement.

  9. Reader
    December 4, 2012

    Thank goodness. And thanks to the OECS leaders gathered at Rosalie, Dominica, a couple weeks ago with the ECCB officials to make this possible.

    Many people who put their life savings into British American because they trusted it must be very relieved.

  10. african
    December 3, 2012

    Can someone explain what is EFPA and FPA?

  11. Victim
    December 3, 2012

    Thank the Lord :-D

  12. Anonymous
    December 3, 2012

    anybody know wat policies are considered fpa policies

    • Anonymous
      December 4, 2012

      Think of them as the policies under which the policyholder is investing a fixed amount on a monthly basis towards maturity at some predetermined time, say 5 years. If the value of the invested amount including the promised interest rate at August 1,2009 was less than $30,000, you qualify for payment in this phase. Depending on the first letter of your surname, you can apply for payment on any 6, 7, or 8 of December at the BA office. To fast track the process, you should collect or printout an application form and complete it before coming to the office with it, valid ID, and the policy if you have it.

      JM

    • Frank Myers
      December 4, 2012

      Think of them as those policies under which the policyholder invests a fixed sum on a monthly basis for some predetermined period. If your policy value inclusive of the promised interest rate was less than $30,000 on August 1, 2009, you qualify for payment in this round. I would encourage to complete the application form, which you can get from the BAICO website or from the office, before you present yourself to the BAICO office on any of Dec 6, 7, or 8 depending on the first letter of your surname. You should bring with you a valid ID and the policy if you have it.

      JM

    • READER
      December 4, 2012

      It means Flexible Premium Annuity.

      Your policy says exactly which one you have. It is the first line of the contract.

    • hmmm
      December 4, 2012

      Yes please, I’d like to know what are considered FPA Policies as well

  13. .
    December 3, 2012

    what about CLICO?

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