The Governments of the Eastern Caribbean Currency Union (ECCU) are pleased to announce that a limited amount of additional funding has become available to the ECCU Policyholders Relief Programme (PRP).
The available funding will enable certain payments to be made to those British American Insurance Company Ltd. (BAICO) policyholders who are eligible for financial assistance under Phases 1 and 2 of the PRP but who did not previously receive payment. The eligible policies are:
• Phase 1 – Flexible Premium Annuity Policies (FPA) with an accumulated value of EC$30,000.00 or less; and
• Phase 2 – Executive Flexible Premium Annuity (EFPA) and Flexible Premium Annuity II (FPAII) Policies with a principal balance of EC$30,000.00 or less.
Policyholders should note that the payments now being made do not extend to those who did not receive payment under Phase 3 of the PRP. Phase 3 covered EFPA and FPAII policies where the principal balance exceeded EC$30,000.00 and FPA policies where the accumulated value exceeded EC$30,000.00.
Payments to eligible policyholders, equal to the principal balance or accumulated value under the PRP, will be dispatched to the local BAICO Judicial Managers (JMs) and other office holders in each of the affected ECCU territories.
The JMs will make arrangements locally for policyholders to receive their cheques. It is anticipated that payments will commence from 19 December 2017.