The Judicial Manager of BRITISH-AMERICAN INSURANCE COMPANY LIMITED (“BAICO”) is advising that approximately EC$30 million is to be released to make a further Distribution of 4% on agreed Plan Claims that will be paid to Plan Creditors, for a cumulative total of 14%.
In the event that any Plan Creditor has not yet collected a first Distribution to which they are entitled, the amount payable in the second Distribution will additionally include the first Distribution amount.
In Grenada, there are 528 policyholders with policies in the region of EC$4.9 million, and a further 44 policyholders with US policies amounting to just over US$1 million.
Policyholders with amounts of EC$30,000 have already been refunded their deposits, plus interest.
Settlements will be made from next week Wednesday through to Friday of the following week that is September 4th to the 13th.
Payments will be disbursed at the office at BAICO’s Young Street, St. George’s office in Grenada from 9:00am to 4:30pm each day.