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Govt pays out $1.1b
Published:
Tuesday, January 17, 2012
Government has to date made approximately $1.1 billion in payments to Clico and British American Insurance Company (Trinidad) Ltd (BAT). The Ministry of Finance yesterday issued a statement saying that the payouts have been made to Executive Flexible Premium Annuity (EFPA) contract owners with contracts valued at $75,000 or more. This represents payments to 2,177 persons.
“Funds were issued through payment of $75,000 to individuals with the remaining balance paid through the issuance of bonds. Bonds with maturities from one to ten years may be traded at registered financial institutions between now and March 31, 2012. “Bonds with maturities from 11-20 years may be exchanged dollar for dollar in an entity currently known as NEL 2. Persons are asked to continue coming in so that payments can be made quickly. The deadline for the submission of application forms is June 30, 2012,” read the statement.
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