Former British American policyholders could be repaid some of the money they invested in the bankrupt Caribbean insurance company within the next five months.Yesterday, a spokesman for the Registrar of Companies announced the official receivers, KPMG, would be able to make repayments to the former clients of British American this summer if policyholders agree on the format they have drafted.Details on how the $11.5 million in cash assets in Bermuda would be split between more than 5,000 policyholders were not provided.The news received mixed reviews from some of the former policyholders.Yesterday’s announcement moved them one step closer to receiving refunds on monthly premiums they have paid, many for life insurance policies.British American went into receivership in July 2009 and since then there has been uncertainty about what would happen to policyholders and how much of a refund they would receive.Teacher Shawnette Somner, who estimates she has invested $50,000 into the company since 1998, feels as though she has been ripped off.She said she is not optimistic about the latest announcement.She claimed it has been difficult to get answers since the beginning.“I found out about the liquidation from casual conversation with someone after coming home from vacation back in September 2009,” she said. “I’ve never received any form of communication from British American in the mail despite making sure they had my correct address in their system.“Despite calling and visiting the British American office several times for answers, the ladies on the front line there have never been able to provide specific answers to questions but they’ve been kind and patient. The people with the answers sit in highly secured offices and have been impossible to reach by phone.”She added many policyholders are “fed up and angry”.“I have been paying into the scheme regularly and in good faith for myself and my two sons for at least 13 years and what I’ve gotten in the end is ripped off,” she said.Policyholder Andrea Matchman said it has been a frustrating 20 months since the receivership was announced. “I am happy to hear this as many have been waiting patiently and are not sure why it has taken so long,” she said. “Many of us are struggling and need these funds.”Ms Matchman, who is an underwriter, had two life policies and one annuity plan at the company and has been a customer since the early 1990s.She added that she was grateful Government stepped in and froze the Bermudian assets of British American because she believes it proteceted local investors and will help them receive some of their money back.“I truly hope they give us a fair share as they have $11 million cash in the bank and assets which inclueds a building on Front Street that is worth quite a bit. British American did very well in Bermuda so we should have been treated better than this”She added: “I am looking forward to finding out more now. This is very happy news that many have been waiting for in these tough times.”It is not yet known how much each policyholder will receive. However, KPMG has previously said it will not be a full refund; rather they will be paid a percentage of the dollar amount of their policy. A team of actuaries has been sorting out the dollar amount of each policy based on several factors including the length of time people have been investing into the policy.Yeterday a spokesman for the Registrar of Companies said: “Within the next several weeks, all creditors known to the company, including life insurance policyholders, will receive by post documents which explain the scheme proposed and provide information relating to their individual claims.”Policyholders will then have the chance to vote for or against the repayment scheme at the May 19 meeting.KPMG will also hold information meetings for policyholders prior to May to explain the details and answer any questions people have. People who have not received any mailings from KPMG but believe they are policyholders are encouraged to attend the town hall meetings.A spokesman said: “In the event that the scheme is approved, the Official Receiver is hopeful that distributions to creditors can be made during the course of the summer.”Initially KPMG had hoped to find another company in Bermuda willing to take on the policies, however this was not successful. In September last year they announced that all policies would be cancelled. Many customers had continued to pay their premiums from July 2009 until then in the hopes that their policy would be transferred to another company. Once it was clear this was no longer possible KPMG refunded the total premiums people paid during the 13-month period.A spokesman said policyholders could still collect these cheques at the British American office on Front Street.KPMG will release more information from “time to time” on its website, including where and when the policyholder meetings will be held.Related websites:www.kpmg.bm/ba