British American life insurance policyholders today moved a step closer to receiving refunds on premiums they paid into the defunct company.Millions of dollars invested by Bermudian families are tied up in British American Insurance Company, which wrote around 5,500 non-health policies on the Island, the majority of them home service life policiesPolicyholders will be asked to vote on a scheme of arrangement to facilitate cash distribution at a meeting provisionally scheduled for May 19.The information came in a press release issued by the Registrar of Companies this afternoon.Said a spokeswoman: “In the short term, the OR [official receiver] will make an application to the Supreme Court of Bermuda for directions regarding the meeting required to be held to approve the scheme."As a result, 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 and how they can vote at the scheme meeting, which is provisionally scheduled for May 19, 2011.“In addition, creditors will receive details of information meetings to be held in advance of the scheme meeting so that the OR can explain the scheme, answer questions and assist creditors in completing forms.”Details relating to information meetings and the scheme will be available at www.kpmg.bm/ba.*Are you a policyholder? Send an e-mail: roklynch@rg.bm