Barbadian policyholders have finally seen the back of CLICO.
And their representative body, Barbados Investors and Policyholders Alliance (BIPA), has eagerly welcomed the news that Resolution Life Assurance Company Ltd (ResLife) now controls the Barbados-based life insurance portfolio previously held by CLICO International Life Insurance Limited.
ResLife announced yesterday that six months after it got the green light from the Supreme Court, “the legal aspects pertaining to the transfer of the Barbados-based life insurance portfolio previously held by CLICO … to ResLife have been completed”.
With the transfer now complete, ResLife said personnel at its Worthing, Christ Church office were “working diligently to verify the assets and liabilities being transferred”.
“The company will also be migrating the policyholder data onto its systems, thereby ensuring that staff have the information to provide the best possible service to policyholders. This process is expected to take three to four weeks to complete,” the company stated.
ResLife also said policyholders would be informed via direct contact and through media notices about their policy details and when they could meet with company representatives.
It also urged policyholders to continue making premium payments using SurePay, standing orders, direct debits and salary deductions.
“Arrangements have been made to ensure that these payments will continue to be credited to their policies.
“Once ResLife is fully operational, policyholders will be able to update their payment instructions and payment methods at the company’s offices,” the company said.
Reacting to the news after being contacted by the WEEKEND NATION, BIPA said “a new day has finally dawned for former CLICO policyholders whose policies have now been successfully transferred to ResLife”.
“That feeling of hopelessness has remained with many policyholders, whose lives were and have since been devastated by this debacle. But we never gave up hope, and fought with every fibre of our beings with this, the final and successful resolution, our only aim,” BIPA president June Fowler said.
“If it took too long for many policyholders who have passed on while waiting and hoping for a resolution, I thank God that we got there in the end.”
BIPA thanked everyone who supported it through seven years of “struggle”, “especially our financial consultant William Douglas, as well as Alair Shepherd QC, and Sumaya Desai”.
“As a result of the efforts of BIPA’s legal team, one of their directors, Deighton Smith, was invited to sit on the boards of both ResLife and New Life Investment Company, which holds the former CLICO’s assets,” BIPA stated. (SC)