Payment ‘not up to ResLife’
Former CLICO policyholders with Executive Flexible Premium Annuities (EFPAs) will not receive any payments while Government’s debt restructuring exercise continues.
In a media release on Friday, Resolution Life, the company which took up the CLICO International Life (CIL) portfolio at the start of the year, said this decision was out of their hands.
The EFPA’s were converted to ResLife Limited Edition 10-Year Liquidation Annuity and payments were scheduled to commence on July 31.
“ResLife however was advised by the Ministry of Finance, Economic Affairs and Investments that the New Life Investment Company Inc. Preservation Bond which is guaranteed by the Government of Barbados and provides the financing for payments to this group of policyholders, was included in the national debt restructuring exercise,” the release stated. (SAT)
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