ResLife’s payments coming soon
Policyholders and claimants of Resolution Life Assurance Company Ltd (ResLife) are in for some big bucks.
The thousands of claimants are expected to benefit from a settlement package comprised of a $103 million cash payout, and $300 million in bonds, the company revealed in a media statement yesterday.
The ResLife settlement process will see eligible policyholders or claimants due less than $20 000 receiving cash. Those due amounts greater than $20 000, will receive $20 000 in cash and the balance in the form of 15-year bonds.
The statement from the Worthing, Christ Church insurance company comes as it fulfils Government’s mandate to settle the company’s insurance liabilities and wind up operations, while putting cash in the hands of its thousands of eligible policyholders. (BA/PR)