Barbados’ newest insurance company Resolution Life Assurance Company (ResLife) will begin making payouts to former CLICO policyholders within days of fully opening its doors next month.
That word has come from its chief executive officer Cheryl Senhouse, who yesterday revealed that pensioners whose claims had been approved would begin receiving monies at the end of February, a few days after the company fully opens on February 19.
ResLife is a specially formed, 100 per cent Barbadian, insurance company, which has been entrusted with the management of the policies and associated liabilities of the failed CLICO International Life Insurance Limited (CIL).
Speaking during a press conference to launch the company at the Courtyard Marriot, Senhouse and chairman Clenell Goodman said the issue of settling outstanding claims would be speedily addressed.
Goodman said the legal aspects surrounding ResLife’s takeover of the policies had already been completed to pave the way for payouts to commence.
Policyholders of the former CIL are owed $91 million in settlements.
“I am pleased to announce that the framework of legal aspects pertaining to the transfer of the Barbados based life insurance portfolio previously held by CLICO International Life Insurance Limited (CIL) to ResLife have been completed.
“Resolution Life has now assumed responsibility for this portfolio and its related assets, has commenced verification of information and details transferred and proposes to commence the process of settling the outstanding claims of the policyholders of Barbados by as early as March 2018,” Goodman said.
Describing the two-year process as both “robust and complex”, Senhouse said negotiating the terms and conditions for the implementation of the court-approved solution had been an intricate process.
“In compliance with the terms and conditions of the transfer, we will commence current payments to annuitants at the end of February 2018. Monthly payments to annuitants will be kept current thereafter. Outstanding amounts due to annuitants and beneficiaries and claimants under life policies will be settled over a six-month period starting March 2018,” Senhouse revealed.
“Resolution Life will manage the process of settling outstanding claims by the application of a systematic and fair approach that will thoroughly address claimants in each category. It is important to note that active policies remain in effect subject to the continued payment of premiums and, as a result, payments and settlements will only be made to claimants and beneficiaries whose claims have been approved.”
President of the Barbados Investors and Policyholders Alliance (BIPA), June Fowler, who was present at the press conference, said yesterday’s announcement was a long time in coming.
She told members of the media she was excited that policyholders would finally receive their due.
“This was a moment that we have been waiting for; this is seven years that we have been in the fight and nine years since this debacle happened, and we are happy this morning to see that Resolution Life is a reality and we are happy to see a strong management team is in place,” Fowler said.
“…We are looking forward to the next steps where policyholders and pensioners will start to get their payments and the claims will be paid to those persons who have death claims and other outstanding claims. So over the next couple weeks we look forward to receiving communication from Resolution Life.” (RB)
