Tuesday, April 23, 2024

Payment ‘not up to ResLife’


Share post:

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)

Please read the full story in the Saturday Sun, or in the eNATION edition.


Please enter your comment!
Please enter your name here

Related articles

Broad Street to be paved over Heroes weekend

The Ministry of Transport and Works, through its contractor Infra Construction Inc., will mill and pave Lower Broad...

Death rates up

Barbados’ population is officially in decline as the number of people dying each year surpasses those being born. That...

CDB boss steps down with ‘immediate effect’

BRIDGETOWN – President of the Barbados-based Caribbean Development Bank (CDB), Dr Hyginus ‘Gene’ Leon, has resigned with “immediate...

St Michael man remanded on 14 charges

A 23-year-old St Michael man was remanded to Dodds Prison after appearing in court to answer 14 charges. Raheem...