Wednesday, April 24, 2024

September 27 new deadline for ResLife payments

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ResLife has extended its distribution time for settlement payments. In a release yesterday the company said September 27 is the new deadline for distribution of settlements to policyholder. The original concluding date was August 31.

ResLife commenced the distribution of payments to policyholders on June 11 as part of its voluntary liquidation which was mandated by the Government.

To date, ResLife has issued payments to about 10 000 policyholders with an estimated 17 000 entitled to settlements. While the majority of policyholders have been advised of their settlements via written correspondence, approximately 73 per cent of policyholders contacted have responded, with the majority having received their settlements to date.

“During this extended period, ResLife will be aiming to wrap up the issuing of payments to policyholders including those who declared policies lost and policyholders who required corrections to their payments.

“Policyholders who have not come forward as yet to collect their payments are encouraged to do so within the extended period. ResLife would like to significantly reduce the number of unclaimed settlements before transferring the remaining claims to the Financial Services Commission,” the release said.

ResLife will also be communicating with the trustees of the group pension plans during this period.

Prime Minister Mia Mottley, in her March 20, 2019 Budget, announced the planned liquidation of ResLife and the wrap-up of its operations.

Policyholder updates can be found on the company’s website www. reslifeassurance.com. (PR)

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