Scores of former CLICO policyholders, including pensioners, are in financial limbo. This has left their representative, the Barbados Investors and Policyholders Alliance (BIPA), “vexed” and “frustrated”.
BIPA president June Fowler said the double dose of financial pain started a few months ago as Government initiated its domestic debt restructuring programme.
This meant ten years of Executive Flexible Premium Annuity (EFPA) payments from Resolution Life Assurance Co. Ltd (ResLife), due to start on July 31, were “suspended indefinitely”.
The second major monetary headache for policyholders has come via the five-month delay in the drawdown of the final tranche of a loan agreement with Central Bank. This was designed to meet the final payment of pension arrears, death claims and policy maturities on May 31, BIPA said. (SC)
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