President of the Barbados Investors and Policyholders Alliance, June Fowler.
Resolution Life Assurance Company (ResLife) has assumed the insurance portfolio previously held by the Barbados arm of CLICO International Life Insurance Limited.
Word of the completed transfer came on Thursday evening in a release from ResLIfe, which further indicated that the company was “working diligently” to confirm the assets and liabilities being transferred. Additionally, it was revealed that ResLife will also be migrating the policyholder data onto its systems and that process is expected to be finished in three to four weeks’ time.
“In the coming weeks, policyholders will receive direct communication from ResLife via mail with details pertaining to their policies and the dates on which they can attend Reslife’s Client Relations Centre at Worthing Corporate Centre, Worthing, Christ Church, to meet with a member of ResLife’s Team to address any queries they may have,” the release added.
Policyholders are also being told that as the company works through these processes to roll out its full service, they can make premiums payments at any SurePay location. Those with standing
orders, direct debits and salary deductions have also been advised that the payments will continue through those channels.
In response to the good news, President of the Barbados Investors and Policyholders Alliance (BIPA), June Fowler said “a new day has finally dawned” for former CLICO policyholders.
Describing ResLife as a “100 per cent Bajan, fully compliant insurance company”, which is headed and managed by people with a wealth of integrity and experience in the field, Fowler recalled the earliest meetings held by the Alliance in February 2011, when it was felt by most of its members that they would never see their money again.
“That feeling of hopelessness has remained with many policyholders, whose lives were and have since been devastated by this debacle. But we never gave up hope, and fought with every fibre
of our beings with this, the final and successful resolution, our only aim,” she added.
She made the point while lamenting that many policyholders have passed away while waiting and hoping for a resolution, but, she gives thanks to God that they got there in the end. With that in mind, Fowler is asking policyholders to be patient and keep an eye out for press releases and other information, as the new company gets up and running.
She also took the opportunity to thank all those who supported the Alliance through its seven-year struggle, in particular Financial Consultant, William Douglas, attorneys Alair Shepherd QC and Sumaya Desai, as well as its members and policyholders.
Fowler further noted that the efforts of BIPA’s legal team, have resulted in one of their directors, Deighton Smith, being invited to sit on the Boards of both ResLife and New Life Investment Company, which hold the former CLICO’s assets.
“BIPA is immensely grateful to Deighton for the tremendous work he has done representing us and thus all policyholders, to ensure their best interests are served at all times,” the BIPA President added. (JRT)