ResLife to take over CIL

Persons who would have had policies with CLICO International Life Insurance Limited (CIL) can now breathe a little better as Resolution Life Assurance Company Ltd (ResLife) takes over the CIL’s portfolio.

Speaking during the press conference, which was held at Courtyard by Marriott yesterday morning, Chairman of the recently established insurance company, Resolution Life, Clenell Goodman explained that the insurance company was founded as a part of the solution to the problems experienced by policyholders listed on the Barbados register of CIL.

“As a part of the Court sanctioned restructure, ResLife has been entrusted to manage their policies and associated liabilities. From inception, we have sought the guidance of and ensured full compliance with the regulations of the Financial Service Commission,” he said.
“Our business will be conducted with the utmost integrity as we seek to service existing and future policyholders.”

The chairman announced that the framework of legal aspects pertaining to the transfer of the Barbados-based life insurance portfolio previously held by CIL to ResLife have been completed.

“Resolution Life has now assumed responsibility for this portfolio and its related assets,” he said.

The CEO of Resolution Life, Cheryl Senhouse, revealed that they would have been working assiduously over the last two years to bring this day to fruition.

“Negotiating the terms and conditions for the implementation of the Court approved solution was an intricate process, and the solution itself is both robust and complex,” she said.

“Our objective throughout this entire process has been to restore the value of the investments made by policyholders in good faith. Every attempt was made to safeguard the future interests of all policyholders by ensuring that adequate funding was put in place to meet any obligations to policyholders as they arise. Measures have also been implemented to ensure the financial viability and longevity of Resolution Life, by preventing undue liquidity pressure on the organisation.”

As a result, she revealed that several amendments have been made to the contractual terms and conditions for several types of policies in the portfolio.

“That being said, I must emphasise that there have been no reductions to the insured values, sums assured or fund values for any transferring policies,” she said.

She assured that these policy amendments were designed to preserve liquidity, while still ensuring that all policyholders realise the intended benefit of their policies over the long-term.

Senhouse also noted that policyholders will be contacted by the team at ResLife to discuss and highlight the amendments that were made.