ANOTHER GOAL ACHIEVED IN THE CLICO BUSINESS TRANSFER PROCESS

The BIPA Leadership team and its attorneys today attended what they hope will be the last of countless hearings at the Supreme Court over the last six and a half years, not to mention as many meetings between the many parties involved, in which they played their part in the long and often frustrating process leading to the recovery of the savings and investments of individual CLICO policyholders.

Justice William Chandler was finally satisfied with the mountain of submissions, affidavits and associated documents filed by the various parties, and approved all aspects of the transfer of assets and insurance policies from CLICO to New Life Investment Company and Resolution Life Insurance Limited, and shortly before midday today, signed all the relevant orders.

The final part of the process will now commence within the next two weeks with an advertisement in the press and letters going out to all policyholders giving further information.

There will follow a period of 90 days during which policyholders will be able to confirm with the Judicial Manager’s office that all details regarding their policies are correct. At the end of this 90 day period, the actual transfer of assets and policies will take place and shortly thereafter, payments to policyholders with pensions, matured policies and other valid claims will commence in accordance with the terms of the Transfer Agreement.

BIPA is hopeful, as are all concerned, that policyholders will start to receive payments this side of Christmas. In any event, the matter has now been cleared by the Court and we are finally in the implementation stage of the Transfer Agreement.

BIPA will shortly convene a meeting to update its members on the details of the Agreement.