THURSDAY 11TH JANUARY 2018
RESPONSE TO ANNOUNCEMENT BY RESOLUTION LIFE
A new day has finally dawned for former CLICO policyholders whose policies have now been successfully transferred to Resolution Life, a specially formed, 100% Bajan, fully compliant insurance company, headed and managed by people with a wealth of integrity and experience in the field.
It was with unreserved joy that BIPA received final confirmation today that Resolution Life (ResLife) was ready to make the announcement of the transfer to policyholders.
BIPA President June Fowler recalls 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,” says Fowler. “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 adds.
BIPA thanks all those who supported the Alliance through its seven-year struggle, and especially our Financial Consultant, William Douglas, as well as Alair Shepherd QC and Sumaya Desai who have most ably advised and represented BIPA, its members and policyholders in general, attending countless meetings, as well as Court hearings, every one of which BIPA attended without fail.
As a result of the efforts of BIPA’s legal team, one of their directors, Deighton Smith, was invited to sit on the Boards of both ResLife and New Life Investment Company, which holds 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,” says June Fowler.
“If it took too long for many policyholders who have passed on while waiting and hoping for a resolution, I thank God that we got there in the end,” says Fowler finally.
BIPA asks policyholders to be patient and keep an eye on press releases and other information as the new company gets up to full speed in order to provide the promised first-class service.
Many policyholders are calling CLICO on 431 4677 to ask specific questions about their policies, when payments will commence, and to talk about their personal circumstances. As a result, the phone lines are often jammed.
This number has been specifically set up ONLY FOR CALLS from those in the following situations:
- Policyholders whose names DO NOT APPEAR on the list at www.clicolife.com
- Policyholders whose address on the list is incorrect
- Policyholders who have not received a letter from CLICO
- Policyholders who disagree with the figures in their letters
- Representatives of those policyholders who have died and have not previously informed CLICO.
If any of the above are unable to get through on 431-4677, they should visit the CLICO office in Walrond Street, Bridgetown (adjacent to the Supreme Court) as a matter of urgency BEFORE CLOSE OF BUSINESS ON MONDAY 13th NOVEMBER.
There will be further information available on policies, payment schedules and answers to individual questions from Resolution Life Limited following the transfer of business from CLICO.
Resolution Life will also be sending letters to policyholders shortly after the transfer of business with contact information etc.
PLEASE DO NOT CALL CLICO UNLESS YOUR SITUATION IS INCLUDED IN THE LIST ABOVE
BIPA thanks you for you co-operation as we assist with and support all measures to help policyholders get their money back.
Please click on the link below for the comprehensive list of policyholder names, addresses and policy numbers.
Once on the page, right click on your mouse and choose ‘Find’ or press ‘ctrl f’.
A box will then appear in which you can enter your surname followed by your first name and press enter. If you have more than one policy, press ‘next’ until you have seen all your policy numbers entered on the schedule. They may not be listed together if they are different ‘types’ of policy.
If the search is unsuccessful, enter just your surname and keep pressing ‘next’ until you find your name.
If you still cannot find your name, it is possible it is not on the list. Then and only then, you should call CIL on 431-4677 to notify them that you are unable to find your name and policy information on the list.
Link: Click Here
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.
ATTENTION ALL BRITISH AMERICAN POLICYHOLDERS!
Please read this notice and the one regarding missing contact information and take action accordingly to ensure the correct policy information is transferred to SAGICOR.
Please note the deadline for amendments is MARCH 31ST 2017
BRITISH AMERICAN INSURANCE (BARBADOS) LIMITED
POLICYHOLDER INFORMATION VERIFICATION
KPMG Transactions and Restructuring Limited, the Judicial Manager (the “JM”) of British American Insurance Company (Barbados) Limited (“BAICO”) wishes to advise that the Final Report which contained the formal recommendations and outlined the details of the proposed treatment of remaining policies of BAICO, has been approved by the High Court of Barbados.
- The Final Report is available on the website http://www.kpmg.com/bb/en/ba.
- The JM has sent correspondence to all policyholders dated January 31, 2017.
- The JM now requests that policyholders review the contents of their letter as their policy will be valued on the information contained within “Appendix 1 —Your Statement”.
- If you believe the information contained within “Your Statement” is correct there is no action to be taken at this time. You will receive further information from the JM shortly after the Bar Date on March 31, 2017 regarding the Solution.
- However, if you believe any of the information in “Your Statement” is incorrect you must notify BAICO of any amendments before March 31, 2017.
NO AMENDMENTS TO POLICY INFORMATION WILL BE MADE AFTER MARCH 31, 2017.
Due to the vast number of policyholders, the JM has ensured additional persons are available at BAICO to answer your queries. For this process, policyholders will be grouped according to policy type and are requested to visit the BAICO office located at the Corner of Collymore Rock and Britton’s Cross Road at the specific dates listed below.
The groupings will be based on the colour of the “Appendix A —Your Statement” contained within your letter. The specific dates are as follows:
- Pink – February 6, 7, 9 – 10, 2017
- Blue – February 8, 2017
- Green – February 13 -17, 2017
FROM FEBRUARY 20, 2017 POLICYHOLDERS WILL STILL BE ABLE TO VISIT THE BAICO OFFICE BY SCHEDULING AN APPOINTMENT WITH A CUSTOMER SERVICE REPRESENTATIVE.
If visiting the BAICO office, policyholders should bring supporting policy documentation. Policyholders are reminded that this is an information verification exercise and no payment will be made at this stage in regards to any policy.
Policyholders are also urged to call the BAICO office at (246) 431-4400 or email firstname.lastname@example.org if they have any queries.
BRITISH AMERICAN POLICYHOLDERS please see this list of names of policyholders for whom no current address or contact information is held. If your name, or the name of someone you know is on this list, please contact the BAICO office as shown on the notice.
A downloadable pdf is available here: http://freepdfhosting.com/4ef74d440e.pdf
December 3, 2015
In giving his decision in the Supreme Court yesterday, following some three months of deliberation, Justice William Chandler approved the Government of Barbados’ proposal for the reconstruction of CLICO Life Insurance as submitted by the Ministry of Finance and endorsed by the Judicial Manager and BIPA. However, the final result is subject to the outcome of an application seeking leave for an appeal by the attorneys for the ECCU (Eastern Caribbean Currency Union).
BIPA looks forward to working with the implementation of the plan as soon as possible.
As with CLICO, a great deal of hard work has been going on ‘behind the scenes’ with BAICO, and we have been assured that progress is being made on the Agreement with Sagicor. It is hoped that a Final Report will be presented to the Court in February and we will share any further information as it becomes available to us