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.
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
The Judicial Manager of British American Insurance Company (Barbados) Limited (“BAICO”) — In Judicial Management has filed its final report with the High Court of Barbados and is now in the process of verifying policyholder contact information.
If your name and/or policy number is included in the list at http://freepdfhosting.com/8b9250ad1e.pdf, please visit the BAICO office located at the Corner of Collymore Rock and Britton’s Cross Road or call the office at 431-4400 to provide your current contact details.
THE GOVERNMENT says it has not abandoned the policyholders of the failed CLICO Insurance Company.
Minister of Finance Christopher Sinckler said yesterday he would be issuing a statement, hopefully within the next few weeks, to let policyholders know when their policies, as well as those of the failed CLICO subsidiary British American Insurance Company Ltd (BAICO) would be transferred to the new company Resolution Life.
“On behalf of whomever has been responsible for the inordinate delays in the implementation, I want to apologise.
“I can’t say me because I, and my ministry, are not involved in the day-to-day execution of it, but I want to say to those Barbadians who have been ill affected by this process continually that we have not abandoned you and that we should apologise publicly for those delays.
Nation News Editorial: http://www.nationnews.com/nationnews/news/85476/editorial-clico
HOW LONG IS too long when thousands face unnecessary pain and hardship? For a frank and honest answer to this question just ask the many anxious and nervous policyholders and investors of the failed CLICO/BAICO insurance companies.
To say that these long-suffering policyholders would be frustrated and angry would be an understatement. They may reasonably believe that mock-sport is being made of them.
The fundamental questions any reasonable person would ask is why it has taken so long to bring these matters to a satisfactory conclusion and who stands to gain and to lose. It is certainly annoying that whenever it appears as if a workable solution is at hand, something pops up ensuring there is no endgame.
The judicial managers for both BAICO and CLICO Barbados have been on the job for a long time, even if it is a complex undertaking. The months have turned into years, for it was in September six years ago that BAICO was placed in judicial management of KPMG, and CLICO less than a year later under Deloitte Consulting.
The action was taken under Section 57 of the Insurance Act on the grounds that the companies were incapable of paying liabilities due to policyholders, given the inadequacy of their assets to satisfy both creditors and policyholders.
What is frustrating to policyholders is that the CLICO plan, approved since December 2015 by Justice William Chandler following months of deliberation, is yet to show signs of being a reality.
Time does indeed become money and when a decision is finally agreed and implemented the cost would have risen above the over $400 million needed to pump into any rescue plan.
This is a burden to the Government, the taxpayers and the same policyholders and investors. It also leaves many trusting policyholders who faithfully continue to pay their premiums wondering whether it will be all for nothing.
There is undoubtedly untold hardship being faced by policyholders and their families and the longer this process takes the greater will be the anger and downright mistrust.
Many people have been reduced to virtual poverty and a growing number will question who stands to gain from this drawn-out process. Investors, including retired employees, are eager to draw on their anticipated benefits.
What makes the entire debacle particularly disgusting is the lack of regular updates by the judicial managers to keep an eager public aware of what is happening.
The people of Barbados deserve to be kept informed on what is a very public matter. Minister of Finance Chris Sinckler needs to speak to the public.