BAICO Update, 1 May 2018
The British American Insurance matter came before Judge Cornelius in the Supreme Court on Tuesday 3rd April. The hearing was intended to provide the Court with an update on progress since the last hearing on the 13th of March 2018.
Counsel for the Judicial Manager confirmed that the Financial Services Commission had approved, on March 13th 2018, the transfer to Sagicor and that Resolutions for the approval of the bond had also been passed by both houses of parliament. The Resolution for the issuance of the bonds was published in the Gazette on March 22nd. and they were due to be issued the day of the hearing, 3rd April. The Judicial Manager was therefore expecting to be able to meet a new transfer date of 24 April.
The matter has not been adjourned as the Court did not consider it necessary to do so, but the Judicial Manager will update the Court and make any further applications deemed necessary.
BIPA expects the Judicial Manager to make a formal announcement soon.
Important Policy Holder Notice – KPMG, British American
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.