CLICO and BAICO payments soon

Thousands of policyholders of CLICO International Life Insurance Limited and British American Insurance Company (BAICO) seem set to receive their long-awaited pay out this year.

High Court Judge William Chandler last month approved the transfer agreement between CLICO and the two companies which would take over its business, New Life Investment Company Inc (NLICO) and Resolution Life Insurance Limited (ResLife),

The judge also ordered that the agreement be dated and executed on December 30, 2016, two weeks after the December 16 decision.

Chairperson of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler said eight years of frustration were finally coming to an end.

June Fowler

“Following execution of the transfer agreement, some further steps are necessary in order to commence implementation of the agreement and a review and approval of these matters is set for hearing before Justice Chandler on 24 January, 2017,” the BIPA head said, adding that a transfer completion date would also likely be set for the transfer of all CLICO policies to ResLife.

Fowler noted that thereafter the preparation of payments to policyholders would begin.

As it relates to BAICO, the agreed completion date for transfer to Sagicor is May 31, 2017.

“Shortly after the agreed completion date, it is anticipated that policyholders will start to receive the funds due on their policies from Sagicor under the terms of the transfer scheme,” Fowler said.

The BIPA boss revealed that on December 20, 2016 High Court Judge Jacqueline Cornelius signed an order approving the transfer scheme and the sale and purchase agreement presented in the judicial manager’s final report of March 14, 2016 regarding the transfer of BAICO’s individual life and annuity policies to Sagicor.

“As with CLICO, at some time prior to the agreed completion date, further information on the terms upon which payments will be made for each different kind of policy, will be made available,” she added.

Fowler said the past eight years had been difficult for many of the CLICO policyholders, especially the pensioners, considering they are the most vulnerable of the group.

She also expressed disgust that some policyholders had passed away before reaping the rewards of their investments.

13 Responses to CLICO and BAICO payments soon

  1. Cynthia Blackman
    Cynthia Blackman January 13, 2017 at 7:10 am

    Good to hear

    Reply
  2. Angus Benn
    Angus Benn January 13, 2017 at 7:12 am

    THEY GETTING ALL OF THEIR MONEY OR THEY GETTING SOME.

    Reply
  3. Ejd January 13, 2017 at 7:21 am

    I will not hold my breath.

    Reply
  4. Nico HL Beckles
    Nico HL Beckles January 13, 2017 at 7:49 am

    Ya cah smell when elections comng around, watch how fast they’ll try to patch every injustice

    Reply
  5. Bobo January 13, 2017 at 2:18 pm

    I hope Scum Bag Mia Mottley will realize ”her political mouth” people of Barbados take your money and run” —-has cause the destruction of Clico and many policy holders death –Maybe one day God will forgive her—surely not man

    Reply
  6. Roger Gibbons January 13, 2017 at 2:47 pm

    Angus Benn my sentiments exactly.

    Reply
  7. Carson C Cadogan January 13, 2017 at 3:00 pm

    Well all we have to do now is to sit back and wait for MIA AMOR MOTTLEY or one of her henchmen to OPPOSE the deal and tell the country how awful it is.

    I give Mia 24 hours before she OPPOSES it.

    Reply
  8. Santone Parris January 14, 2017 at 12:14 am

    I hope I get all my money back every red cent I work very hard for it. I never miss a payment since my premiums were deducted from my salary that investment was for my son Skyy college education his first car even before he was conceived I made those sacrifices.
    Now my believed is that justice should be served to those who cause all of us innocent law abiding policy holders to suffer pain and torture they should all be nail to the cross forever.
    Trust will never rise from the dead again in the insurance industry.

    Reply
  9. Kelvin Francis January 27, 2017 at 3:29 pm

    As a resident of the O.E.C.S (Dominica) I would like to know if the settlement plan for Clico includes Dominica and the other O.E.C.S countries? It appears that all the settlement plans are catering for the Barbados Investors.
    Mrs June Fowler, would you be kind enough quell my thoughts?
    And for which I thank you.

    Reply
  10. Wayne Leacock May 1, 2017 at 12:37 pm

    I cant believe that bajans that stupid. Still putting their money in clico after all of this.

    Reply
  11. Fagan Stephen June 20, 2017 at 10:03 am

    When will Dominican policy holders get their payment from Clico?We need answers .No one in the office in Dominica can assist not even the manager.It’s far too long and frustrated as we are pensioners and need our money owe from Clico
    Thanks to Mrs June Fowler for reading this article.

    Reply
  12. Fagan Stephen June 20, 2017 at 10:06 am

    We Dominican the policy holders of Clico needs our money

    Reply
  13. john July 6, 2017 at 1:16 pm

    After 8 years of interest Clico have made ,they should easily be able to pay out now !

    Reply

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