BIPA welcomes ResLife launch

While the Barbados Investors and Policyholders Alliance (BIPA) welcomes this morning’s official launch of the new company to take over the business of the failed CLICO International Life Insurance, its president June Fowler cannot wait for the day to come when clients start getting their money in their hands.

Fowler, who was present at the press launch at Courtyard by Marriott in Hastings Christ Church, said she was happy that Resolution Life Assurance Company Limited (ResLife) had finally become a reality.

“We are happy to see that a strong management team was in place. I am pleased about the board . . . and I am looking forward to the next step where the policyholders and pensioners would start to get payments and where claims would be paid for those persons who have death claims and other outstanding claims,” a smiling Fowler told Barbados TODAY at the end of the ceremony.

“It is a sense of satisfaction this morning to say that we have fought the good fight and we have not yet quite finished the course, but we are looking forward to finishing that course.”

The social activist said she anticipated that the new company would encourage those who allowed their policies to lapse to reinstate those polices.

And while she felt some people might have lost interest, Fowler encouraged young policyholders to sign up again.

“There are some persons who would not want to do that [restart], but we are hoping the young . . . especially the young policyholders who might have been in five or six years and policies might not have been maturing for maybe another 20 years, to be willing to want to reinstate those policies,” the BIPA spokeswoman said.

With the CLICO collapse still raw, Fowler said she was happy that BIPA had a representative on the board of ResLife who can help ensure good governance.

“We are really hoping that the BIPA representative Deighton Smith remains on the board, because with him in place as the policyholders’ representative, he would be there [to] monitor things and to make sure the governance structure is a strong one, that the various committees will be effective and that we will see a better regulated and properly run company,” she said, adding that ResLife was probably now the most highly regulated company here considering all the checks and balances put in place to get it established.

The new board, chaired by retired banker Clenell Goodman, has as its deputy chairman Dr Kennedy Swaratsingh, a former minister of Public Administration in Trinidad and Tobago.

Other members are Ashley Bignall, who until recently was the chief cccountant with the Management Accounting Unit of the Ministry of Finance; attorney-at-law Stephen Alleyne; retired insurance executive William Tomlin; former Deputy Governor of the Central Bank of Barbados Harold Codrington; and attorney-at-law Ella Hoyos, who will serve as corporate secretary and adviser on corporate matters at ResLife.

Thousands of policyholders have been waiting for the past seven years to be paid their claims and other outstanding monies.

9 Responses to BIPA welcomes ResLife launch

  1. Heather Cole
    Heather Cole January 19, 2018 at 12:49 am

    We never seem to get it right. Only one name mentioned has some experience in Insurance. Does any one of them have experience in compliance, financial reporting or regulation? How do be know that this board will achieve anything? What has been put in place to ensure that the policyholders money will not disappear again? Was it a mere token that BIPA’s attorney was put on this board? Why could they not have been more forceful to demand that one company be created and not two. Right now the lands of Clico are up for grabs as no one knows that the mandate of the other company is. It appears that BIPA is happy after waiting 10 long years to settle for a pittance.

    Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:02 am

      Scammers !

      Reply
    • Carson C Cadogan January 19, 2018 at 11:39 am

      Talking RUBBISH as usual.

      Nothing you say ever make any sense. You are just looking to cause strife on the behalf of your crooked Barbados Labour Party.

      Reply
  2. Charles Alleyne
    Charles Alleyne January 19, 2018 at 7:11 am

    June Flower is no hero in this matter, because we the policy with not get back any of our money furthermore we would still have to make payments and wait for a number of more years to get back anything.Time is money and those policies do not worth the paper they are written on.This is a lost to policyholders who will have to endure waiting for more years and unilateral changing of the contracts on these policies makes it worst.This is the worst that can happen, but I would not be putting not red cent in any of these companies .What I can say my policy is dead and this new company do not be surprised that the same thing happens board or no board.This is a disgrace in financial investments and I would caution others to be very careful where they place their money in the future.

    Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:02 am

      Just another scam

      Reply
    • Carson C Cadogan January 19, 2018 at 11:40 am

      Charles

      If you don’t want the money you can give it to me.

      Reply
  3. Errol Rayside
    Errol Rayside January 19, 2018 at 7:25 am

    Not a fu_king cent –you whores.

    Reply
  4. Mack January 19, 2018 at 1:17 pm

    June!!! You get excited too quickly, Wait until you get your payouts, then you can celebrate.

    I was very disappointed that you didn’t fight to be on the board of this new company. I wonder why??

    Reply
  5. lorraine Gibbs January 19, 2018 at 5:53 pm

    I read a lot about the CLICO policyholders, but what about British American policyholders, not one peep out of June Fowler, I have two pensions and two life insurance policies, I need to hear something about the monies I have invested over the years. This is so unfair and injust and unreasonable.

    Reply

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