ResLife at last

CLICO replacement launched today

The new court-approved firm set up to replace the collapsed CLICO International Life Insurance was formally launched this morning with assurances that the value of policyholders’ investments has been restored and safeguarded, despite changes to the contractual terms and conditions of several of their policies.

Chief Executive Officer Cheryl Senhouse told a press conference at Courtyard by Marriott in Hastings, Christ Church that Resolution Life Assurance Company Limited (ResLife) would preserve cash levels, while still ensuring all policyholders realize the intended benefit of their policies over the long term.

ResLife will begin monthly payments to annuitants at the end of next month.

“There have been no reductions to the insured values, sums assured or fund values for any transferring policies,” Senhouse said, adding that outstanding amounts due to annuitants, beneficiaries and claimants under life policies, would be settled over a six-month period starting in March.

Chairman of Resolution Life Assurance Company Limited (ResLife) Clenell Goodman (sitting) and Chief Executive Officer Cheryl Senhouse (next to him) paused for a photo opportunity this morning with the board of directors during the official launch of the company which replaces the collapsed Clico Life Insurance Company. Also pictured is former Minister of International Transport George Hutson (left).

The ResLife executive also said that due to the changes to the contracts, life insurance policyholders would not be permitted to surrender their policies for a four-year period, while there will be restrictions to access to cash surrender values through policy loans.

“The period for the application of surrender charges has been extended [and] the minimum guaranteed interest rates applied to universal life policies have been reduced,” she told the audience, which included Clenell Goodman, the executive chairman of ResLife and its parent company New Life Investment Inc.

Senhouse also assured that despite the changes, all claims and maturities arising from life policies from 1st January, 2018 will be processed and paid as soon as they were approved.

The ResLife executive announced that a number of amendments were also made to annuity policies such as surrenders and partial or full withdrawals, while making it clear this would not be permitted before the date of maturity of the policy.

“For policies with a stated retirement age of 50, the retirement age has been increased to 55. The minimum guaranteed interest rates applied to annuity policies have been reduced [and] the period for the application of surrender charges has been extended,” she said.

The chief executive officer also revealed that individuals who bought the investment product – the Executive Flexible Premium Annuity (EFPA) – would be treated separately, with the principal amounts of each of these policies converted to a ten-year annuity at a fixed interest rate.

Repayments will be made according to a set schedule over the same period, Senhouse said, adding that non-individuals such as corporations and charities who purchased the EFPA would also be treated separately.

These will be issued a preference share investment in the parent company, and ongoing management of this group of investors will be handled by the parent firm, she explained.

Senhouse said deposit administration funds also underwent some changes, but trustees would be informed directly.

However, she cautioned that active policies remained in effect subject to continued payment of premiums to ResLife at Worthing, Christ Church from January 23, but could be made at Surepay outlets in the meantime.

“Payments and settlements will only be made to claimants and beneficiaries whose claims have been approved,” she advised.

The ResLife executive also disclosed that payment of cash surrender values to those who gave up their policies would begin in 2022 and would be phased over seven years through to 2028, and that claims for individual and group medical policies would continue to be paid as usual.

“A large portion of claims transferred to ResLife remain open, pending the provision of required information and further adjudication. Beneficiaries who have these initiated claims are encouraged to provide the stipulated information to ResLife to accelerate the adjudication of their claims.

“Once all conditions have been satisfied to facilitate approval, these claims will be paid,” the top executive stated.

Senhouse also gave hope to people whose policies have lapsed, advising that provision had been made to reinstate those policies.

“Provision has been made for Resolution Life to evaluate the quantum of their investment and once we have undertaken the necessary financial analysis, we will make a determination on how best we can move forward with those policyholders in terms of making the potential offer for the reinstatement of those policies,” she said.

Outside of managing the portfolio of former CLICO clients, the ResLife boss said the new company would generate new business that incorporate industry trends to focus on profitable lines and innovation to carve out a distinct place in the market. emmanueljoseph@barbadostoday.bb

35 Responses to ResLife at last

  1. Margo Bourne
    Margo Bourne January 18, 2018 at 10:50 pm

    Please explain after waiting on clico for so long are you saying I have to wait years now on Restive also

    Reply
    • Charles Alleyne
      Charles Alleyne January 19, 2018 at 5:32 am

      I received a letter from the British American telling me I have to wait 5 more years for Sagicor to recoup some of its investment before I can received any money.They told me in that letter i could not surrender my policy because I did it after the Judicial Manager take over the company.These are the things that are happening right now with these two companies.Sad policyholders have to wait about 15 years and this is wrong.Not another cent of mine.

      Reply
    • Margo Bourne
      Margo Bourne January 19, 2018 at 9:40 am

      I agree

      Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:05 am

      Yep more bs

      Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:06 am

      Charles Alleyne more tricks smoke and mirrors bs don’t fall for it again.

      Reply
  2. Ricardo Worrell
    Ricardo Worrell January 19, 2018 at 12:13 am

    Couldn’t want a better name cause they’ll have clients money for the rest of their life

    Reply
  3. Heather Cole
    Heather Cole January 19, 2018 at 12:58 am

    I am still not of the opinion that tax payers money should have been used to fun any new Clico company but it has already been created.
    New wine in old skins operating under the same conditions that Clico was able to mismanage the policyholders money. The FSC must change first. The Money that Chris Sinckler spent to create this company could have been used to bring the FSC up to standard and create one company not two.
    Let us see what the mandate will be for the company holding Clico’s lands.

    Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:08 am

      What has actually been made public as to who is doing what????? No thanks

      Reply
  4. Mic Taylor
    Mic Taylor January 19, 2018 at 2:14 am

    I would take my money and get out ASAP

    Reply
  5. luther thorne January 19, 2018 at 2:16 am

    Whats all this Crap about.
    Please explain this Crap to me please

    Reply
  6. Diane Dias
    Diane Dias January 19, 2018 at 4:27 am

    I just hope my poor 80+ year old aunt in St.Vincent gets her money before she dies , so she can enjoy her last years.

    Reply
  7. Charles Alleyne
    Charles Alleyne January 19, 2018 at 5:25 am

    How could this new company changed the contract in those policies ?whereby restricting policyholders from surrendering their policy or taking out their monies.This is wrong and fundamentally infringed on the right of policyholders to be able to decide what they want to do with their policies.All they are doing is stalling to collect enough money over time to get this company going again.How can this company unilaterally changed the contracts that is part of original policies without the input of policyholders.I will advise anyone do not put no more money in these companies because they would see what we the policyholders has been through these past 9 years.Stay clear from this company.

    Reply
  8. Adrian Loveridge January 19, 2018 at 5:56 am

    This is a strange one. Why LAUNCH a company before you having a working website? Why choose a name that is already existing and operating as a special life insurance company in the United States – Resolution Life?

    Reply
  9. KB January 19, 2018 at 6:03 am

    …Take note where the company is located…Worthing…all the crap that they talking sure to overload the south coast system more!…

    Reply
  10. Rawle Spooner
    Rawle Spooner January 19, 2018 at 6:53 am

    The more things change the more they stay the same.ResLife reminds me of someone taking a shower and then putting on same dirty clothes after the shower that they were wearing before shower.

    Reply
    • Heather Cole
      Heather Cole January 19, 2018 at 8:30 am

      Exactly.

      Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:04 am

      Frightening to even fathom people or sheeple will go through the door just because of a name change? Wow pay all the people first then maybe some might trust enough to invest not me no thanks

      Reply
  11. Ziggy Blessed
    Ziggy Blessed January 19, 2018 at 6:56 am

    Lbar…..I advise people to cash out all life policies and open a “premiere plan” at the public workers credit union…..that’s what I did and happy now……guaranteed …..this company ain’t Gine last long …..trust me!!!

    Reply
  12. Johnathan January 19, 2018 at 6:57 am

    Another election quick fix with a another bunch of money suckers. This is a real travesty and a farce..you have no one to sell and how will the company grow to past policy holders later. Sinkler a nd Stuart a red just ba d people.

    Reply
    • Rechelle January 19, 2018 at 8:46 am

      Yup an election quick fix.

      Reply
  13. Ali Baba
    Ali Baba January 19, 2018 at 7:23 am

    ah wonder if parris in this too, from behind the scenes….PEOPLE DON’T GIVE DEM YOUR ALL MONEY

    Reply
  14. Errol Rayside
    Errol Rayside January 19, 2018 at 7:35 am

    Not a cent you whores

    Reply
  15. Neval Greenidge
    Neval Greenidge January 19, 2018 at 8:04 am

    A gift to friends with no consideration for the unfortunate policy holders…

    Reply
  16. Alicia G. Burton
    Alicia G. Burton January 19, 2018 at 8:34 am

    why is it that every time you look around, some new committee or new this is being formed and CLICO shareholders cant get back their money. Who paying for all these committees.

    Reply
  17. Beverley Headley
    Beverley Headley January 19, 2018 at 8:46 am

    I hope bajans learnt their lessons and stay far away from this DLP set up.

    Reply
    • Gillian Skeete
      Gillian Skeete January 19, 2018 at 11:10 am

      Exactly! More scamming scheming bs don’t fall for it. Nobody knows about this thing. If you do well you’ll pay the price.

      Reply
  18. Mervin Phillips
    Mervin Phillips January 19, 2018 at 9:23 am

    YOU don’t have to got sinus or asthma to smell to dead rats one hundred meters away.you can smell the sweat of leroy parris and chris sinckler on that insurance.

    Reply
  19. Pat Codrington
    Pat Codrington January 19, 2018 at 9:30 am

    It will be hard to trust any insurance company after Clico

    Reply
    • Neval Greenidge
      Neval Greenidge January 19, 2018 at 1:22 pm

      Not an insurance this insurance company…not 1 in the picture has any previous insurance,training,worked in insurance absolutely no experience. How can an insurance company which starts under capitalized with so many outstanding claims and no sign of new business ever make it..

      Reply
  20. milli watt January 19, 2018 at 11:24 am

    when de bald pouch cat say she ain’t got a problem wid dis YUH ALL KNOW WUH GOD ALL YUH SERVING

    Reply
  21. Mack January 19, 2018 at 12:09 pm

    How come June Fowler is not on this board????

    Could some body explain this to me????

    After all that happened she should be in this mix. What you think???

    Reply
  22. Ossie Moore January 19, 2018 at 12:39 pm

    The more Bur Rabbit kick Bur Tar Baby the more ‘e get stuck ? Leroy yuh mama’s calling!!!

    Reply
  23. Jessie Hope
    Jessie Hope January 19, 2018 at 1:27 pm

    Insurances want out

    Reply
  24. Fagan Stephen February 6, 2018 at 4:28 pm

    I can’t wait to receive the money which will assist me in rebuilding my house after the destruction caused by hurricane Maria in Dominica.
    It’s far too long and we the Dominican policy holders are looking forward for the payment from RES LIFE.

    Reply

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