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.
“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.