Describing it as a new dawn for thousands of former CLICO policyholders, a delighted president of the Barbados Investors and Policyholders Alliance (BIPA) June Fowler tonight welcomed the successful transfer of the policies from the collapsed insurance company to the recently formed Resolution Life (ResLife).
“It was with unreserved joy that BIPA received final confirmation today that Resolution Life was ready to make the announcement of the transfer to policyholders,” Fowler said.
The development brings to an end the over seven-year wait by policyholders and investors, who are due to start receiving correspondence from ResLife over the next couple of weeks about their pending policies and payments.
Today, the tireless campaigner for the former CLICO policyholders was happy that hopelessness had now turned to hope for BIPA members, who had been left in the lurch after the February 2009 collapse of CLICO and its Trinidad-based parent CL Financial.
In fact, she said they could now look forward to reimbursement before February 28.
Looking back at the entire debacle, Fowler recalled the first meeting held by BIPA 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. But we never gave up hope and fought with every fibre of beings with this. The final and successful resolution, our only aim,” she said.
While lamenting that some BIPA members had died along the way, she said: “I thank God that we got there in the end.”
Fowler is now asking policyholders to be patient and keep an eye on press releases and other information as the new company gets up and running.
As a result of the efforts of BIPA’s legal team, one of its directors Deighton Smith was invited to sit on the boards of both ResLife and New Life Investment Company, which holds the former CLICO assets.
“BIPA is immensely grateful to Deighton for the tremendous work he has done representing us and all policyholders to ensure their best interests are served at all times,” the BIPA head said.