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.