Resolution Life Assurance Company (ResLife) has announced the immediate end to acceptance of premium payments from all classes of policyholders.
In a notice today, ResLife said this is in keeping with the shareholder mandate that the company liquidates and dissolves its operations.
“ResLife will seek to preserve the interests of policyholders by proposing a settlement scheme that compensate eligible policyholders and claimants based on the net cash value of their policy claim,” the notice reads.
“The complete details of the proposed settlement scheme will be communicated to policyholders and claimants directly.”
ResLife is there advising policyholders, employers and financial institutions that effective April 1, 2019, it has stopped accepting premium payments.
It says non-acceptance of premiums facilitates the final valuation of the net cash value of policies and claims as at March 31, 2019.
The company has listed the following next steps:
- All policyholder premium payments made to ResLife after March 31, 2019 will be refunded. Communications on this refund process will be issued to affected policyholders directly.
- Over the coming weeks, each policyholder will receive official communication advising of the final details of their policies as of March 31, 2019 and the proposed settlement to which they are entitled.
- Town hall meetings will be arranged shortly to provide policyholders with information on the proposed settlement scheme and how it will affect the various types of policies. The dates and locations of town hall meetings will be published in a subsequent announcement.