ResLife policyholders have been given just under a month to settle their payments, the company said today.
The court-appointed firm, which took up the portfolio of the failed CLICO insurance giant, was scheduled to wind up the distribution of payments to policyholders on August 31, but has extended the deadline to September 27 to accommodate the remaining policyholders.
“To date, ResLife has issued payments to approximately 10,000 policyholders of an estimated 17,000 entitled to settlements, “the company said in a statement.
Over the next few weeks, ResLife said it would be aiming to wrap up the issuing of payments to policyholders including those who declared policies lost and policyholders who required corrections to their payments.
It said: “Policyholders who have not come forward as yet to collect their payments are encouraged to do so within the extended period. ResLife would like to significantly reduce the number of unclaimed settlements before transferring the remaining claims to the Financial Services Commission.”
ResLife also advised that it would also be communicating with the trustees of the group pension plans during this period.
Prime Minister Mottley in her March 20 budget had announced the planned liquidation of ResLife and the wrap-up of its operations.