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It was determined that ResLife could not become a viable financial institution. The Cabinet of Barbados, therefore, took a decision to bring a more immediate conclusion to the near decade-old affair by ceasing operations and making a reasonable offer to policyholders.

ResLife under the guidance of the Financial Services Commission (FSC) will undertake the necessary processes and actions to ensure the orderly wind-up of the insurance company. ResLife knows its clients, has established relationships with those clients, and is best placed to see them through the process. 

ResLife is a registered financial services company and so its activities, including its winding-up, will be overseen by the FSC. Additional oversight of the process will be provided by the Ministry of Finance.

The Court Order of 31 July 2017 authorised the transfer of the Barbados based portfolio of Clico International Life (CIL) to ResLife. However, the recent withdrawal of financial support from the Government of Barbados impacted ResLife’s solvency and triggered the liquidation

The settlement process began in June 2019 and was initially scheduled be wound-up by August 31, 2019. Until we advise otherwise, ResLife will continue to operate to address outstanding consultations, unclaimed amounts and returning policyholders.

Policyholders with positive net cash or fund values as at 31 March 2019 will qualify for the payment under the settlement plan. The net cash value will be determined by deducting any policy loans or other debts from the gross cash value of the policy. 

 

Policies that have lapsed or policies where the indebtedness exceeds the fund value will not be eligible for settlements 

 

Claimants with payments outstanding as at 31 March 2019 will also qualify for payment. Payment will be made once all documentation to support the claim has been submitted and approved. 

 

Policies such as term life policies that do not generate cash values will be terminated. 

 

Policies such as individual and group medical and group life which do not generate cash values will also be terminated. Policyholders will be provided with the option to continue coverage with a new provider without underwriting. Benefits and premiums will be determined by the new provider. 

You will be required to complete the Statutory Declaration as Loss of Policy form. Download and complete the form our website http://www.reslifeassurance.com/reslife-forms . After the form has been signed by you, it must also be signed and stamped by a Justice of Peace or Notary Republic. Return the completed form to our office and pay the fee of $216.14 which covers the cost of advertising the policy as being lost. The advertising process takes 4-6 weeks to complete and once there are no objections, you will be contacted to come in and complete the process to receive your settlement.

For all eligible policyholders or claimants except for surrenders and individual annuities with more than 4 year to maturity, amounts due which are less than $20,000 will be settled by cheque. For policyholders or claimants who are due amounts more than $20,000, a cheque payment of $20,000 will be made and any balance over $20 000 will be settled by the issuance of bonds of equal face value (illustrations provided).

Surrenders and individual annuities with more than 4 year to maturity will be settled by the issuance of a Series B bond only.

An actuarial valuation was undertaken to determine the present value of the monthly payments due to each pensioner. The lump sum value derived will be paid by cheque for amounts up to $20,000 and by the issuance of bonds for amounts greater than $20,000.

As these policies do not generate cash values, policy holders will not be entitled to settlement for these policies. Term Life policies were terminated effective 31 March 2019.

Policies assigned to financial institutions were also terminated effective 31 March 2019. Policyholders will receive correspondence from ResLife outlining the settlement due for policies which have a positive net cash value and are assigned to a financial institution. To access the settlement, policyholders must liaise with their financial institution to obtain a Release along with the original policy document if in the instutions possession, and where relevant, instructions from the financial institution on how the settlement should be disbursed. This documentation must be presented to ResLife by the policyholder to complete the consultation for settlement.

All surrendered policies will be settled based on the previously determined surrender value. The full amounts will be settled by the issuance of a Series B bond.

All approved death benefits will be paid. Amounts due which are less than $20,000 will be settled by a cheque payment. For amounts due of more than $20,000, a cheque payment of $20,000 will be made and any balance over $20 000 will be settled by the issuance of a Series B bond of face value equal to the balance.

Beneficiaries and administrators of estates or their legal representatives are therefore urged to submit the outstanding documentation to ResLife to facilitate settlement of outstanding amounts.

Consistent with the requirements of the Insurance Act CAP. 310, funds to cover all known but unsettled or unclaimed amounts due to policyholders will be lodged with the Financial Services Commission (FSC). Financial Services Commission is required to make settlements available for a period of seven years.

Settlements for members of group pension plans will be provided through the Trustees of the plans.

The value of EFPAs at the time of transfer to ResLife included interest earned but not paid over the life of the policy. For the purposes of the liquidation and the final settlement, interest earned but unpaid will be deducted and policyholders will be repaid their principal by the issuance of a Series I bond.

The value of EFPAs at the time of transfer to ResLife included interest earned but not paid over the life of the policy. For the purposes of the liquidation and the final settlement, interest earned but unpaid will be deducted and policyholders will be repaid their principal by the issuance of a Series I bond.

EFPAs were in all instances treated differently from traditional life insurance products, simply because EFPAs were promoted and sold as investment instruments.

The last monthly premium payment for all policyholders was 31 March 2019. Premiums received after the voluntary liquidation was announced have been segregated and will be refunded to policyholders during the settlement period.

The refunds will be paid by cheque to eligible policyholders during the policyholder settlement period. 

Eligible policyholders will receive written communication from ResLife advising of the net cash or fund value of their policy, how the amount due will be settled and the date(s) and time(s) when they should present themselves to collect payments.

Policyholders are required to present two valid forms of picture identification along with the original policy contract. Identification documents must be consistent with the policyowner information on file. Policyholders will be required to provide documentation to support any changes from the system data to assist ResLife in ensuring that payments are issued to the correct persons. 

Policyholders can visit us at anytime while our offices remain open. Once ResLife closes to the public settlements will be transferred to the Financial Services Commission (FSC). Once transferred, policyholders can visit the FSC when it is convenient for them and Policyholders may also appoint a power-of attorney, a representative in Barbados to act on their behalf. FSC is required to make available settlements for a period of seven years. Please refer to Non-Resident Policy Holders Section.

Consistent with the requirements of the Insurance Act CAP 310, settlements which have been offered to but have been refused by any policyholder will be lodged with the Financial Services Commission (FSC).

  • Segregation of premiums received – 21 March 2019
  • Final date for premium payments – 31 March 2019
  • Valuation date for active policies - 31 March 2019 
  • Final date for submission of medical claims – 31 May 2019 
  • Final date for submission of other claims – 31 May 2019
  • Commencement of payments to policyholders – 11 June 2019 
  • Final date for issuing payments to policyholders – Extended to 27 September 2019 

With regard to having someone transact business on behalf of the policyowner, the policyowner will require a Power of Attorney.

The Power of Attorney is a legally drafted document which, with respect to the business to be conducted at Resolution Life Assurance Company Ltd. must authorise someone to execute a Deed of Release and other legal documents, and to collect payment, if any on behalf of the policyowner.  

The Power of Attorney document must be signed by the policyowner before a Notary Public. The policyowner must also have two government issued photo identification documents certified as true copies of the original by the Notary Public.  

The person authorised to act on behalf of the policyowner must bring two government issued identification documents and present to Resolution Life, when said person comes to conduct business on behalf of the policyowner.  

Where a person is receiving bonds: If the policyowner has a bank account in Barbados, then a bank statement of the policyowner dated within the last 6 months must be submitted. 

If policyowner has an overseas account, they must provide the following banking details:

  • Bank and branch name
  • Branch's physical address
  • BIC code
  • Account number
  • Recipient's account name
  • Recipient's physical address

NB: The above-mentioned banking details can be confirmed through a dated (within the last six months) Letter from the banking institution, on its official letterhead. 

Any Questions?
Feel free to call our office between 8:00am and 4:30pm or e-mail

+1 (246) 538 8088 info@reslifeassurance.com