Barbados Today

Prime Minister Freundel Stuart and his close friend, former CLICO boss Leroy Parris, are among a list of 20,000 policyholders set to partake in the millions to be transferred to the two new companies which are to take over the CLICO business – New Life Investment Company Inc (NLICO) and Resolution Life Insurance Limited (ResLife) – as the process begins towards a long-awaited settlement.

The massive list also shows a number of other prominent Barbadians, ranging from politicians, to lawyers, and present and past police officers.

Today’s publication was an update from the judicial manager of CLICO International Life (CIL) Deloitte Consulting Limited confirming active policies and outstanding claims as at June 30, 2017.

In a 120-page advertisement, the judicial manager informed policyholders and claimants to verify their information.

“If you see your name on the respective listings do not contact or attend at CIL as no further action is required at this stage,” the notice read. All policyholders with active policies and or outstanding claims as of June 30, 2017 will be sent individualized correspondence from CIL to their last known address on file confirming their policy information and providing an update on the phase one process,” the notice read.

The judicial manager also asked active policyholders and claimants as at June 30, 2017 who did not see their names on the list, to contact CIL to make an appointment. They are asked to bring their original policy and or claim information to the head office on Walrond Street in Bridgetown.

On the list are also close to 400 names for death claims.

Of significant note is a policy in the name of Leroy Parris listed under the category ‘Surrenders’ but in care of his wife Faye Wharton-Parris among the 200-plus names under that category.

Following the transfer, those who opted for the surrender option, as well as pensioners and matured policies are expected to receive payments.

Chairperson of the Barbados Investor and Policyholders Alliance (BIPA) June Fowler had told Barbados TODAY there has to be a 90-day period for the publication and verification of policyholder information, following the High Court’s approval, which took place last week.

After that, she said, there would be a waiting period  of up to four weeks – the transfer should take place after the second week if there are no issues, after which payment should begin for the death claims, maturity and pensioners. Policies that are still active would then require people to start paying their premiums.

Some of the prominent figures listed for matured policies include Assistant Commissioner in charge of crime Lybron Sobers, as well as the Prime Minister. He also has an Ordinary Life policy under the Active Policy listing.

Retired Assistant Superintendent of Police Vernella Wiltshire was also listed under the Active Policies Ordinary Life category.

The Term Life policies listing included Director of Security at the University of the West Indies Oral Reid, Minister of Labour Dr Esther Byer-Suckoo, Auditor General Leigh Trotman, political scientist and pollster Peter Wickham and former police officer Glen Hinkson, who now resides in Canada.

The majority of the prominent figures in Barbados however, had Executive Flexible Premium Annuity policies. They include head of the HIV/AIDS Commission Jacqueline Wiltshire-Forde; Barbados Labour Party candidate for Christ Church West Dr William Duguid; Pic-O-De-Crop judge Woodbine Davis; owner of Popular Discounts supermarket Bertram Hall; cricketer David Holford;
former tourism minister and current CEO of the Barbados Cricket Association Noel Lynch; former Anglican priest Edward Gatherer; lawyer Leroy Inniss and parts dealer Percy King.

On that list are also former CLICO boss Leroy Parris; former Senator professor Velma Newton; former president of CLICO Holdings Barbados Ltd Terrence Thornhill; former BLP Member of Parliament Sir Louis Tull; former police chief Grantley Watson; Parris’ wife, Faye Wharton-Parris, and her current business partner Jerome Ishmael.

Independent Member of Parliament for Christ Church West Dr Maria Agard and Government Senator Jepter Ince are listed under the Flexible Premium Annuity Policy category, while the Lifetime Advantage Policy listing included General Manager of the National Housing Corporation Lanette Napoleon-Young and Minister of Finance Chris Sinckler.

One Annuity policyholder who did not want to be identified told Barbados TODAY whatever he received from the company would be “a welcomed bonus.

“I am happy for myself and the others who have been waiting a long time,” he said.

A number of prominent businesses were also affected by the CLICO collapse. Listed under the Executive Flexible Premium Annuity Policy, Corporate were companies such as the Nation Publishing Company, Starcom Network Inc, First Citizens investment services (Formerly CMMB Barbados Ltd), Harmony General Insurance Ltd, the Barbados Association of Retired Persons and the Branlee Consulting Services Inc, a company founded by Paris.

Parris, the former CLICO executive chairman, is currently involved in a legal battle to release over $3million in assets which have been frozen by the court.

marlonmadden@barbadostoday.bb