ResLife to wrap up operations

The writing is on the wall for Resolution Life Assurance Company Limited (ResLife), successor to failed insurer CLICO.

ResLife is today notifying 15 000 policyholders that from April 1 it stopped accepting premiums from all classes of policyholders, and those who made such payments up to March 31 would be refunded.

THE NATION also learnt that about 35 workers at the insurance company, which started operations in January last year, were notified operations were expected to wind up in the next six months.

These developments followed Prime Minister Mia Mottley’s recent Budget announcement that ResLife would be liquidated by the Financial Services Commission (FSC) and policyholders would each receive a maximum cash payment of $20 000.