Three years after the court-approved company Resolution Life which was administering payments to thousands of CLICO International Life Insurance policyholders in Barbados came to an end, Minister in the Ministry of Finance Ryan Straughn has revealed that the Financial Services Commission (FSC) which took over from the wound up company, is still to complete the work.He made the announcement in Parliament on Tuesday while debating the Financial Services Commission (Amendment) Bill and the Financial Services Commission (Miscellaneous, Provision and Validation) Bill, which are designed to give greater certainty to the operations of the FSC.“Now that ResLife has been wound up, the FSC has responsibility for anybody, who for whatever reason did not get their bonds issued in 2019. The FSC has the responsibility now for administering any of the persons who were the stragglers at that point,” said Straughn.After coming to office in 2018, the Mia Mottley administration set up Resolution Life Assurance Company Limited (ResLife) to administer the payments owed to policyholders of the collapsed CLICO.
