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Clico Life

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WEBSITE OF THE JUDICIAL MANAGER OF CLICO INTERNATIONAL LIFE INSURANCE LIMITED (CIL)

 

On April 14, 2011, the Supreme Court of Barbados (the "High Court") appointed Deloitte Consulting Ltd. as Judicial Manager of CLICO International Life Insurance Ltd. pursuant to Section 57 of the Insurance Act of Barbados and on April 29, 2011 the High Court provided further directions to the Barbados Judicial Manager.

 

Within the Eastern Caribbean, Deloitte or a representative thereof has been appointed as judicial manager of CIL's branches in Anguilla, Antigua and Barbuda, Dominica, Grenada and St. Vincent and the Grenadines, and other persons have been appointed in Montserrat, Saint Lucia and St. Christopher and Nevis. 

 

In March 2014, the Barbados Cabinet approved Phase I of a CIL restructuring plan for CIL's operations in Barbados, which is contingent on Government of Barbados funding.  The restructure of CIL was approved by Order of the Barbados High Court dated December 22, 2015 which issued directions for the implementation thereof. Permission to pursue Phase II of the restructuring plan was also granted by the Barbados High Court. However, such permission was subject to receipt of written confirmation and agreement from the Governments within the Eastern Caribbean as well as receipt of the requisite court and statutory approvals in the Eastern Caribbean.

 

Deloitte Consulting Ltd., in its capacity as Judicial Manager of CIL, hereby updates policyholders and claimants on the Barbados register of CIL against the estate of CIL with respect to the status of Phase I of the CIL restructuring plan as at January 5, 2018.

 

On July 31, 2017, the Barbados High Court approved the terms of a Transfer Agreement which provides, among other terms, for the transfer of the insurance business conducted by CIL in Barbados to Resolution Life Assurance Company Ltd. (ResLife).   Effective January 1, 2018, the Judicial Manager, and the Government of Barbados through its subsidiaries New Life Investment Company Inc. (NLICO) and ResLife, implemented Phase I of the restructuring plan and transferred the insurance business of CIL in Barbados to ResLife.  Phase I of the CIL restructuring plan contemplates the commencement of payment of Barbados outstanding death benefits within 60 days of plan implementation.  The payment timelines for other Barbados claims were set out in detail in appendix C of the individualized letter sent to all policyholders on the Barbados register of CIL.  The Judicial Manager has posted a Frequently Asked Questions document on this website, which has links to specific sections of the document to address the different types and payment timelines for each type of claim.

 

ResLife will be in contact directly with each policyholder to confirm the specific changes to their policy/policies.

 

All policyholders on the Barbados register of CIL with active policies and/or outstanding claims as of June 30, 2017 were issued an individualized letter from CIL to their last known address confirming individual policy information.  Further, the listing of names, policy numbers and addresses are posted on www.clicolife.com, and are available for inspection at the Supreme Court Registry and Financial Services Commission.

 

CIL has received returned mail where individuals have moved from the address printed in the newspaper on August 10, 2017.  The list of returned mail is also posted on www.clicolife.com.

 

Pursuant to the order of the Barbados High Court dated July 31, 2017, policyholders were required to contact CIL before close of business on November 13, 2017 if they disagreed with the policy or claim details provided. Failing which, the policy and or claim amounts, if any, as set out in the books and records of CIL will be deemed final.

 

With respect to policyholders and other claimants against the estate of CIL who are on CIL's registers in Anguilla, Antigua and Barbuda, Dominica, Grenada and St. Vincent and the Grenadines, we confirm that the Judicial Manager continues to actively manage this portfolio as no final order has yet been made as to the most advantageous course of action for policyholders in these jurisdictions.  The Judicial Manager will be communicating with policyholders individually to confirm their policy or claim details in the future and has already published a list of active policies and/or outstanding claims as of June 30, 2017 in various jurisdictions across the Eastern Caribbean for the purposes of updating CIL's records. 

 

The Judicial Manager continues to work on a final resolution for the policyholders and other claimants against the estate of CIL listed on CIL's registers in Anguilla, Antigua and Barbuda, Dominica, Grenada and St. Vincent and the Grenadines.  Once plans for each of these territories have been settled with the Governments, regulators and courts in the respective jurisdictions, the Judicial Manager will provide a further update.

 

Please refer back to this website or contact the Judicial Manager at (246) 431-4677 for further updates on the status of the restructuring plan.