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CLICO International Life Insurance Ltd. (CIL) – Judicial Management Update

This website provides official updates from the Judicial Manager overseeing the affairs of CLICO International Life Insurance Company. (“CIL”) The Judicial Manager remains responsible for claim-related matters and the ongoing realization process across Antigua and Barbuda, Dominica, Grenada, and St. Vincent and the Grenadines.

Judicial Management Appointment 

CIL was a complex insurance and investment management business incorporated in Barbados with branch operations in eight other jurisdictions in the Eastern Caribbean (“EC”). CIL’s business included traditional life insurance underwriting, group health benefit plans, and the sale of Executive Flexible Policy Annuities, which offered higher interest rates, shorter maturity dates, and redeemable features similar to deposit instruments issued by banks. The CIL group, together with its parent, CLICO Holdings Barbados Limited, included over 80 related companies and other ownership interests in businesses and properties throughout the Caribbean. CIL’s operations suffered from poor corporate governance, management, and investment practices. Many of its investment properties purchased to support its policyholder liabilities proved to be illiquid with net operating losses.

On April 14, 2011, the Supreme Court of Barbados appointed Deloitte Consulting Ltd. as Judicial Manager of CIL, pursuant to Section 57 of the Barbados Insurance Act. Further instructions were issued on April 29, 2011, to support the management and restructuring process.

Territories participating in the Ongoing Distribution for which Deloitte Consulting Ltd. is responsible

The territories participating in this distribution, known as the “E.C participating territories” are Antigua & Barbuda, Dominica, Grenada, St. Vincent and the Grenadines and Montserrat.

Although Montserrat has a separate Judicial Manager, it has opted into the regional distribution. We will work collaboratively to facilitate the distribution of funds to Montserrat policyholders.

Anguilla however, has opted out of the regional pooling of assets and will not be included in this distribution. As a result, policyholders and claimants in Anguilla will receive distributions directly from assets realized within that jurisdiction.

ANTIGUA & BARBUDA

DOMINICA

GRENADA

MONTSERRAT

ST. VINCENT & THE GRENADINES

Select Your Country from the display of flags for the EC Territories for country-specific updates.

Frequently Asked Questions

Please refer to the FAQs tab for guidance on the most common
inquiries.

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Who is eligible to receive proceeds from this distribution?

Only policyholders, beneficiaries and claimants from participating territories whose policies, benefits, claims and values are validated and confirmed.

How will proceeds be distributed to policyholders?

Primarily through bank transfers. Claimants who do not have a bank or credit union account will be paid through cashier’s cheque.

What documentation is required as part of the verification process?

All valid policyholders/claimants should present one photo ID along with their birth certificate and proof of address. Where applicable, marriage certificates, decree nisi, death certificates, letters of administration, powers of attorney documents or probated wills may be required to substantiate claims.

Next Steps for Policyholders

Policyholders and other claimants can expect to be contacted individually to confirm the details of their policies or claims. The Judicial Manager is working closely with governments, regulators, and courts in each jurisdiction to finalize a resolution strategy. Please select your appropriate country for island-specific details.

Stay Informed

Please visit this website regularly for updates. For further information or inquiries, you may contact the Judicial Manager directly or reach out to your local island representative.

To find local contact details, please select your island from the menu:

The Judicial Manager continues to work closely with its legal team, regulators, and the Courts to obtain consent orders for all participating Eastern Caribbean territories.

At this time, we advise all active policyholders in Grenada to monitor local newspapers, radio broadcasts, and this website for updates regarding the distribution of funds. Grenadian policyholders are encouraged to click on their designated territory page for more detailed information.

All other active policyholders are similarly advised to regularly check this website for updates, as new information will be published as it becomes available.