Restructuring plan for CLICO filed in High Court

The restructuring plan for CLICO International Life Insurance Limited has been filed in the High Court of Barbados by the company’s Judicial Manager Deloitte Consulting Limited, as represented by Oliver Jordan and Patrick Toppin.{{more}}

A release from Deloitte and Touche said the filing of the plan is in keeping with Section 5 of the ‘Amended Order for Appointment of a Judicial Manager’ of April 29, 2011, which stated that –

The Judicial Manager shall provide an interim report to this Honorable Court on the operations of the Company within 30 days hereof and shall also provide a report to this Honorable Court within 90 days of its appointment pursuant to Section 61(1) of the Insurance Act stating which of the following courses is most advantageous to the general interests of the policy-holders of the Company:

(a) The transfer of all or any part of the insurance business of the Company to some other insurance company in pursuance of a scheme to be prepared by the Judicial Manager and annexed to the report in accordance with the Insurance Act;

(b) The carrying on of its business by the company either unconditionally or subject to such conditions as the Judicial Manager may suggest;

(c) The winding up of the Company; or

(d) Such other course as the Judicial Manager considers available

The Judicial Manager has recommended a course of action believed to be most advantageous in the interests of the Company’s policyholders and will now await its approval by the court.

The judicial manager filed its Interim Report to the court on May 27, 2011, and with last Thursday’s filing has now met all of the timelines for reporting as established by the court.

“The Judicial Manager will continue to provide timely updates to policyholders as the judicial management process advances.

“In the interim, it should be noted that the operations and coverage of CLICO International Life Insurance Limited’s existing policies remain in effect, subject to premiums on such policies continuing to be paid by policyholders. These premium payments should be made in the normal manner of the company.

“Any and all queries concerning policies can be directed to the company via established lines of communication. Additionally, the Judicial Manager has established a dedicated email address of clicojudicialmanager.bb@deloitte.com for direct communication concerning the Judicial Management process.” the release said.