CLICO Judicial Manager to meet with Policyholders

Policyholders of CLICO International Life Insurance Limited (CIL) are invited to meet with the company’s Judicial Manager, Oliver Jordan of Deloitte Consulting Limited and his St.Vincent and the Grenadines representative, Floyd Patterson of BDO today, Tuesday, September 27, 2011.{{more}}

Corporate Executive Flexible Premium Annuity (EFPA) holders are asked to attend the forum from 1:30 pm to 2:30 pm, while Individual EFPA Policyholders and holders of traditional policies are asked to attend from 2:30 pm to 4:00 pm. The meetings will be held at Frenches House, Frenches Gate.

The meetings follow the presentation of options for a restructuring plan for the Company, as presented in the High Court of Barbados on Tuesday, September 20, 2011, and it is the intent of the Judicial Manager to provide policyholders with a comprehensive update on the financial condition of CIL and the various options considered for restructuring. The Grenada forum will be the first in a series of meetings planned in the interest of policyholders in Barbados and the Eastern Caribbean.

Each option of the restructuring plan has its own funding implications, and as such, the Judicial Manager will also now engage in discussions with the insurance regulators and the governments of Barbados and the Eastern Caribbean to establish the preferred option and the available funding. Upon confirmation of available funding, the Judicial Manager will seek final approval in all regional courts for the restructuring of CIL.