OK for CIL plan
Deloitte Consulting Ltd., the judicial manager of CLICO International Life Insurance Limited (CIL), has had its final recommendations accepted by the High Court.
And now a copy of the recommendations will be made available for inspection for a period of two weeks, either at the Registry of the Supreme Court or at a location to be determined by the Financial Services Commission (FSC).
In a release yesterday from Deloitte Consulting, it was noted that one of the primary objectives of the plan was to ensure that there was no loss of principal amount for any individual policyholder.
“Based on discussions with the Ministry of Finance and Economic Affairs (Government of Barbados) and the Central Bank of Barbados and subject to Cabinet’s approval of the plan, it is proposed that a new company (NEWCO) will be established to hold CIL’s portfolio of traditional insurance business and the restructured EFPAs, with the ultimate aim of creating a viable insurance company which could be sold to an investor insurance company.
“This NEWCO would receive the principal balance of CIL’s individually-owned Executive Flexible Premium Annuities (EFPA) policies (converted into ten-year annuities) and the traditional insurance policies (life, health, annuities, pensions).” (GE/PR)