by Linda Straker
- CLICO International Life (CIL) collapsed in 2011
- Grenada Supreme Court approved initial distribution of approximately EC$9.5 million to policyholders on 12 May 2025
- Judicial Manager has launched website to provide updates
The Grenada Authority for the Regulations of Financial Institutions (GARFIN), said it continues to be in close communication with the judicial management team of CLICO for Grenada to ensure a smooth process and urges policyholders to review the correspondences received and respond, as necessary, in a timely manner.
According to a recent publication in the Government Gazette, the Grenada Supreme Court approved an initial distribution of approximately EC$9.5 million to policyholders on 12 May 2025. However, with total liabilities reaching EC$144.9 million, this represents just 6.59% of admitted claims.
CLICO International Life (CIL) collapsed in 2011, leaving thousands of Grenadian families without their life insurance benefits and retirement savings. The company entered judicial management under court supervision, with managers Ikins D Clarke and Patrick B Toppin working for over a decade to recover its assets. The partial payment is coming after 14 years of financial uncertainty for the more than 2,000 CLICO International Life policyholders. The distribution follows a small claims scheme, where claims under EC$50 will receive no payment due to processing costs being too high, while claims between EC$50 and EC$1,000 will be paid in full.
A letter to policyholders explained that those with claims between EC$1,000 and EC$15,576 can choose between receiving EC$1,000 as a lump sum payment or accepting 5.5% of their total claim amount. Claims over EC$15,576 will receive 5.5% of their claim amount.
In its notice to policyholders, GARFIN advised that if they were an active policyholder or claimant as of 30 November 2014, and have not received personalised letters by 31 October 2025, they must contact the Judicial Managers’ representatives to confirm or update their policy information.
The Judicial Manager has launched a website to provide updates on the progress with respect to judicial matters.
- Main website and general information: https://clicolife.com
- Grenada-specific information: https://clicolife.com/grenada
