On Wednesday, Colonial Life Insurance Co Ltd (CLICO) policyholders will again be going before the court challenging the State’s refusal to pay them the full amount due on their Executive Flexible Premium Annuities (EFPA).
The policyholders, represented by attorney Ramesh Lawrence Maharaj, yesterday held a meeting at Centre Pointe Mall in Chaguanas.
Speaking to reporters after the meeting Maharaj said he was optimistic that ruling will be made in the policyholders’ favour.
They are seeking an interim court order that Government give details of the assets of CLICO which has been sold and how the proceeds of the sales were applied. Maharaj said the lawsuit also seeks to compel Government to give details of the EFPA policyholders who have been paid in full since January 2009.
Maharaj said he hoped the matter should be resolved by March.
“The EFPA policyholders are very upbeat. They want to get their full compensation but they have indicated if the government decides to enter into discussions to resolve the matter, they are prepared to give and take so the government can get some concessions from the EFPA policyholders.”
The matter will be heard in the Hall of Justice, Port of Spain.
