(Trinidad Guardian) Five policyholders with the Colonial Life Insurance Company (Trinidad) Ltd (Clico) have sought judicial intervention over the Minister of Finance’s intended payout plan for policyholders in the 2010-2011 budget presentation. The lawsuit follows a legal threat issued by Executive Flexible Premium Annuity (EFPA) policyholders at the end of September, last year. Filed at the registry of the Hall of Justice, Port-of-Spain, Tuesday, the lawsuit seeks determination of the trust created to cover the liabilities of the policyholders. Clico, the Central Bank and Republic Bank Ltd are named as defendants in the lawsuit which also seeks to determine whether the bodies had the authority to separate and exclude EFPA holders from being beneficiaries under the trust.
EFPA policyholders — Percy Farrell, Marina Inalsingh, Professor Gordon Rohlehr, David Dayal and Michael Alexander — brought the action in response to the proposed payout plan announced by Finance Minister Winston Dookeran in his budget speech on September 8, last year. The claimants are seeking, among other reliefs, to have Farrell appointed to represent all EFPA policyholders who are entitled to received
