Ten CLICO policyholders on Friday filed a petition to wind up the company.
The 10 investors are seeking to recover their investments in Colonial Life Insurance Co Ltd (CLICO). They all hold Executive Flexible Premium Annuity (EFPA) policies with the troubled financial institution.
They took the legal action after they failed to get repayments of their investments from CLICO. The 10 have been identified as: Percy Farrell, Marina Inalsingh, Professor Gordon Rohlehr, David Dayal, Michael Alexander, Brian Gibbons, Hamish Herrera, Sandra Mc Shine, Eugene McShine and Norris Gomez.
Gomez is a former CLICO agent and the founder of the CLICO Policyholders Group.
Their action is based on their interpretation of Section 76 of the Insurance Act, Chapter 84:01.
The action states: “The court may order a winding up of a company in accordance with the Companies Act...
(a) on the petition of ten or more policyholders owning policies of an aggregate sum of assured of not less than one hundred thousand dollars.”
Section 76(2): A petition shall not be presented except by leave of the court , and such leave shall not be granted unless—
(a) a prima facie case has been established to the satisfaction of the Court.
The government of Trinidad and Tobago has offered all CLICO investors and policyholders a lump sum payment of $75,000 immediately and the rest in equal instalments over a 20-year period with no interest.
The 10 investors are seeking to recover their investments in Colonial Life Insurance Co Ltd (CLICO). They all hold Executive Flexible Premium Annuity (EFPA) policies with the troubled financial institution.
They took the legal action after they failed to get repayments of their investments from CLICO. The 10 have been identified as: Percy Farrell, Marina Inalsingh, Professor Gordon Rohlehr, David Dayal, Michael Alexander, Brian Gibbons, Hamish Herrera, Sandra Mc Shine, Eugene McShine and Norris Gomez.
Gomez is a former CLICO agent and the founder of the CLICO Policyholders Group.
Their action is based on their interpretation of Section 76 of the Insurance Act, Chapter 84:01.
The action states: “The court may order a winding up of a company in accordance with the Companies Act...
(a) on the petition of ten or more policyholders owning policies of an aggregate sum of assured of not less than one hundred thousand dollars.”
Section 76(2): A petition shall not be presented except by leave of the court , and such leave shall not be granted unless—
(a) a prima facie case has been established to the satisfaction of the Court.
The government of Trinidad and Tobago has offered all CLICO investors and policyholders a lump sum payment of $75,000 immediately and the rest in equal instalments over a 20-year period with no interest.
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