British QC in judicial battle for CLICO annuity holders

Renowned British Queen’s Counsel Peter Knox, who has represented the State in several matters, has shifted gears and is set to appear for the United Policyholders Group. The policyholders’ application for leave of judicial review is set for hearing on Wednesday at the Hall of Justice, Port-of-Spain. The judicial review request against the Cabinet is an order to get a declaration from the High Court that the Executive Flexible Premium Annuity (EFPA) policyholders of Clico are entitled to receive from the Government the full sums of monies due on their policies of insurance.

The EFPA policyholders are also requesting that they should be granted an Interim Order against the Cabinet ordering it to supply the audited accounts of Clico and CL Financial so that over 200,000 policyholders of Clico and the taxpayers of the country can see the value of the assets of Clico. They are contending that they are entitled to these payments because they are policyholders as defined by the Insurance Act and they are entitled by the terms of the Insurance Act to get their full payments on their policies.

The policyholders are further contending that the government is acting unlawfully in treating them unequally in that it is treating them less favourably than the traditional policyholders by paying traditional policyholders the full sums of monies due under their policies but instead offering to pay the EFPA policyholders only part of their principal payments with no interest. The policyholders are expected to meet at 10am today at Centre Pointe Mall in Chaguanas with attorney Ramesh Lawrence Maharaj, SC.