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Former Attorney General threatens to sue Clico (Trinidad)

Mar 27, 2010 News

– over insurance claim

Former Attorney General, Doodnauth Singh, is threatening to sue CLICO Trinidad unless proceeds from an insurance policy worth TT$500,000 is paid within two weeks.
Singh, who has been troubled with medical problems recently, needed the money urgently to facilitate overseas medical help, a letter to CLICO Trinidad that was sent yesterday said. However, the troubled insurance company never paid.
According to the letter dated March 26, 2010, on March 3 last year, Singh’s Trinidad’s attorney, Richard Dowlath, had written the insurance company informing them that the Executive Flexible Premium Annuity Policy # R0085881 in the name of Doodnauth Singh would not be renewed on the maturity date of July 19, 2009.
As at July 19, 2009, the matured policy would have had a face value of TT$544,325.80.
Additionally, the former Attorney General said, the Trinidad lawyer had sent CLICO a medical report where it was stated that it would be necessary for Singh to travel abroad for surgery.
“It has now become imperative that the proceeds of the said policy should be paid within 14 days of receipt of this letter, failing which legal proceedings will be instated in the High Court of Trinidad and Tobago.”
The letter by Singh, which was faxed and emailed to the company yesterday, was also sent to the Trinidad and Tobago’s Minister of Finance, Karen Nunez-Tesheira.
CLICO operations, in the Caribbean, are being sold off or placed in government custody across its regional markets, a move taken by different countries to protect policyholders after the Trinidad-owned insurance group ran into liquidity troubles at the close of 2008.
CLICO and its parent CL Financial were rescued by the Trinidad Government, which is now selling off businesses owned by the conglomerate.

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