Couple file protest against Eagle Star

A married couple yesterday filed a judicial protest in the First Hall of the Civil Court calling upon two insurance companies to render accounts of investments made in respect of their insurance policies.

Peter and Madeleine Vella De Fremeaux filed their protest against Eagle Star (Malta) Ltd and against Eagle Star Insurance Co Ltd.

The couple told the court that they had taken out two insurance policies which had matured on September 22, 2007. Following maturity date, the insurance companies had offered Mr and Mrs Vella De Fremeaux the sum of €68,308.69 each in respect of the value of their policies. But the couple claimed that these sums did not reflect the values of their two policies, and they had refused to accept this payment.

Last October, Eagle Star (Malta) Ltd issued two cheques, each for €68,308.69 to both Mr and Mrs Vella De Fremeaux in settlement of their respective policies.

According to the couple, this offer of payment did not reflect the value of their insurance policies, adding that it indicated an investment strategy which was lacking and which smacked of abusive action.

This notwithstandng, on October 17, the Vella De Fremeauxs formally informed the insurance companies that they would encash the two cheques without prejudice to the balances they claimed were due to them in terms of their insurance policies.

In yesterday's judicial protest the couple called upon the two companies to pay them the interest due on the sum of €68,308.69, offered to both of them, with effect from the date the policies had matured. The companies were also called upon to render accounts of the investments made since 1987, which was the year the insurance policies had been taken out, in order to calculate the real value of the policies, and to pay them the sum which truly reflected the full value of their insurance policies at maturity.