Client demands investments account from life insurance company

A client who felt cheated on a policy he had taken out 19 years ago has filed a judicial protest against Eagle Star, the second such legal action against the insurer in under five months.

Carmelo Bonnici said he had taken out an insurance policy in 1989 and was told, in writing, that the estimated maturity value of the policy was about €130,000 (Lm56, 000). When the policy matured, Mr Bonnici was offered about €67,000 in settlement of the policy.

Mr Bonnici told the court he refused to accept the sum as it did not reflect the true value of the policy. The other judicial protest was filed in December by Peter and Madeleine Vella De Fremeaux who similarly complained that the company offered a substantially lower sum than was due after their policies had matured.

Mr and Mrs Vella de Fremeaux said that the payment offered did not reflect the value of their insurance policies, adding that it indicated an investment strategy that was lacking and which smelt of abusive action. Mr Bonnici reiterated these arguments, adding that the insurance offer indicated a serious lack in investment strategy on the part of the company.

He said it also suggested abusive action and called on the company to give him, within five days, an account of the investments made and to pay him the money he was owned reflecting the policy's maturity value.

Lawyer Adrian Delia signed the protest.