High Court Judge Maureen Rajnauth-Lee yesterday reserved her decision in the matter involving six civil suits filed by the Executive Flexible Premium Annuity (EFPA) policyholders against Colonial Life Insurance Company (CLICO).

Rajnauth-Lee indicated to the attorneys present that their submissions were helpful and she needed time to study their detailed arguments.

At yesterday's hearing, attorneys responded to submissions made by attorneys representing CLICO.

Attorneys Alvin Fitzpatrick SC and Lesley-ann Lucky-Samaroo, along with David Knott, Darryl Arthur Goede, Vindra Amar and the St Christopher and St Nevis Security Services, are seeking to recover over $47 million collectively from CLICO.

The policyholders, in their suit, claim the policies are merely contracts in the nature of deposits and those monies have fallen due.

The policyholders want to utilise their policies as an investment/savings mechanism.

In their defence, CLICO stated the policies were for an annuity and the annuity falls due at the retirement age stipulated in the policy.

CLICO's attorneys noted by asking for their money, the EFPA policyholders surrendered their policies of insurance before the stipulated retirement age.

The trial is set to determine the interpretation of Sections 134 and 135 of the Insurance Act.

Attorney Elton Prescott SC is representing St Christopher and St Nevis Security Services while attorney Mark Morgan is representing Goede and Knott, with attorney Shiv Sharma representing Lucky-Samaroo and Westmin James representing Amar.

CLICO is being represented by attorneys Ian Benjamin, Elena Araujo and Ravi Heffes-Doon.