{"id":139461,"date":"2025-09-12T21:01:11","date_gmt":"2025-09-12T21:01:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/139461\/"},"modified":"2025-09-12T21:01:11","modified_gmt":"2025-09-12T21:01:11","slug":"insurance-firm-to-pay-ex-md-2-1m-pension-house-in-retirement","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/139461\/","title":{"rendered":"Insurance firm to pay ex-MD $2.1m, pension, house in retirement"},"content":{"rendered":"

\tNews<\/a><\/p>\n

\t
\n\t\tJada Loutoo
\n\t<\/a><\/p>\n

12 Hrs Ago<\/p>\n

\"JusticeJustice Frank Seepersad – <\/p>\n

AN insurance broking firm has been ordered to pay its former long-standing managing director in excess of $2.1 million, plus a monthly pension and an apartment in a development, if construction resumes, as promised to him in his retirement package.<\/p>\n

Justice Frank Seepersad made the order on September 11. It came after former MD Omar Daniel and M&M Insurance Broking Services Ltd could not agree on a proposal.<\/p>\n

The judge was presiding over Daniel\u2019s lawsuit against M&M Insurance. The trial took place on September 9 at the Waterfront Judicial Complex, Port of Spain. On September 10, attorneys for the parties informed the judge they were working on updated figures.<\/p>\n

However, when they returned on Thursday, they admitted there was no consensus, leaving Seepersad to deliver his ruling.<\/p>\n

According to the evidence, Daniel worked with the company for approximately 40 years before he parted ways in 2021.<\/p>\n

He claimed that in 2013, a year before he was due to turn 60, then-M&M Insurance chairman Steve Castagne proposed his retirement benefits.<\/p>\n

He claimed that he was promised a $1 million continuity bonus, which would be paid in two equal tranches\u2014one when he turned 60 and the other five years later when he reached the retirement age for executives.<\/p>\n

He also claimed that he was entitled to a commission for an overseas plan that he administered at Castagne\u2019s request. He also claimed that Castagne promised him a townhouse in a residential complex in Maraval, which he (Castagne) was developing at the time.<\/p>\n

He also contended that he was entitled to a monthly pension for ten years after his retirement.<\/p>\n

In his ruling, Seepersad held that the insurance firm did have a pension policy in place in April 2004.<\/p>\n

According to the judge, Castagne represented to Daniel that benefits would accrue to him if he stayed on and, as chairman, had actual authority to engage employees, although there was an ad hoc arrangement of the company\u2019s affairs.<\/p>\n

He also said strict requirements for board approval appeared to have been side-stepped, with Castagne making decisions for the company, which, oftentimes, led to disagreements with his daughter, Isabel Castagne-Hay, who took over after he stepped down.<\/p>\n

According to Seepersad, there was \u201cunambiguous evidence\u201d that the company represented to employees that it would introduce a pension plan, effective January 1, 2004.<\/p>\n

\u201cThe evidence established that there is an obligation by the defendant to pay employees a pension consistent with the memorandum.\u201d<\/p>\n

The judge also noted that Daniel was entitled to a portion of the continuity bonus; the apartment at Saddle Valley development, commissions and an enhanced benefit lump sum to which he contributed. The sums will accrue varying percentages of interest. \u201cThere is no dispute that he worked for the defendant company and moved up the ranks.\u201d<\/p>\n

However, ruled against Daniel\u2019s claim for the repayment of his NIS contributions after he turned 60 and an apartment in One Woodbrook Place instead of the one in the Saddle Valley development.<\/p>\n

After the trial, Seepersad noted that most of the aspects of Daniel\u2019s claims over his entitlements had been admitted by the company. He gave the parties the time to decide on the remaining aspects.<\/p>\n

Justice Seepersad said, \u201cI urge you to speak with each other overnight to see if you can resolve those issues. If not, I will solve them for you.\u201d<\/p>\n

\u201cI am strongly urging the parties that these issues can be amicably resolved to bring finality to this matter so that everyone can move on with their lives,\u201d he added.<\/p>\n

In her evidence, Castagne-Hay admitted that she consulted with her father but claimed that she was not bound to comply, as he no longer played an active role.<\/p>\n

\u201cWhen he says I defy him, he means that I don\u2019t take what he says as a direction,\u201d she said.<\/p>\n

Kiel Taklalsingh, Karina Singh and Keston Lewis represented Daniel, while Gregory Pantin represented M&M Insurance. The judge ordered the company to pay Daniel\u2019s costs and approved a 28 day stay of execution.<\/p>\n","protected":false},"excerpt":{"rendered":"News Jada Loutoo 12 Hrs Ago Justice Frank Seepersad – AN insurance broking firm has been ordered to…\n","protected":false},"author":2,"featured_media":139462,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":["post-139461","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/139461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=139461"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/139461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/139462"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=139461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=139461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=139461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}