British American Insurance Policyholders will know their fate on Tuesday October 22nd, 2024
15 October 2024
By Admin. Updated 11:11 a.m., Tuesday, October 15, 2024, Atlantic Standard Time (GMT-4).
British American Insurance Policyholders will know their fate on Tuesday, October 22nd, 2024, as the Caribbean Court of Justice is set to judge a lawsuit filed by policyholders.
“On July 13th, 2021, The British American and ClicoPolicyholders Group (BACOL) filed a lawsuit in theCaribbean Court of Justice (CCJ) to seekingcompensation from Government of Trinidad and Tobago (GORTT) of the monies owed to the British American Insurance Company Ltd (BAICO) Policyholders after the GORTT failed to include them in its settlement offered to other Caricom Policyholders,” a press release circulated to the media on Tuesday stated.
“Close to 2000 Policyholders from Antigua Barbuda,Dominica, Grenada, Montserrat, St. Kitts and Nevis,St.Lucia and St.Vincent and the Grenadines are affected, many of whom have reported financial hardship, destitution and emotional trauma after the 2009 collapse of BAICO,” the press release stated.
“Attorneys representing BACOL contend that the GORTT’s plan to protect the funds of British American Insurance Policyholders of certain subsidiaries of CL Financial (CLF) after its collapse, discriminated against them on the basis ofnationality. They indicated that such discrimination is in contravention of Part Two – Article 184 of the Revised Treaty of Chaguaramas,” the release further stated.
“The action before the CCJ is rooted in a 2015 decision by policyholders from Grenada and Antigua Barbuda to form a pressure group to approach the Court in pursuit of justiceafter the collapse of British American Insurance Company and the subsequent payout by the GORTT to certain policyholders in the CARICOM region,” the press release stated.
“The action by BACOL has been hailed as historic, as, this is the first matter of its kind to be brought before the CCJ by a group of private citizens.BACOL Policyholders were represented by Simon Davenport KC, Dr. Kenny Anthony, Gregory Pantin, Matthew Happold, Carsten Zatchler, George Kirnon, and Miguel Vasquez,” the release further stated.
BACOL said it will host a virtual media conference to update policyholders and the media on the outcome of the hearing.
