BAICO policyholders to know fate Tuesday

POLICY HOLDERS in St Vincent and the Grenadines are among hundreds across the region who are eagerly awaiting the ruling of the Caribbean Court of Justice (CCJ) on a matter stemming from the demise of British American and Clico Insurance Companies. The CCJ is expected to hand down its ruling on Tuesday, October 22, 2024.

On July 13, 2021, The British American and Clico Policyholders Group (BACOL) filed a lawsuit in the Caribbean Court of Justice (CCJ) seeking compensation from the 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.

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, a release issued on behalf of BACOL states.

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 of nationality. They indicated that such discrimination is in contravention of Part Two – Article 184 of the Revised Treaty of Chaguaramas.

The action before the CCJ is rooted in a 2015 decision by policyholders from Grenada and Antigua and Barbuda to form a pressure group to approach the Court in pursuit of justice, after the collapse of British American Insurance Company, and the subsequent payout by the GORTT to certain policyholders in the CARICOM region.

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.

BACOL will host a virtual media conference to update policyholders and