KINGSTOWN, St. Vincent, CMC – The British American Insurance coverage Co. Ltd and Colonial Life Insurance coverage Co. Ltd. Coverage Holders Group (BACOL) has thanked policyholders for “their endurance and their help ”because it disagreed with the ruling by the Caribbean Court docket of Justice (CCJ) to dismiss its lawsuit introduced in opposition to the Trinidad and Tobago authorities.
“We deeply, however respectfully, disagree with the outcome,” stated BACOL in an announcement signed by the chairman of its board of administrators, Dr. Patrick Antoine.
“Whereas the judgment represents a major setback, we will not relent within the quest for financial justice for BAICO and CLICO policyholders. Within the coming weeks and months, the judgment will probably be subjected to eager evaluation to evaluate whether or not it leaves any additional avenue open for judicial redress.,” he added.
On Tuesday, the Trinidad-based Caribbean CCJ dismissed the lawsuit introduced in opposition to the Trinidad and Tobago authorities over the 2009 collapse of the British American Insurance coverage Co. Ltd and Colonial Life Insurance coverage Co. Ltd insurance coverage giants.
“The declare is dismissed, and the events have been ordered to bear their prices,” CCJ President Justice Adrian Saunders stated within the judgment abstract.
BACOL introduced the lawsuit, claiming that after 15 years of perseverance, it has “considerably superior the pursuit of economic justice” for policyholders in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines who’ve “suffered excessive monetary loss and hardship” after the collapse of the British American Insurance coverage Co. Ltd. (BAICO).
BACOL stated the collapse resulted in losses of over EC$800,000,000 (One EC greenback=US$0.37 cents) to companies and people.
In April, the matter of Ellis Richards and others versus Trinidad and Tobago was heard by the CCJ, with the legal professionals for the policyholders arguing that the Trinidad and Tobago authorities breached the Revised Treaty of Chaguaramas (RTC), which established the Caribbean Single Market and Financial system (CSME), by bailing out sure native CL Monetary (CLF) subsidiaries comparable to CLICO and British American Trinidad (BAT) and never regional subsidiaries comparable to BAICO.
The legal professionals, together with former St. Lucia prime minister Dr. Kenny Anthony, stated that whereas native policyholders have been protected and basically assured their full investments, Japanese Caribbean policyholders have been solely in a position to recoup roughly 14 percentpercent of their belongings via the liquidation of the regional subsidiary.
“It’s with profound disappointment that we inform the policyholders of British American Insurance coverage Firm (BAICO), who misplaced a whole lot of thousands and thousands of {dollars} when the CL Monetary Group (CLF) collapsed, that the Caribbean Court docket of Justice (CCJ) has dismissed the claims introduced on their behalf in opposition to Trinidad & Tobago,” Antoine wrote within the assertion.
He stated these claims have been based mostly on the premise that the BAICO policyholders have been equally circumstanced and thus ought to have been handled in like method to Trinbagonian policyholders of the Trinidadian firm, British American Insurance coverage Firm (Trinidad) Restricted (BAT), who have been compensated for his or her loss by Port of Spain.
“The CCJ’s Judgment highlights the failure of CARICOM (Caribbean Group)to place in place a framework to guard and supply equal therapy for all customers throughout the Widespread Market,” Antoine stated.
He stated that the CCJ, which serves as a world tribunal deciphering the Revised Treaty of Chaguaramas (RTC) that governs the regional integration grouping, had noticed that regardless of the availability contained within the RTC) for member states to advertise the pursuits of customers within the Group by acceptable measures, “no particular measures existed which have been enforceable in opposition to Trinidad and Tobago.
“Consequently, the Court docket dominated that, though it was “delicate to the great losses sustained by the [BAICO Policyholders] and all those that have been affected by the CLF implosion,” there was no authorized foundation presently underneath the RTC that gives for redress for the large losses,” Antoine stated.
He stated regrettably, the Trinidad and Tobago authorities might depend on an exception to rights contained within the RTC and thereby prohibit its implementation of a rescue plan for CLF and consequent compensation to Trinbagonians solely.
“That is in opposition to the background of the Court docket having decided that the collapse of CLF, which was based mostly on and operated out of Trinidad & Tobago, stemmed from important regulatory deficiencies.”
Antoine stated that he wished to thank “policyholders for his or her endurance and their help of our pursuit of this matter, in addition to the crew of legal professionals, together with the late Gerald Thompson and . Karl Markham, “each of whom have been referred to as dwelling to glory, throughout this quest for ‘financial justice’ for BAICO and CLICO Policyholders.
“We prolong our gratitude to all others who offered help and help on this wrestle, which has been ongoing for the previous 15 years,” Antoine added.
Associated
