BAICO Policyholders loses case at CCJ
By Aabigayle McIntosh
The Caribbean Court of Justice (CCJ) has dismissed the case brought by policyholders of British American Insurance Company Limited (BAICO) who alleged that Trinidad and Tobago had breached various articles of the Revised Treaty of Chaguaramas (RTC) in the aftermath of the collapse of conglomerate, CL Financial (CLF).
The CCJ in fact ruled that Trinidad and Tobago did not breach its obligation under the RTC in bailing out CLICO.
The claimants, who were nationals of and institutions established in Antigua and Barbuda and Grenada, argued that the measures taken by the Government of Trinidad and Tobago by its intervention in and assistance to CLF and its subsidiaries, CLICO Investment Bank (CIB)
After the collapse of CLF in early 2009, authorities in that country decided to rescue or “bail out” CLF and its Trinidad and Tobago subsidiaries.
The court said the actions taken by Trinidad and Tobago were implemented to mitigate the effects of the collapse on policyholders and the wider Trinidad and Tobago economy.
This means the claims alleging breaches of Article 26, 37 and 38 at instance of BAICO policyholders, according to the court “were not justiciable by the court.
The claim was therefore dismissed and the parties were ordered to bear their own costs.
This story was first published by Antigua News on : antigua.news/2024/10/23/baico-policyholders-loses-case-at-ccj. © 2024 Antigua News. Republication without permission is not allowed.
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