Bacol files legal action at the CCJ to compensate British American policyholders

British American Insurance Company Limited and Colonial Life Insurance Company Limited Policy Holders Group (‘BACOL’) on 13^th July, 2021 took the first step at the Caribbean Court of Justice (‘CCJ’) to pursue equitable compensation for policyholders of British American Insurance Company Limited from various OECS territories.

This is the latest step on a long journey after it emerged that British American Policyholders in the OECS would not be offered compensation on par with that awarded to British American Policyholders from other CARICOM nations, following the 2009 collapse of the insurance company.

Since its formation, BACOL has held consultations with aggrieved British American Policyholders throughout the OECS to apprise them of their rights and to invite them to become members of BACOL, with a view to obtaining fair compensation. As it stands, the only offer of compensation has been by the appointed judicial managers in the OECS, an offer of 30 cents on every dollar of policyholders’ investment. Unsatisfied by discriminatory treatment between the comparable British American Policyholders, BACOL, on behalf of its members, has caused the jurisdiction of the CCJ to be invoked, with a view to receiving full compensation on par with that awarded to British American Policyholders from other CARICOM nations.

The proceedings at the CCJ illustrates that BACOL is acting as coordinator for BAICO Policyholders across the OECS, has undertaken work which will lead to a claim being filed on behalf of aggrieved British American Policyholders. Registration of Policyholders who wish to participate is already underway through a network of Case Managers located in every anticipated participating country.

Next Actions

1. BACOL will hold a series of town hall meetings to apprise Policyholders of the lawsuit and answer questions, as per the schedule below:

• Grenada – July 27^th, 2021, 6:30 p.m.

Zoom Link: https://us02web.zoom.us/j/81067430477?pwd=WTZMbnNtcFNPRmNyTUxLM2VRU2x6dz09