BACOL to provide update on legal action to obtain compensation for BAICO OECS policyholders
25 July 2021
Dominica News Online
Dominica
British American Insurance Company Limited (BAICO) and Colonial Life Insurance Company Limited Policy Holders Group (BACOL) will host a media conference tomorrow, July 26th, 2021, to provide an update on the status of the legal action filed at the Caribbean Court of Justice (CCJ) in “pursuit of fair and equitable compensation” for British American Insurance Company policyholders and beneficiaries in seven OECS countries.
According to a release from BACOL, the virtual media conference will inform Caribbean and international media with updated information for dissemination to their readers, listeners and viewers at home and in the diaspora, on the law suit which was filed at the CCJ) on July 13th, 2021.
The release states that the filing of the lawsuit is the culmination of years of painstaking work and a long journey that began with the formation of BACOL in 2015, “after it emerged that British American policyholders in the OECS would not be offered compensation on par with that awarded to policyholders from other CARICOM nations, following the 2009 collapse of the insurance company.”
The media conference is expected to be addressed by BACOL President, Dr. Patrick Antoine, and the legal team, headed by Mr. Simon Davenport, Q.C.
The release further states that since its formation, BACOL has held consultations with aggrieved policyholders throughout the OECS, to apprise them of their rights, and to invite them to become members of BACOL, the only legally viable option to obtain fair compensation.
“It should be noted that currently, the only other offer of compensation from the appointed judicial managers, is for 30 cents on the dollar. BACOL, through the CCJ and on behalf of its members, is seeking full compensation plus interest for 10 years,” the release indicated.
Media houses are invited to join the Media Conference on the Zoom meeting platform at the following link:
https://us02web.zoom.us/j/83273743441?pwd=c2N0MWFwZ0FKSHN2WDNFUGw3dHNzUT09
