Here are some quick answers to questions you might have, about how BACOL is pursuing compensation on behalf of all its members. This information is provided to guide you, but is subject to change as circumstances may warrant. For detailed answers to any questions or concerns you might have, please contact your Case Manager.
What is the basis for the case?
When the Government of Trinidad and Tobago (GoRTT) intervened to save the Policyholders and other clients of British American (Trinidad) it acted in a discriminatory manner, given that the Policyholders of British American Insurance Company (BAICO) in the Eastern Caribbean were not included in the settlement arrangements.
The action by the GoRTT resulted in British American Policyholders in Trinidad and Tobago receiving compensation for their investments while British American Policyholders in the Eastern Caribbean countries were not similarly compensated. British American and Colonial Life Insurance Company Limited (BACOL), was formed as a Policyholders group to represent the interest of British American Policyholders in the Eastern Caribbean. BACOL is spearheading the effort for compensation for British American Policyholders in the Eastern Caribbean, that is on par with what has been paid to Policyholders in Trinidad and Tobago.
Who is eligible to participate?
You are eligible to participate if your policy was registered in any of the following territories:
Antigua & Barbuda, Dominica, Grenada, Montserrat, St. Lucia, St. Kitts & Nevis and St. Vincent & the Grenadines.
How Do I Register?
Registration for BAICO policyholders is closed at this time.
In the event of a further extension of registration, notices will be issued, to contact the
Case Manager(s) in your country.
How do I, an affected policyholder, become part of the BACOL legal action?
To join the BACOL action, you are required to make an appointment with the Case Manager (a designated attorney) in the country your policy was registered. The Case Managers for the each BAICO Territory are indicated as follows:
Anguilla, Antigua & Barbuda, Dominica, Grenada, Montserrat, St. Lucia, St. Kitts & Nevis and St. Vincent & the Grenadines.
Which Policies Are Eligible for Compensation?
BAICO
FPA II – Flexible Premium Annuity II
(3,4,5 year periods)
EFPA – Executive Flexible Premium Annuity
(1&2 year periods)
CLICO – The following CLICO Policies will be the focus of the legal action for
compensation, when legal action
commences:
FPA - Flexible Premium Annuity
EFPA- Executive Flexible Premium Annuity
What do Case Managers require?
a) Copies of National Identification
b) Policy document/Policy page - Schedule of Benefits
c) OR any original document bearing the particular reference to a policy that indicates evidence of a relationship with the BAICO:
- Acknowledgment of ECCU Relief Payment - Policy surrendered
- Insurance Company Letter of Confirmation of Policy
- Notice of Maturity of Policy with current policy value
- Receipt of Fund paid to Insurance Company (no policy issued)
- Insurance Company Statement of Current Fund Value
- Certificate for Investment
- Statutory Declaration re Lost or Missing Policy
- Affidavit of Entitlement to proceeds of policy (lost or missing policy)
- Notarial Certificate re ownership of Policy
- Insurance Company Correspondence in acknowledgment of policy (surrendered policy)
- Evidence of payment to Insurance Company (eg. copy of Bank draft where no policy issued)
- Other document(s) - (describe the document(s))
d) OR Copy of correspondence or any evidence of payment (copy of cheque, deposit slip etc.) under the BAICO Plan of Arrangements
e) 4. Other supporting documents:
- Power of Attorney
- Death Certificate for deceased policy holder
- Probate for deceased policy holder’s estate
- Letters of Administration for deceased policy holder’s estate
- Deed Poll evidencing name change after issue of policy
- Other document(s) - e.g. Letter and other correspondence from BAICO.
f) A Registration Fee of EC$150 is payable by each policyholder. However, each policyholder pays only one Registration Fee, regardless of how many policies they may have.
g) Your Scaled Financial Contribution is based on the value of your policy. This contribution covers administrative and other costs related to the filing the case before the Caribbean Court of Justice (CCJ).
h) Risk-Free Financing of the Financial Contribution
If you cannot afford the Scaled Financial Contribution, your Case Manager can advise you on how to access risk-free financing.
Must I register with BACOL?
As the only legal entity that has continued to pursue this matter, BACOL is the most viable option for achieving fair compensation. BACOL has maintained its interest in pursuing full compensation for Policyholders in the Eastern Caribbean. BACOL has also been relentless in building the evidentiary basis for the launch of a successful case before the CCJ. As it now stands, BACOL is the only entity that has positioned the interest of BAICO Policyholders in a manner which preserves their rights before the Court.
Registration with BACOL is probably therefore the only avenue left, to pursue the recovery of the investments in BAICO.
What happens after I register?
Your Case Manager will be responsible for examining and verifying your claim. Upon verification, the Case Manager will forward your registration to the BACOL Legal Team for inclusion in the legal action before the CCJ (the lawsuit).
The Legal Team will file the case with the CCJ, and a date will be set for the hearing of the ‘Application for Special Leave’ and for subsequent hearings based on the direction of the Court.
How long will it take to get a decision?
While it is difficult to state precisely how long the CCJ will require to determine this matter, based on other cases presided over by the CCJ, we anticipate that this matter could take between twelve and eighteen months from the date of filing of the claim.
If the judgement is favourable, how soon can I expect to receive payment?
The date of payment will be determined by the CCJ. However, the Court will no doubt understand the urgency of restoring Policyholders’ investments. Judging from the arrangements made by the GoRTT for British American Trinidad and Tobago Policyholders, we reasonably expect that the arrangements for payment will take between six to eight months following a favourable judgment.
How will restitution/ compensation be paid?
There are several options available to the Court for the settlement of BAICO Policyholders’ investments. Ultimately, the CCJ will make the determination of which mechanism to use and how the arrangements for compensation will be made.
