(Trinidad Guardian) After more than 13 years, the Central Bank of T&T yesterday relinquished control of the British American Insurance Company (Trinidad) Ltd (BAT).
According to a notification published in the T&T Gazette yesterday, the Central Bank, in accordance with Section 44G of the Central Bank Act Chapter 79:02, ceased to be in control of BAT with effect from December 22, 2022.
“All powers of control over the affairs, property and undertakings of British American Insurance Co (Trinidad) Ltd vested in the Central Bank by or in consequence of the Notification published in Legal Notice No 33 dated February 13, 2009, have been transferred to British American Insurance Co (Trinidad) Ltd from the Effective Date,” it stated.
This move comes three weeks after the Central Bank announced that it had relinquished control over Colonial Life Insurance Co (Trinidad) Ltd.
On December 1, the Central Bank relinquished emergency control over Clico.
The Central Bank had assumed control of both entities in 2009 “in order to safeguard the interests of policyholders and creditors and to prevent the disruption, substantial damage or impairment of the country’s financial system.”
Both Clico and BAT were among companies owned by CL Financial, which collapsed in 2009.
The Central Bank’s relinquishing of control came some five months after the Prime Minister of Antigua and Barbuda, Gaston Browne, said he was considering suing the T&T Government for US$60 million over losses sustained by Eastern Caribbean countries following the collapse of CL Financial.
“We are pursuing litigation against Duprey and Co, and possibly we may eventually have to sue the Government of T&T, because as you know they had agreed to provide a settlement of US$100 million,” Browne said then.
Browne said the T&T Government had only paid US$40 million, and that US$60 million still remained outstanding.
Despite Browne’s statement, no legal action has been taken as yet.
Last week, Melford Nicholas, the Information Minister in Antigua and Barbuda, told reporters that Browne’s attention at the moment was more focused on the upcoming general election in that country.
“Ultimately, if he has sounded and given an indication that that is the approach that he wishes to take, it is likely that follow-on actions will take place.
“One can be assured that he is marshalling resources and marshalling forces to be able to get back to the public, but I think that the lion’s share of his and our attention is on elections at this particular point in time, but I am assured that upon our return to office that that is a matter that will be moved from the backburner to the front burner.
“They can be assured that if the PM makes the determination that he will go to war for you that is exactly what is going to take place,” Nicholas said.
The elections in Antigua and Barbuda are set for January 18.
In October last year, a group of British American and Clico policyholders in the Eastern Caribbean filed a lawsuit at the Caribbean Court of Justice against the T&T Government
