{"id":214610,"date":"2024-10-24T07:47:34","date_gmt":"2024-10-24T11:47:34","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=214610"},"modified":"2024-10-24T07:47:35","modified_gmt":"2024-10-24T11:47:35","slug":"antigua-and-barbudas-pm-not-surprised-by-latest-ccj-baico-ruling","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbudas-pm-not-surprised-by-latest-ccj-baico-ruling\/","title":{"rendered":"Antigua and Barbuda\u2019s PM not surprised by latest CCJ BAICO ruling"},"content":{"rendered":"
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SOURCE: DominicaNewsOnline:<\/strong> Antigua and Barbuda\u2019s Prime Minister Gaston Browne said that he is not at all surprised by the Caribbean Court of Justice\u2019s recent decision to dismiss an $800 million lawsuit against the government of Trinidad and Tobago, brought by former policyholders of the defunct British American Insurance Company (BAICO).<\/p>

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This case involved policyholders in Antigua and Barbuda and Grenada. It was filed under the court\u2019s original jurisdiction, which allows it to address disputes among member states under the Revised Treaty of Chaguaramas. The case revolved around claims that Trinidad and Tobago\u2019s financial support to certain subsidiaries of CL Financial Limited (the parent company of BAICO) was discriminatory.<\/p>\n\n\n\n

Policyholders argued that this bailout, aimed at stabilizing the local financial system, unfairly overlooked BAICO policyholders outside Trinidad and Tobago. Following the collapse of CL Financial in 2009, the Trinidad and Tobago government took decisive action to support its locally registered subsidiaries, including CLICO and BAICO\u2019s operations in Trinidad. However, this assistance did not extend to policyholders in other CARICOM member states, resulting in considerable dissatisfaction.<\/p>

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Chief Justice Adrian Saunders provided a comprehensive judgment addressing the government\u2019s actions, affirming that the financial assistance given to CL Financial and its subsidiaries was consistent with the exceptions outlined in Article 32 of the Revised Treaty of Chaguaramas.<\/p>

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The court recognized these actions as a legitimate exercise of authority aimed at mitigating the economic hardships caused by the collapse, on the local population. In contrast, the policyholders alleged that the Trinidad and Tobago government violated several articles of the Revised Treaty, particularly Articles 36, 37, 38, and 184, which deal with discrimination and consumer protection.<\/p>\n\n\n\n

Nevertheless, the court deemed these claims unsubstantiated, concluding that the government\u2019s actions did not breach the treaty\u2019s competition policy and consumer protection provisions.<\/p>

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SOURCE: DominicaNewsOnline: Antigua and Barbuda\u2019s Prime Minister Gaston Browne said that he is not at all surprised by the Caribbean Court of Justice\u2019s recent decision to dismiss an $800 million lawsuit against the government of Trinidad and Tobago, brought by former policyholders of the defunct British American Insurance Company (BAICO). This case involved policyholders in […]<\/p>\n","protected":false},"author":3,"featured_media":209572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-214610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAntigua and Barbuda\u2019s PM not surprised by latest CCJ BAICO ruling - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/antigua-and-barbudas-pm-not-surprised-by-latest-ccj-baico-ruling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua and Barbuda\u2019s PM not surprised by latest CCJ BAICO ruling\" \/>\n<meta property=\"og:description\" content=\"SOURCE: DominicaNewsOnline: Antigua and Barbuda\u2019s Prime Minister Gaston Browne said that he is not at all surprised by the Caribbean Court of Justice\u2019s recent decision to dismiss an $800 million lawsuit against the government of Trinidad and Tobago, brought by former policyholders of the defunct British American Insurance Company (BAICO). 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