The Central Bank of T&T has finally given up its control of the British American Insurance Company (Trinidad) Ltd (BAT).
In 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 latest move by the Central Bank comes three weeks after it announced that it had relinquished control over Colonial Life Insurance Co (Trinidad) Ltd.
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.
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