The Central Bank of Trinidad and Tobago has applied for leave to petition the Court to wind up British American Insurance Company (Trinidad) Limited, citing the company’s financial position. Policyholders are expected to continue being serviced as usual during the process, with policies remaining in effect and contractually due payments and benefits continuing to be honoured. Liquidation is being pursued because, while BAT has adequate assets set aside to meet obligations to traditional policyholders, it lacks sufficient assets to repay its other debts and is therefore insolvent. The Central Bank framed the action as required under the Insurance Act 2018 when an insurer continues to be insolvent, and noted that the Government of the Republic of Trinidad and Tobago injected sufficient assets into the company to safeguard policyholders’ interests and the traditional insurance portfolio. The Central Bank said it cannot estimate how long the application process will take, as it is awaiting the Court’s decision on leave. If leave is granted, the next step would be to petition the Court to wind up BAT and request that a liquidator be appointed.
Central Bank of Trinidad & Tobago 2026-01-23
Central Bank of Trinidad and Tobago seeks court leave to wind up British American Insurance Company (Trinidad) due to insolvency
The Central Bank of Trinidad and Tobago has applied for court approval to liquidate British American Insurance Company (Trinidad) Limited due to insolvency, despite adequate assets for traditional policyholders. The government has injected assets to protect policyholders, and the Central Bank awaits the court's decision on proceeding with the liquidation process.