Legislation, Guidelines and Letters

 

Legislation

The main legislative framework for the Bank's supervision of registered insurance companies is derived from the following Acts: 

 

Insurance Act, 1980 (Insurance companies, registered pension plans and insurance intermediaries)

Insurance (Amendment) Act, 2004

Insurance (Amendment) Act, 2007

Insurance (Amendment) Act 2009

Consolidated Insurance Act (Insurance Act, 1980 with amendments to 2009 – for reference purposes only)

Legal Notice 21, Insurance Act, Chap 84:01

The Payment of Supervisory Fees and Charges Regulations, 2011 

Central Bank Act Chap 79:02
Central Bank (Amendment) Act 2009

Central Bank Amendment Act No. 18 of 2011


 
Guidelines for the Insurance Sector

Draft Outsourcing Guidelines for Financial Institutions
Approval of New or Significantly Amended Insurance Policies Under the Insurance Act
Instructions for Group Asset Data re: Cost Recovery-Insurance Sector (IS)

Claims Guideline
Corporate Governance
Fit and Proper
Prudent Person Approach to Investment and Lending
Security Systems for Safeguarding Customer Information
Guideline for the Measurement, Monitoring and Control of Impaired Assets


Applications Checklist for Insurance Intermediaries

Registration Check List for an Agency

Registration Check List for an Individual Agent

Renewal of Registration Check List for an Agent/Agency

Registration Check List for a Salesman

 

Surveys

Motor Insurance Survey

Bonds Survey

Bond Policy Listing Template


Circular Letters to the Insurance Sector

Circular Letters Issue Dates
2017  
Circular Letter to All General Insurance Companies and ATTIC Secretariat: Bonds Survey Mar 24, 2017
Motor Insurance Survey Feb 07, 2017

Key Personnel Reporting

Key Personnel of Company and Operations (Insurance Companies)(2)

Jan 20, 2017

Returns in Respect of Agents and Salesmen

Jan 10, 2017
2016  
Circular letter to all General Insurance Companies and ATTIC Secretariat Dec 20, 2016
Recovery of Supervisory Costs-Requestfor Asset Information Aug 12, 2016
Circular letter to all Life Insurance Companies and ATTIC Secretariat July 14, 2016

Circular Letter re H.C.758/2010.C.V.2010-00758 - Central Bank of Trinidad and Tobago ('Central Bank/Bank') V Worldwide Insurance Limited ('WIL') and Worldwide Bankers Re Company Limited ('Bankers Re')

Order Dated 02.02.2011

April 29, 2016
Quantitative Impact Study 2016 Mar 07, 2016
Key Personnel Reporting Feb 01, 2016
Key Personnel Schedule Feb 01, 2016
Circular Letter to All General Insurance Companies and Attic Secretariat: Motor Insurance Survey Feb 19, 2016
Circular Letter to All General Insurance Companies and Attic Secretariat: Bonds Survey Jan 29, 2016
Anti-Money Laundering and Combating of the Financing of Terrorism External Auditors' Report Jan 27, 2016
Returns in Respect of Agents and Salesmen Jan 12, 2016
Compliance with Regulations 13 and 14 of the Insurance (Agents, Brokers, Salesmen and Adjusters) (Registration) Regulations of the Insurance Act, Chapter 84:01 Jan 12, 2016
2015  
Request for Information on reserving made under Section 51(1) of the Insurance Act Chapter 84:01 ("the Act") Dec 10, 2015
Reinsurance Arrangements (General Insurance) Dec 10, 2015
Reinsurance Arrangements (Life Insurance) Dec 10, 2015
Draft Guideline for Outsourcing Activities Comments Deadline Extension Nov 05, 2015
Draft Guideline for Outsourcing Activities Oct 05, 2015
Request for Information from life insurance companies under Section 51(1) of the Insurance Act Chap 84:01 Aug 27, 2015

Recovery of Supervisory Costs-Request for Asset Information

http://www.central-bank.org.tt/sites/default/files/Instructions for Group Asset Data Cost Recovery.pdf

Jul 30, 2015
Motor Insurance Survey Jun 26, 2015
Bonds Survey Jan  22, 2015
Returns in Respect to Agents and Salesmen Jan 14, 2015
Key Personnel Reporting Jan 14, 2015
2014  
Reinsurance Arrangements (General Insurance) - 2015 Dec 30, 2014
Reinsurance Arrangements (Life Insurance)- 2015 Dec 30, 2014
Request for Information on Reserving made under Section 51(1) of the Insurance Act Dec 30, 2014
Public Statements and Declarations of Conflict of Interest Sep 12, 2014
Recovery of Supervisory Costs-Request for Asset Information Aug 20, 2014
Motor Insurance Survey Jun 27, 2014
Busines with Insurance Companies and Intermediaries Jun 12, 2014
Adequate reserving required by Section 172 of the Act Mar 11, 2014
Registration of Salesmen and Agents Feb 27, 2014
Reinsurance Arrangements (Life Insurance) - 2014 Feb 6, 2014
Reinsurance Arrangements (General Insurance) - 2014 Feb 6, 2014
Key Personnel Reporting Jan 9, 2014
Returns in Respect of Agents and Salesmen Jan 9, 2014
2013  
Deputy Inspectors of Financial Institutions at the Central Bank October 17, 2013
Transitioning to the New Requirements of the Insurance Bill Sept 5, 2013
Recovery of Supervisory Costs - Request for Asset Information August 14, 2013
Transitioning to the New Requirements of the Insurance Bill August 14, 2013
Adequate Reserving required under Section 172 of the Insurance Act, Chap 84:01 August 5, 2013
Compliance with Section 92(2)(a) and Regulation 7 of the Insurance Regulations of the Insurance Act, Chapter 84:01 July 30, 2013
Business with Insurance Companies and Intermediaries June 4, 2013
Compliance with Regulations 13 & 14 of Insurance Regulations of the Insurance Act, Chap 84:01 May 16, 2013
FATF Advisory on Jurisdiction with Strategic AML/CFT Deficiencies April 30, 2013
Business with Insurance Companies and Intermediaries Original date - Jan 22nd 2010
Reinsurance arrangements - 2013 - General Companies Jan 16 2013
Reinsurance arrangements - 2013 - Life Companies Jan 16 2013
Returns in respect of Agents and Salesmen Jan 14 2013
Key Personnel Reporting Jan 14 2013
2012  
Motor Insurance - Subrogation Claims Oct 1 2012
Financial Condition Reporting for General Insurers Sept 4 2012
Financial Condition Reporting for Life Insurers Sept 4 2012
Request for Information B4 Schedule August 23 2012
Financial Condition Reporting - QIS August 22 2012
Information from the U.S. Department of the Treasury Office of Foreign Assets Control August 9 2012
FISD Service Standards July 19 2012

Recovery of Supervisory Costs - Request for Asset Information

Worksheet - Group Asset Data

July 19 2012
Industry Survey: Universal Life and Unit Linked Products June 8 2012
Guideline for the Approval of New and Significantly Amended Insurance Policies May 14 2012
Parallel Run March 16 2012
Reminder - Payment of Supervisory Fees and Charges January 24 2012
Draft Regulations to the Insurance Bill, 2011 January 23 2012
Reinsurance Arrangements 2012 - Life January 5 2012
Reinsurance Arrangements 2012 -  General January 5 2012
2011  
Key Personnel Reporting December 29 2011
Returns in Respect of Agents and Salesmen December 28 2011
Payment of Supervisory Fees and Charges Regulations 2011 November 10 2011
Revised Guideline on AML/CTF November 1, 2011 November 1 2011
To all Brokers: Compliance with Sec 91(2)(h) of Insurance Act October 18 2011
To all Insurance Companies re: Supervisory Fees and Charges September 13 2011
Parallel Run 2 - Amendments to CAPAD Framework August 23 2011
Adequate Reserving required by Section 172 of the Insurance Act August 17 2011
Parallel Run2 Submissions May 10 2011
Financial Condition Report for Life Insurance May 16 2011
External Auditor's Report on the Annual Statutory Returns May 10 2011
Fitness and Propriety of Directors and Officers May 10 2011
Judgments against Insurance Companies May 9 2011
Returns in Respect of Agents April 28 2011
AML External Audit Report April 15 2011
Draft Guideline for New or Amended Insurance and Banking Products March 21 2011
Availability of Parallel Run 2 Information February 7 2011
Circular letter to Insurance Companies Key Personnel Reporting 28, January 2011 January 28 2011
Statutory Fund Requirements January 13 2011
2010  
Compliance Programme Questionnaire December 24 2010
Parallel Run 2 of Actuarial Valuation, Capital Adequacy and Outstanding Claims for Insurers December 20 2010
Financial Condition Reports for General Insurance November 25 2010
External Auditors Report on Combating Money Laundering and Terrorist Financing October 12 2010
Guideline for the Approval of New or Amended Insurance Policies September 28 2010
Final Draft of Insurance Bill and Regulations September 17 2010
Request for Group Asset Information re: Cost Recovery August 23 2010
Quarterly Returns with Statutory Fund Information July 10 2010
Guidance on Approvals for Insurance Products July 2 2010
Reminder for Parallel Run submissions June 18 2010
Cost Recovery Framework April 30 2010
Parallel Run of Actuarial Valuation, Capital Adequacy and Outstanding Claims for Insurers March 17 2010
2009  
Proposal for the establishment of an Occupational Pension Plans Bill December 14 2009
Invitation to Participate in Quantitative Impact Study 2 May 19 2009
Feedback on QIS 2 Information session May 19 2009
2008  
Insurance Bill December 2008 (Circular letter to Brokers) December 5 2008
Insurance Bill December 2008 (Circular letter to Insurance Companies) December 5 2008
Deadline for submission of the QIS I for the Capital Adequacy Framework November 24 2008
Further Guidance on Proposed Actuarial Valuation Methodology for Long-Term Insurers (updated October 21 2008) October 21 2008
Further Guidance on Proposed Capital Adequacy Framework QIS (updated October 17 2008) October 17 2008
Proposed Capital Adequacy Framework for Life and General Insurers September 17 2008
Proposed Actuarial Valuation Methodology for Long Term Insurance September 3 2008
Pension Plans Equity Limit July 9 2008
Pension Plans - Implementation of Semi-Annual Returns June 23 2008
Proposed Guideline on Claims Handling June 20 2008
Application of Insurance Regulations April 21 2008
Form to accompany submission by Insurance Companies -
2007 and 2006  
Issue of Guideline for the Measurement Monitoring and Control of Impaired Assets August 23 2007
Issue of Guideline on Corporate Governance May 8 2006