The insurance sector comprises insurance companies incorporated in Trinidad and Tobago, which are registered to carry on insurance business under the Insurance Act 2018. Foreign branches previously registered under the Insurance Act of 1980 continue to operate until June 30, 2022 by which time they are required to incorporate as a local entity registered under the Insurance Act 2018. Some insurers operate branches throughout the Caribbean. There are two types of insurance business conducted, i.e. long-term and general insurance business. The classes of long-term insurance business are:
- - accident and sickness;
- - disability income;
- - industrial life; and
- - life insurance
and the classes of general insurance business are:
- - liability;
- - marine, aviation and transport;
- - motor vehicle;
- - pecuniary loss;
- - personal accident short-term;
- - property; and
- - workers compensation
The insurance sector also includes insurance intermediaries which are required to be registered under the Insurance Act 2018, and comprises insurance adjusters, brokers, brokerages, salespersons, agents, agencies and insurance consultants.
Directories of Registered Insurance Companies
Registered Insurance Intermediaries
Please be advised that the above listings of registered insurance intermediaries are based on the Central Bank’s records as at July 1, 2022.
Intervention occurs when the Central Bank imposes requirements or places restrictions on a company in light of certain adverse conditions present in the company.
The Authority to Intervene
Section 65(1) of the Insurance Act confers on the Central Bank, the authority to "at any time intervene in the affairs of a company registered under this Act to carry on insurance business" where the Governor is satisfied that the grounds for such intervention, as detailed in Section 65(2), exist.
Generally, before intervention steps are taken, the Central Bank will work directly with companies to take corrective action. Where this fails the Central Bank, before exercising the power of intervention, will serve notice to the company pursuant to Section 66 setting out the ground(s) for intervention and giving the company thirty (30) days to make written representations for consideration of the Bank.
Where no representations have been made or where representations made are considered unsatisfactory, the Central Bank will proceed to intervene.
The Insurance Act provides a range of requirements as set out in Section 67(1) which may be imposed on an insurance company once the power to intervene has been exercised by the regulator.
The Act also allows the Central Bank to rescind any requirements once it is fully satisfied that these requirements have been met. Central Bank will cease intervention once it is satisfied that the requirements have been met.
The Central Bank has the discretion under Section 67(5) to publish in the Gazette and in a daily newspaper, any or all requirements imposed or any rescission or variation thereof.
Section 68 provides that "If after exercising its power of intervention" (that is, after imposing requirements) the Bank if of the opinion that it is necessary or proper for the company or any part of the company's business to be placed under judicial management, the Bank will apply to the Court for an order for judicial management.
Upon filing an application, the Central Bank may advise the public of the action taken.
The Central Bank shall maintain supervision of the company until such time as the Court appoints a judicial manager. The judicial manager is accountable to the Court and has the powers and obligations as provided under the Insurance Act and is therefore independent of the Central Bank.
As the matter will be before the Court, the Central Bank will not respond to any enquiries pertaining to the application.
The Central Bank will advise the public if and when a judicial manager is appointed by the Court.