Bonds Survey Circular Letter to General Insurance Companies and Secretariat

CENTRAL BANK OF TRINIDAD & TOBAGO
Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

January 29, 2016

CIRCULAR LETTER TO ALL GENERAL INSURANCE
COMPANIES AND ATTIC SECRETARIAT

REF: CB-OIFI-191/2016

Dear Sir/Madam

Bonds Survey

As a follow up to our previous circular letter dated January 22, 2015 ref: CB-OIFI-171/2015, the Central Bank of Trinidad and Tobago (the Central Bank), is updating the information collected on bond business.

Accordingly the following is required:

1. Completion of the attached Bonds Survey Form listing the individual bonds issued since January 01, 2015.
2. A list of all claims and enquiries about potential claims since January 01, 2015 on business issued prior to December 31, 2015. Claims that were denied or did not proceed should also be included. A short précis of the circumstances and the current status including paid and reserved amounts should be provided.

In addition to the above, please confirm whether there were any changes to the following documents since your last submission and if so, submit a copy for our records:

a. Underwriting guidelines and procedures for Bonds business b. Sample Bond contract(s)
c. Sample proposal or application form

The aforementioned information should be submitted by email to rpopplewell@central-bank.org.tt by March 31, 2016. The Survey Form can also be found on the Central Bank's website under the heading “Surveys” at: http://www.central-bank.org.tt/content/legislation-guidelines-and-letters. If this survey does not apply to your company please advise us accordingly.

We look forward to your continued contribution to this initiative of the Central Bank.

Yours sincerely

Signature

Michelle Chong Tai-Bell
Inspector of Financial Institutions
FINANCIAL INSTITUTIONS SUPERVISION DEPARTMENT

Attch.