Brokerage Survey

July 26, 2024
CIRCULAR LETTER TO:
Insurance Brokers Association of Trinidad and Tobago (IBATT) All Brokerages Registered under the Insurance Act, 2018 REF: CB-OIFI-2299/2024 BROKERAGE SURVEY In accordance with Section 7 of the Insurance Act, 2018 (“the Act”), the Central Bank of Trinidad and Tobago’s (“the Central Bank” / “Bank”) is responsible for the supervision of its registrants under the Act, inclusive of brokerages. Further, the Bank’s objectives include, inter alia, the promotion of efficient and fair insurance markets, as well as the protection of policyholders and beneficiaries under insurance policies. Brokerages are integral to the financial system in Trinidad and Tobago as they provide extensive services, foster relationships with policyholders and aim ensure that their needs are adequately met. As such, as part of its ongoing commitment to fulfil its mandate, the Central Bank has developed an online survey to assess the strengths, risks and vulnerabilities of brokerages. The survey can be accessed at https://www.bcs.org.tt:443/opinio/s?s=3805. The Central Bank expects that this survey will also provide greater insight into the brokerages’ processes, controls and challenges, enabling the Bank to effectively address potential issues. In light of the foregoing and in accordance with Sections 11(2)(b) and 11(3) of the Act, the Central Bank would appreciate the completion of the online survey by August 30, 2024. You may direct any queries to Ms. Gale Grant, Senior Examiner, Insurance Intermediaries Supervision at brokeragesurvey@central-bank.org.tt or 621-2288 ext. 2745. We look forward to your usual cooperation. Yours sincerely Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS Cen t r al Ban k o f Tri n i d ad an d To bag o Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt