Regulatory Alerts2020-12-23 | 29667Added · Updated
Capital Adequacy Regulations 2020
The Central Bank of Trinidad and Tobago reminds insurers registered under the Insurance Act 1980 of the Insurance (Capital Adequacy) Regulations 2020, effective January 1, 2021. Insurers must maintain a minimum Regulatory Capital Ratio of 150% and a Net Tier 1 Ratio of 105%, with a five-year transitional schedule allowing lower ratios for non-compliant entities. The directive mandates specific submission deadlines for quarterly unaudited and annual audited capital adequacy returns, requiring certification by the CFO, a director, and an appointed actuary. Additionally, general insurers must appoint an actuary by January 1, 2024, and the document incorporates amendments to definitions, capital deductions, and risk charges following industry consultation.
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