Regulatory Alerts2017-08-25 | 23910Added · Updated
Central Bank of Trinidad and Tobago Circular on Reinsurance Arrangements 2015
The Central Bank of Trinidad and Tobago requires all life insurance companies to submit a summary of existing reinsurance arrangements, including facultative treaties, by February 2, 2015. The submission must include detailed treaty information, volume statistics, and confirmation letters from reinsurers regarding premium settlement and claim disputes. Additionally, insurers are reminded to submit particulars of any changes to reinsurance arrangements within thirty days in accordance with Section 23 of the Insurance Act Chap 84:01.
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
December 30, 2014
CIRCULAR LETTER TO ALL LIFE INSURANCE COMPANIES AND ATTIC SECRETARIAT
REF: CB-OIFI-2957/2014
Reinsurance Arrangements – 2015
The Central Bank of Trinidad and Tobago (the Central Bank), as part of the ongoing monitoring of the insurance sector, requires insurance companies to submit information on their reinsurance arrangements to the Central Bank on an annual basis.
Accordingly, a summary of existing reinsurance arrangements (including facultative) should be submitted to the undersigned by February 2, 2015. The summary should include for each treaty:
a) Treaty number; b) Reinsurer; c) Reinsurer’s most current rating; d) Effective date; e) Renewal and Cancellation terms; f) The classes of business/products/territories covered; g) Type of reinsurance/Basis of reinsurance/Reinsurer’s share; h) Retention limits; i) Automatic and facultative limits; j) Recapture terms; k) Summary of any profit sharing; l) Details of any non-standard exclusions; m) Details of any non-guarantee of rates; n) Volume statistics – new business; o) Volume statistics – in-force business; p) Governing Law; q) A summary of any material changes to the structure or terms effected in 2014.
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Circular Letter to All Life Insurance Companies and ATTIC Secretariat December 30, 2014
Also provide a confirmation letter from your reinsurer(s) indicating:
a) whether or not reinsurance premiums due are settled on a timely basis for each treaty; and b) if there are any material disputes about recovery on particular claims, the coverage provided, underwriting of risks or the administration of the treaties.
Please also be reminded that in accordance with Section 23 of the Insurance Act Chap 84:01, particulars of any changes to reinsurance arrangements must be submitted within thirty days.
We anticipate your usual cooperation.
Yours sincerely,
[Signature]
Michelle Chong Tai-Bell Chief Actuary Financial Institutions Supervision Department
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