Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations, 2020

LEGAL NOTICE NO. 372 REPUBLIC OF TRINIDAD AND TOBAGO THE CENTRAL BANK ACT, CHAP. 79:02 REGULATIONS MADE BY THE MINISTER UNDER SECTION 60(6) OF THE CENTRAL BANK ACT THE CENTRAL BANK (PAYMENT OF SUPERVISORY FEES AND CHARGES) (AMENDMENT) REGULATIONS, 2020

1. These Regulations may be cited as the Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations, 2020.
2. In these Regulations, “the Regulations” means the Central Bank (Payment of Supervisory Fees and Charges) Regulations, 2011.
3. Regulation 2 of the Regulations is amended by– (a) deleting the definition of “assets” and substituting the following: “ “assets” means”– (a) the amount stated as total assets in the audited or unaudited balance sheet of a regulated person for its last financial year-end provided that an unaudited balance sheet shall only be used when an audited balance sheet for that financial year-end has not been filed; or (b) in a case where an audited or unaudited balance sheet of the regulated person for its last financial year-end has not been filed, the amount stated as total assets on the last available audited balance sheet;”; (b) deleting the definition of “financial holding company” and substituting the following: ““financial holding company” has the meaning assigned to it under the Financial Institutions Act or the Insurance Act, 2018, as the case may be;”; (c) inserting the following definition of “holding company”: ““holding company” has the meaning assigned to it in the Insurance Act, 2018;”; Legal Supplement Part B–Vol. 59, No. 202–3rd December, 2020 1563 Citation Interpretation L.N. No. 170 of 2011 Regulation 2 amended Chap. 79:09 Act No. 4 of 2018

(d) deleting the definition of “insurance intermediary” and substituting the following: ““insurance intermediary” means a person registered or applying to be registered as an agent, agency, broker, brokerage, sales representative or adjuster under the Insurance Act, 2018;” and (e) deleting the definition of “registered insurance company” and substituting the following: ““registered insurance company” means a local insurer and an association of underwriters registered under the Insurance Act, 2018;”; (f) deleting the definition for “regulated person” and substituting the following: ““regulated person” refers to an association of underwriters or any person, institution or pension fund plan that is regulated by the Central Bank under the Central Bank Act, the Financial Institutions Act, the Insurance Act, 2018, the Home Mortgage Bank Act or any other written law;”; (g) deleting the definition of “supervisory costs” and substituting the following: ““supervisory costs” means the total amount of direct and indirect budgeted costs and expenses to be incurred by the Central Bank in respect of its supervision and regulation of regulated persons for the following fiscal year;”. 4. Regulation 3 of the Regulations is amended by– (a) inserting after the word “3”, the word “ (1)”; and (b) inserting after renumbered sub-regulation (1), the following sub-regulations: “ (2) Notwithstanding sub-regulation (1), these Regulations shall not apply to– (a) a licensee or financial holding company, as at the date– (i) the High Court makes a winding-up order in respect of the licensee or financial holding company pursuant to a petition by the Inspector under section 63(5) of the Financial Institutions Act, or otherwise; or 1564 Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations, 2020 Regulation 3 amended Act No.4 of 2018 Chap. 79:09

(ii) the Central Bank grants approval to the licensee or financial holding company to commence the voluntary winding-up under section 66 of the Financial Institutions Act; (b) a registered insurance company or financial holding company, as at the date– (i) the High Court makes a winding-up order in respect of the registered insurance company or financial holding company pursuant to a petition by the Central Bank or ten or more policyholders under section 103 of the Insurance Act, 2018 or otherwise; (ii) the Central Bank grants approval to the registered insurance company or financial holding company to commence voluntary winding-up under section 108(1) of the Insurance Act, 2018; (c) an association of underwriters as at the date the Board revokes its registration under section 248(1) of the Insurance Act, 2018 or the Central Bank revokes its registration under section 248(3) of that Act; or (d) a pension plan in respect of which a notice has been served under section 221(3) of the Insurance Act, 2018 as at the wind-up date specified in the resolution of the board of the plan sponsor for the winding-up of the pension plan. (3) Notwithstanding sub-regulation (1), regulations 7 to 12 and 19 shall not apply to an association of underwriters. (4) For avoidance of doubt, these Regulations shall apply mutatis mutandis to foreign insurers during such time as they do not comply with section 21(1) of the Insurance Act, 2018 pursuant to section 281 of that Act or otherwise.”. 5. Regulation 10 of the Regulations is amended by– (a) deleting the word “and” after the semi-colon at the end of paragraph (a); (b) deleting the full-stop at the end of paragraph (b) and sub￾stituting the words “; and”; and Central Bank (Payment of Supervisory Fees and Charges) 1565 (Amendment) Regulations, 2020 Regulation 10 amended

(c) inserting after paragraph (b) the following: “ (c) a registered insurance company that is also a holding company shall exclude the assets of all entities which must be separated from the registered insurance company as a result of a restructuring for a maximum period of three years commencing on the date of a direction by the Central Bank made pursuant to section 47 of the Insurance Act, 2018.”. 6. Regulation 11 of the Regulations is amended by deleting the words “regulation 9” and substituting the words “regulation 8”. 7. The Regulations are amended– (a) in Schedule I– (i) in Part I, in the Column headed “FEE” by deleting of the words “Actual time spent by personnel x (average hourly salary + benefits of personnel)”and substituting the words “Time spent by personnel x (average hourly salary + benefits of personnel).”; and (ii) by revoking Part II of Schedule I and substituting the following: “PART II SERVICE CHARGES FOR PERSONS UNDER THE INSURANCE ACT, 2018 1566 Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations, 2020 Regulation 11 amended Schedule I amended

Central Bank (Payment of Supervisory Fees and Charges) 1567 (Amendment) Regulations, 2020

1568 Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations, 2020

Central Bank (Payment of Supervisory Fees and Charges) 1569 (Amendment) Regulations, 2020 (b) by revoking Schedule II and substituting the following: “SCHEDULE II APPLICATION OF FLAT FEE TO PENSION PLAN ASSET RANGES

8. These Regulations shall come into operation on 1st January,

Dated this 6th day of November, 2020. C. IMBERT Minister of Finance 1570 Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations, 2020 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO–2020 Commence￾ment