Regulatory Alerts2020-12-23 | 29690Added · Updated
Compliance with Minimum Stated Capital and Professional Indemnity Insurance Requirements
The Central Bank of Trinidad and Tobago reminds brokerages of their obligation under Section 116 of the Insurance Act, 2018, to maintain a minimum stated capital of $500,000 in cash and approved securities. Non-compliant brokerages must submit a board-approved capital increase plan to the Central Bank by June 30, 2021, adhering to a three-year phased schedule. Additionally, the maximum deductible for professional indemnity insurance is raised to $50,000 or 10% of stated capital, whichever is greater, and brokerages must submit evidence of compliance. Failure to meet these requirements constitutes an offence subject to regulatory action, including potential revocation of registration.