Regulatory Alerts2017-08-25 | 29520Added · Updated
Compliance with Section 91(2)(h) of the Insurance Act
The Central Bank of Trinidad and Tobago reminds all incorporated insurance brokers of their obligation under Section 91(2)(h) of the Insurance Act Chapter 84:01. This section requires that an incorporated broker's business be managed by an executive director who is a registered insurance broker. The Central Bank clarifies that this individual must serve as either the Chief Executive Officer or Managing Director of the entity and must satisfy the Central Bank's fit and proper standards.
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
October 18, 2011
CIRCULAR LETTER TO ALL INSURANCE BROKERS
REF: CB-OIFI-2533/2011
Compliance with Section 91(2)(h) of the Insurance Act Chapter 84:01
The Central Bank of Trinidad and Tobago (the Central Bank) wishes to advise all insurance brokers that are incorporated entities of Section 91(2) (h) of the Insurance Act Chapter 84:01 which stipulates that:-
“in the case of a body corporate applying for registration as a broker that the business will be carried on under the management of an executive director who is a registered insurance broker.”
In this regard, the Central Bank advises that a registered broker must be either the Chief Executive Officer or Managing Director of the incorporated entity. This person must therefore meet the fit and proper standards as outlined by the Central Bank in its Fit and Proper Guideline.
All incorporated brokers are therefore reminded that they must comply with this requirement.
Yours sincerely
[Signature]
Carl Hiralal Inspector of Financial Institutions