Regulatory Alerts2023-10-02 | 29767Added · Updated
Consultation on Draft Insurance (Policy Liability) Regulations, AA Guidelines and FCR Amendment Regulations
The Central Bank of Trinidad and Tobago is consulting on draft regulations to rescind the Insurance (Caribbean Premium Policy Method) Regulations, 2020 and replace them with new Insurance (Policy Liabilities) Regulations, 2023 for all insurers. The draft Guidelines for Appointed Actuaries, compliant with IFRS 17, are expected to apply for valuations as at December 31, 2023, and subsequent periods. Additionally, draft amendments to the Insurance (Financial Condition Reporting) Regulations require all financial condition reports to be prepared by the insurer’s appointed actuary, with general insurers required to appoint an actuary by December 31, 2023. Comments on these drafts must be submitted to the Central Bank by October 31, 2023.