Regulatory Alerts2023-09-26 | 29768Added · Updated
Consultation on Revisions to the Guideline for Approval of New or Significantly Amended Insurance Policies Under the Insurance Act, 2018
The Central Bank of Trinidad and Tobago proposes revisions to its Guideline for the Approval of New or Significantly Amended Insurance Policies, inviting comments by November 3, 2023. Key changes include extending the Product Development Policy requirement to general insurers, mandating that associations of underwriters furnish specific information to the Inspector, and requiring notification with actuarial certification for premium rate changes. The revisions also introduce a new section on disclosure and marketing, require submission of documents for insignificant amendments, and establish a six-month closure rule for inactive product applications.
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