Regulatory Alerts2012-01-23 | 29516Added · Updated
Draft Regulations to the Insurance Bill, 2011
The Central Bank of Trinidad and Tobago has revised the draft Insurance (Capital Adequacy) Regulations and Insurance (Caribbean Policy Premium Method) Regulations following Quantitative Impact Studies conducted since 2008. The Bank has also made available draft Insurance (Financial Condition Report for Long-Term Insurance) Regulations and draft Insurance (Financial Condition Report for General Insurance) Regulations for public access. These regulations are expected to be signed into effect by the Minister of Finance once the new Insurance Bill is enacted by Parliament.
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
January 23, 2012
Circular Letter to All Insurance Companies, members of the Statutory Valuation Working Group, ATTIC secretariat and ICATT
Ref: CB-OIFI-168/2012
Draft Regulations to the Insurance Bill, 2011
Since 2008, the Central Bank of Trinidad and Tobago (the Central Bank) has been conducting Quantitative Impact Studies (QIS) to analyse the impact of the proposed Capital Adequacy Framework on all insurance companies and the Caribbean Policy Premium Method, a new statutory valuation methodology, on life insurers. This analysis was conducted in consultation with the representatives of the Association of Trinidad and Tobago Insurance Companies (ATTIC), the Caribbean Actuarial Association (CAA) and the Institute of Chartered Accountants of Trinidad and Tobago (ICATT).
The last impact study was conducted in June 2011, and as a result the following draft Regulations were revised:
- Insurance (Capital Adequacy) Regulations
- Insurance (Caribbean Policy Premium Method) Regulations
Copies of these Regulations, as well as the draft Insurance (Financial Condition Report for Long-Term Insurance) Regulations and draft Insurance (Financial Condition Report for General Insurance) Regulations have been made available on the Central Bank's website and may be accessed at http://www.central-bank.org.tt/content/draft-and-consultation-papers.
You should note that once the new Insurance Bill, which has been laid in Parliament, has been enacted, these Regulations are expected to be made (that is, signed into effect) by the Minister of Finance.
Should you have any questions on the aforementioned documents, please direct your queries, in writing, to:
Mr. Anthony Roberts Chief Actuary Financial Institutions Supervision Department Central Bank of Trinidad and Tobago Eric Williams Plaza, Independence Square Port of Spain
Yours sincerely
[Signature]
Carl Hiralal INSPECTOR OF FINANCIAL INSTITUTIONS