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2011-04-19

Insurance (Admissible Assets and Valuation of Assets) (Amendment) Regulations, 2009

The Minister of Finance of Trinidad and Tobago issued these regulations under the Insurance Act to amend the definitions and asset valuation rules for insurance companies. The amendments insert a new definition of 'insurance company' to include those carrying on ordinary long-term or other classes of insurance business, while removing the word 'general' from the existing subregulation. Additionally, the Schedule is modified to change the timing reference for asset valuation from 'within twelve months of' to 'on' and remove specific debt exclusions.

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Legal Supplement Part B—Vol. 48, No. 16 4th February, 2009 53 LEGAL NOTICE NO. 21 REPUBLIC OF TRINIDAD AND TOBAGO INSURANCE ACT, CHAP. 84:01 REGULATIONS MADE BY THE MINISTER ON THE RECOMMENDATION OF THE CENTRAL BANK UNDER SECTION 214(1)(1C) OF THE INSURANCE ACT INSURANCE (ADMISSIBLE ASSETS AND VALUATION OF ASSETS) (AMENDMENT) REGULATIONS, 2009

  1. These Regulations may be cited as the Insurance (Admissible Citation Assets and Valuation of Assets) (Amendment) Regulations, 2009.
  2. In these Regulations, "the Regulations" means the Insurance Interpretation (Admissible Assets and Valuation of Assets) Regulations.
  3. Regulation 2 of the Regulations is amended— Regulation 2 amended (a) in subregulation (1), by inserting in the correct alphabetical order the following definition: "insurance company" means a company carrying on ordinary long-term insurance business or carrying on any class of insurance business, other than ordinary long-term business, or both"; and (b) in subregulation. (2), by deleting the word "general".
  4. The Schedule to the Regulations is amended in paragraph 1, in Schedule the First Column by— amended (a) deleting the words "5(1), (2)" and substituting the words "5(3)"; (b) deleting the words "within twelve months of" and substituting the word "on"; and (c) deleting the words "(including debts which would. become due within that period if the company were to exercise any right to which it is entitled to require payment of' the same)". Made by the Minister of Finance this 4th day of February, 2009. K. NUNEZ -TESHEIRA Minister of Finance PRINTED BY THE GOVERNMENT PRINTER, PORT-OF-SPAIN REPUBLIC OF TRINIDAD AND TOBAGO-2009
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