Enrolment in Alternative Dispute Resolution Scheme under Section 250A of the IA, 2018

March 25, 2021
CIRCULAR LETTER TO:
All Insurance Companies
Association of Trinidad and Tobago Insurance Companies (ATTIC) Trinidad and Tobago Association of Insurance Financial Advisors (TTAIFA) Insurance Brokers Association of Trinidad and Tobago (IBATT) Trinidad and Tobago Insurance Institute (TTII) REF: CB-OIFI-664/2021 ENROLLMENT IN ALTERNATIVE DISPUTE RESOLUTION SCHEME
SECTION 250A OF THE INSURANCE ACT, 2018
The Central Bank of Trinidad and Tobago (the Central Bank) makes special reference to
section 250A of the Insurance Act, 2018 (as amended) (the Act) which was proclaimed and
came into effect on January 1, 2021.
Section 250A of the Act provides that:
“An insurer shall, no later than sixty business days after the commencement of this Act, enroll in an alternative dispute resolution scheme approved by the Central Bank.” The Central Bank takes this opportunity to advise that all insurers that are already party to the existing agreement with the Financial Services Ombudsman (FSO) Scheme (established by Agreement with Terms of Reference dated April 25 2005) are considered enrolled in an alternative dispute resolution scheme for purposes of compliance with section 250A of the Act. Please be guided accordingly. Yours sincerely, Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS Cen t r al Ban k o f Tri n i d ad an d To bag o Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt