Regulatory Alerts2017-08-25 | 29498Added · Updated
External Auditor’s Report on the Annual Statutory Returns
The Central Bank of Trinidad and Tobago reminds registered insurance companies and their external auditors that section 57(1)(a) to (e) of the Insurance Act requires auditors to express an opinion on specific areas of the revenue account and balance sheet. The directive mandates that long-term insurers and motor vehicle insurers maintain their Statutory Fund in trust with assets equal to their respective liability and contingency reserves. External auditors are required to ensure that the D2 Schedule of the Annual Statutory Return is reconciled with the trustee's listing before issuing their opinion on the accounts.
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