Insurance (Amendment) Act, 2004

AN ACT to amend the Insurance Act and for matters related thereto [Assented to 25th May, 2004] ENACTED by the Parliament of Trinidad and Tobago as follows:—

1. This Act may be cited as the Insurance (Amendment) Act, 2004.

2. In this Act “the Act” means the Insurance Act. Enactment Short title Interpretation Chap. 84:01 Second Session Eighth Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 15 of 2004 [L.S.] Legal Supplement Part A to the “Trinidad and Tobago Gazette’’, Vol. 43, No. 87, 27th May, 2004

3. Section 3 of the Act is amended— (a) by inserting in alphabetical sequence, the following definitions: “ “Board” means the Board of Directors of the Central Bank as constituted and appointed under sections 5 and 7, respectively, of the Central Bank Act; “Central Bank” or “Bank” means the Central Bank of Trinidad and Tobago established under section 3 of the Central Bank Act; “Governor” means the Governor of the Central Bank appointed pursuant to section 7 of the Central Bank Act; “Inspector” means the Inspector of Financial Institutions appointed pursuant to section 30 of the Financial Institutions Act, 1993;” ; (b) in the definition of “actuary”, by deleting the word “Supervisor” and substituting the words “Central Bank”; and (c) by deleting the definition of “Supervisor”.

4. Section 4 of the Act is repealed and the following section substituted:

5. (1) With effect from the commence￾ment of the Insurance (Amendment) Act, 2004, the Central Bank shall be charged with the administration of this Act. (2) The Central Bank may, whenever it considers it necessary, cause arrange￾ments to be made for the services of an actuary or any other competent person to be made available for the purpose of advising the Bank on matters arising under this Act.”. Section 3 amended Chap. 79:02 Act No. 18 of 1993 “Central Bank to administer Act Section 4 repealed and substituted 260 No. 15 Insurance (Amendment) 2004

6. Section 5 of the Act is repealed and the following sections substituted:

7. (1) With effect from the commence￾ment of the Insurance (Amendment) Act, 2004, the Inspector shall have the powers and duties conferred on him by this Act. (2) The Inspector may, by instrument in writing, delegate to any person whom he sees fit, all or any of his powers or duties under this Act except the power conferred on him by this subsection. 5A. The Central Bank may appoint, upon such terms and conditions as it may think fit, such persons as may be considered necessary to assist the Inspector in the performance of his duties.”.

8. Section 6 of the Act is amended— (a) by repealing subsection (1) and substituting the following subsection: “ (1) The Central Bank may, by instrument in writing, delegate to any person whom it sees fit, all or any of its powers or duties under this Act except the power conferred on it by this section.”; and (b) in subsection (2), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”.

9. Section 7 of the Act is repealed and the following section substituted:

10. (1) The Central Bank shall, within three months after the thirty-first day of Section 5 repealed and substituted Section 6 amended Section 7 repealed and substituted “Powers and duties of Inspector Central Bank may appoint staff “Reports and other information No. 15 Insurance (Amendment) 2004 261

December in each year, furnish to the Minister for laying before Parliament— (a) a report on the working of this Act during the year; and (b) printed copies of summaries of the documents lodged with the Bank under sections 56, 60, 113, 184, 185 and 191 during that year. (2) The Bank may attach to any printed copies of summaries furnished pursuant to subsection (1)(b), such comments on the document as the Bank thinks necessary, together with a copy of any correspondence relating to the document. (3) The Minister shall, as soon as possible after receiving the report of the Bank and the printed copies of summaries, cause a copy of the report and the printed copies of summaries to be laid before Parliament. (4) The Governor shall keep the Minister informed of developments and activities, in Trinidad and Tobago which affect insurance business.”. 8. Section 8(1) of the Act is amended by deleting the word “Supervisor” and substituting the word “Inspector”. 9. Section 9 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 10. Section 11 of the Act is amended— (a) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”; Section 8 amended Section 9 amended Section 11 amended 262 No. 15 Insurance (Amendment) 2004

(b) by inserting after subsection (2), the following subsection: “ (2A) Subsection (2) shall not apply to a company registered under this Act to carry on insurance business in Trinidad and Tobago immediately before the commencement of the Insurance (Amendment) Act, 2004.”; and (c) by repealing subsections (3), (4) and (5). 11. Section 12 of the Act is amended— (a) in subsection (1), by deleting paragraph (c) and substituting the following paragraph: “(c) carry on insurance business outside of Trinidad and Tobago without the prior approval of the Central Bank.”; and (b) by repealing subsection (3). 12. Section 14 of the Act is amended— (a) by repealing subsection (1) and substituting the following subsection: “ (1) With effect from the commence￾ment of the Insurance (Amendment) Act, 2004, a company may apply to the Central Bank for registration under this Act to carry on insurance business.”; and (b) in subsection (3)(j), by deleting the word “Supervisor” and substituting the words “Central Bank”. 13. Section 15 of the Act is amended— (a) by repealing subsection (1); Section 12 amended Section 14 amended Section 15 amended No. 15 Insurance (Amendment) 2004 263

(b) in subsection (2), by deleting the words “Supervisor” and “he is satisfied” and substituting the words “Central Bank” and “it is satisfied”, respectively; (c) in subsection (3), by deleting the words “Supervisor” and “he may” and substituting the words “Central Bank” and “the Bank may”, respectively; and (d) by repealing subsection (4) and substituting the following subsection: “ (4) Notwithstanding the provisions of subsection (3), the Minister may, on the recommendation of the Central Bank and where he is satisfied that the interest of Trinidad and Tobago policy￾holders so requires, by Order extend the period specified in that subsection to such period as may be specified in the Order.”. 14. Section 16 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 15. Section 17 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 16. Section 19 of the Act is amended— (a) in subsection (1)— (i) by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; and (ii) in paragraph (b)(ii), by deleting the words “on him” and substituting the words “on the Bank”; Section 16 amended Section 19 amended Section 17 amended 264 No. 15 Insurance (Amendment) 2004

(b) in subsection (3), by deleting the word “Supervisor” and “appears to him” and substituting the words “Central Bank” and “appears to the Bank”, respectively; (c) in subsection (4)— (i) by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; and (ii) in paragraph (a), by deleting the words “he is considering” and “appears to him” and substituting the words “the Bank is considering” and “appears to the Bank”, respectively; and (d) in subsection (5), by deleting the word “Supervisor” and substituting the words “Central Bank”. 17. Section 20(1) of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 18. Section 21 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 19. Section 22 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 20. Section 23 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. Section 20 amended Section 21 amended Section 23 amended Section 22 amended No. 15 Insurance (Amendment) 2004 265

21. Section 24 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) in subsection (2), by deleting the words “Supervisor” and “in his opinion” and sub￾stituting the words “Central Bank” and “in the opinion of the Bank”, respectively; and (c) in subsection (3), by deleting the word “Supervisor” and substituting the words “Central Bank”.
22. Section 25 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Board”, respectively; (b) in subsection (2), by deleting the words “Supervisor”, “he may serve” and “to satisfy him” and substituting the words “Board”, “the Board may serve” and “to satisfy the Board”, respectively; (c) in subsection (3), by deleting the word “Supervisor” wherever it occurs and substi￾tuting in each place, the word “Board”; (d) in subsection (4), by deleting the words “Supervisor” and “he is satisfied” and substituting the words “Board” and “the Board is satisfied”, respectively; (e) in subsection (5)— (i) by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Board” and “Bank”, respectively; and Section 24 amended Section 25 amended 266 No. 15 Insurance (Amendment) 2004

(ii) by deleting the words “he is satisfied” wherever they occur and substituting in each place, the words “the Bank is satisfied”; and (f) in subsection (6), by deleting the words “Supervisor” and “to him” and substituting the words “the Board” and “to the Board”, respectively. 23. Section 26 of the Act is repealed and the following section substituted: 26. Where in accordance with this Act— (a) the Central Bank refuses to register a company; or (b) the Board cancels the registration of a company, the Bank or the Board as the case may require shall, within fourteen days of the refusal or cancellation, notify the company in writing of its reasons for so doing.”. 24. Section 28 of the Act is amended— (a) by repealing subsection (1) and substituting the following subsection: “ (1) A company which is aggrieved by the decision— (a) of the Bank to refuse to register it; or (b) of the Board to cancel its registration, may appeal against that decision in the manner specified in section 205.”; and (b) in subsection (2), by deleting the word “Supervisor” and substituting the words “Bank or the Board”. Section 26 repealed and substituted Section 28 amended “Reasons for refusal or cancellation No. 15 Insurance (Amendment) 2004 267

25. Section 29 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”.

26. Section 30(3) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

27. Section 31 of the Act is amended— (a) in subsections (1) and (2), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; and (b) by repealing subsection (3) and substituting the following subsection: “ (3) After the date specified in the notice published pursuant to subsec￾tion (2), the Central Bank, where the Bank is satisfied on reasonable grounds that the deposit retained by the Bank is substantially in excess of the requirements of this Act in respect of continuing policy-holders— (a) may release to the company such portion of the excess as the Bank considers proper in the circumstances; (b) shall continue to hold the remainder of the deposit for the protection of continuing policy-holders in the manner provided by this Act; and (c) shall as continuing policies lapse or where proof is adduced that they have been satisfied, release, from time to time, further amounts from the deposit retained by the Bank.”. Section 29 amended Section 30 amended Section 31 amended 268 No. 15 Insurance (Amendment) 2004

28. Section 32 of the Act is amended— (a) by repealing subsection (1) and substituting the following subsection: “ (1) Notwithstanding sections 30 and 31, where a company is in liquidation, the deposit made by the company under section 29 shall on order of any court having jurisdiction under this Act or the Companies Act, be released by the Central Bank to the liquidator.”; and (b) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”.

29. Section 33 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”.

30. Section 34 of the Act is repealed and the following section substituted:

31. (1) Where the Central Bank is satisfied that by reason of depreciation in the value of securities or for any other cause, the value of approved securities deposited by a company under section 29 falls short of the value required by this Act, the Bank shall by notice in writing require the company to deposit with the Bank, money or approved securities or both, to a value which the Bank considers sufficient to bring the amount of the deposit up to the value required by this Act. Section 32 amended Section 33 amended Section 34 repealed and substituted Chap. 81:01 “Increase of deposit on depreciation of securities No. 15 Insurance (Amendment) 2004 269

(2) A company which fails to deposit with the Central Bank, moneys or approved securities or both, when required to do so by notice under subsection (1), is guilty of an offence and the Board may, where it considers it necessary in the interest of policy-holders, cancel the registration of the company.”. 31. Section 35 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 32. Section 36 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 33. Section 39 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) in subsection (2), by deleting the words “Supervisor may on such terms as the Minister thinks fit” and substituting the words “Central Bank may on such terms as the Bank thinks fit”; and (c) in subsection (3), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 34. Section 40 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 35. Section 41 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. Section 35 amended Section 36 amended Section 39 amended Section 40 amended Section 41 amended 270 No. 15 Insurance (Amendment) 2004

36. Section 42 of the Act is amended— (a) by repealing subsection (1) and substituting the following subsection: “ (1) Where it appears to the Central Bank that— (a) a statement furnished to the Bank under section 41 is in any respect unsatisfactory, incomplete, inaccurate, mis￾leading or otherwise fails to comply with the requirement of that section; or (b) the value of the assets or of the assets included in a particular class as shown by the statement is insufficient or excessive, the Bank may, after considering any explanation made by or on behalf of the company, give to the company such directions in writing as the Bank thinks necessary for the variation of the statement or for an increase or decrease in the value of the assets.”; and (b) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”.

37. Section 43 of the Act is repealed and the following section substituted:

38. Where the Central Bank requests a company to furnish the Bank with such information as the Bank considers necessary for the purpose of exercising its powers under section 42, the company shall comply within thirty days of the request.”. Section 42 amended Section 43 repealed and substituted “Company to furnish Central Bank with information No. 15 Insurance (Amendment) 2004 271

39. Section 44 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”.

40. Section 45 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

41. Section 46(2) of the Act is repealed and the following subsection substituted: “ (2) The Minister may, on the recommenda￾tion of the Central Bank, by Order, amend the Second Schedule.”.

42. Section 47(2)(a) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

43. Section 50 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) in subsection (3), by deleting the words “Supervisor” and “transmitted to him” and substituting the words “Inspector, members of staff of the Central Bank or any other person authorised in writing by the Central Bank” and “transmitted to the Bank”, respectively; and (c) in subsection (4), by deleting the words “Supervisor or a member of his staff authorised by him in writing so to do” and substituting the words “Inspector, members of his staff or any other person authorised by the Central Bank in writing so to do ”.

44. Section 51(1) of the Act is amended by deleting the word “Supervisor” and substituting the word “Inspector”. Section 44 amended Section 45 amended Section 46 amended Section 47 amended Section 50 amended Section 51 amended 272 No. 15 Insurance (Amendment) 2004

45. Section 52 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the word “Inspector”.

46. Section 57(1) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

47. Section 59(1) of the Act is amended— (a) by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; and (b) in paragraph (c), by deleting the words “on him” and substituting the words “on the Bank”.

48. The Act is amended by deleting the heading occurring between sections 59 and 60 and substituting the following heading: “DOCUMENTS TO BE FURNISHED TO THE CENTRAL BANK”.

49. Section 61 of the Act is amended— (a) in subsections (2) and (3), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; (b) in subsection (5), by deleting the words “with the Supervisor” and substituting the words “to the Central Bank”; (c) in subsection (6), by deleting the words “Where it appears to the Supervisor that any account, balance sheet, abstract, statement or return lodged with him” and substituting the words “Where it appears to the Inspector that any account, balance sheet, abstract, statement or return lodged with the Central Bank”; Section 52 amended Section 57 amended Section 59 amended Heading amended Section 61 amended No. 15 Insurance (Amendment) 2004 273

(d) in subsection (7), by deleting the words “Supervisor” and “as he thinks” and substi￾tuting the words “Central Bank” and “as it thinks”, respectively; and (e) in subsections (8) and (9), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 49. Section 62 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 50. Section 63 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 51. Section 64 of the Act is amended— (a) by repealing subsection (1) and substituting the following subsection: “ (1) The Inspector may require a company registered under this Act to carry on insurance business— (a) to furnish him at such time and in such manner as he may determine, with such informa￾tion in connection with its insurance business as he may specify; (b) to produce at such time and place as he may determine, such books or papers in connection with its insurance business as he may specify; or (c) to produce forthwith to any person authorised in writing by the Central Bank such books or papers as the person may specify.”; Section 62 amended Section 63 amended Section 64 amended 274 No. 15 Insurance (Amendment) 2004

(b) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”; (c) in subsections (3) and (4), by deleting the words “Supervisor or on a person authorised by him” wherever they occur and substituting in each place, the words “Inspector or on a person authorised by the Central Bank”; and (d) by repealing subsection (5) and substituting the following subsection: “ (5) In this section— “books” or “papers” includes accounts, deeds, writings and documents that are inscribed on a tangible medium that is stored in an electronic, paper￾based or any other medium and is retrievable in text or readable form; “electronic” means, in relation to technology, having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.”. 52. Section 65 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) in subsection (2), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Governor” and “Central Bank or the Inspector”, respectively. Section 65 amended No. 15 Insurance (Amendment) 2004 275

53. Section 66 of the Act is amended— (a) in subsection (1)— (i) by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; and (ii) by deleting the words “conferred on him” and “he is considering” and substituting the words “conferred on the Bank” and “the Bank is considering”, respectively; and (b) by repealing subsection (2), and substituting the following subsection: “ (2) The Central Bank shall, before exercising its power of intervention, take into consideration any representations made to the Bank pursuant to subsection (1)(b).”.
54. Section 67 of the Act is amended— (a) in subsection (1)— (i) by deleting the word “Supervisor” in the first place where it occurs and substituting the words “Central Bank”; (ii) by deleting the words “where he exercises his power” and substi￾tuting the words “where the Bank exercises its power”; (iii) by deleting the word “Supervisor” in the other places where it occurs and substituting in each place, the word “Bank”; and Section 66 amended Section 67 amended 276 No. 15 Insurance (Amendment) 2004

(iv) in paragraph (g), by deleting the words “appears to him” and substituting the words “appears to the Bank”; (b) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (c) in subsection (4), by deleting the words “Supervisor may, where he considers” and “imposed by him” and substituting the words “Central Bank may, where the Bank considers” and “imposed by it”, respectively. 55. Section 68 of the Act is amended— (a) in subsection (1), by deleting the words “Supervisor” and “his power of intervention under section 65(1) he is of the opinion” and substituting the words “Central Bank” and “its power of intervention under section 65(1), the Bank is of the opinion”, respectively; and (b) in subsections (2) and (3), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 56. Section 69 of the Act is amended — (a) by repealing subsection (8) and substituting the following subsection: “ (8) The judicial manager shall give the Central Bank such information as the Bank may from time to time require and shall report to the Bank whenever he intends to apply to the Court for instructions and shall, at the same time furnish the Bank with particulars of the application.”; and Section 68 amended Section 69 amended No. 15 Insurance (Amendment) 2004 277

(b) in subsection (9)— (i) by deleting the word “Supervisor” and substituting the words “Central Bank”; and (ii) by deleting the word “himself”. 57. Section 70 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 58. Section 71(1)(a) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 59. Section 76 of the Act is amended— (a) in subsection (1)(b), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) in subsection (3), by deleting the words “Supervisor”, “give him such information” and “he may” and substituting the words “Central Bank”, “give the Bank such information” and “the Bank may”, respectively. 60. Section 78 of the Act is amended— (a) in subsection (9), by deleting the words “the Supervisor with such information as the Supervisor may from time to time require and shall report to him” and substituting the words “the Central Bank with such information as the Bank may from time to time require and shall report to the Bank”; and Section 70 amended Section 71 amended Section 76 amended Section 78 amended 278 No. 15 Insurance (Amendment) 2004

(b) in subsection (10), by deleting the words “The Supervisor is entitled to be heard on an application under subsection (9) and may himself” and substituting the words “The Central Bank is entitled to be heard on an application under subsection (9) and may”. 61. Section 82 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 62. Section 84 of the Act is amended— (a) in subsection (1)(b), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) in subsection (2), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively; (c) in subsection (3), by deleting the word “Supervisor” and substituting the words “Central Bank”; (d) in subsection (4)— (i) by deleting the words “a barrister or a solicitor” and substituting the words “an attorney-at-law”; (ii) by deleting the word “Supervisor” in the first place where it occurs and substituting the words “Central Bank”; (iii) by deleting the words “as he considers necessary” and substituting the words “as the Bank considers necessary”; and Section 82 amended Section 84 amended No. 15 Insurance (Amendment) 2004 279

(iv) by deleting the word “Supervisor” in the second place where it occurs and substituting the word “Bank”; and (e) in subsections (5) and (6)(a), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the word “Bank”. 63. Section 86 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor”— (i) in the first place where it occurs and substituting the words “Central Bank”; and (ii) in the other places where it occurs and substituting in each place, the word “Bank”; (b) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (c) in subsection (3), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively. 64. Section 87 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 65. Section 89 of the Act is amended by deleting the word “Supervisor”— (a) in the first place where it occurs and substi￾tuting the words “Central Bank”; and (b) in the other places where it occurs and substituting in each place, the word “Bank”. Section 86 amended Section 87 amended Section 89 amended 280 No. 15 Insurance (Amendment) 2004

66. Section 91 is amended— (a) in subsection (1), by deleting the words “Supervisor” and “as he considers necessary” and substituting the words “Central Bank” and “as the Bank considers necessary”, respectively; (b) in subsection (2), by deleting the words “Supervisor” and “where he is satisfied” and substituting the words “Central Bank” and “where the Bank is satisfied”, respectively; (c) in subsection (3), by deleting the words “Supervisor” and “submit to him” and substituting the words “Central Bank” and “submit to the Bank”, respectively; and (d) by repealing subsection (4) and substituting the following subsection: “ (4) The Central Bank shall, where the Bank refuses an application for registration under this Part, notify the applicant in writing of its refusal either generally or in respect of a particular class of insurance business and give reasons for its refusal.”.

67. Section 92(1) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

68. Section 93(1) of the Act is amended by deleting paragraph (a) and substituting the following paragraph: “(a) the Central Bank or any person authorised by the Bank in writing;”. Section 91 amended Section 92 amended Section 93 amended No. 15 Insurance (Amendment) 2004 281

69. Section 94 of the Act is amended— (a) in subsection (1), by deleting the words “Supervisor” and “he proposes” and substi￾tuting the words “Central Bank” and “the Bank proposes”, respectively; (b) in subsection (2)— (i) by deleting the words “The power conferred on the Supervisor under subsection (1) shall be exercisable where he is satisfied” and substituting the words “The power conferred on the Central Bank under subsection (1) shall be exercisable where the Bank is satisfied”; and (ii) in paragraph (g), by deleting the word “Supervisor” and substituting the word “Bank”; (c) in subsection (3), by deleting the words “Supervisor”, “he proposes” and “by him” and substituting the words “Central Bank”, “it proposes” and “by the Bank”, respectively; (d) in subsections (4) and (5), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”; and (e) in subsection (6), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively.

70. Section 95 of the Act is amended— (a) by deleting the word “Supervisor” in the first place where it occurs and substituting the words “Central Bank”; Section 94 amended Section 95 amended 282 No. 15 Insurance (Amendment) 2004

(b) in paragraph (a), by deleting the words “where he is satisfied” and substituting the words “where the Bank is satisfied”; and (c) in paragraph (b), by deleting the words “the Supervisor is satisfied” and substituting the words “the Bank is satisfied”. 71. Section 98 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 72. Section 99 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 73. Section 100(1) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 74. Section 107 of the Act is amended by deleting the words “Supervisor in such form and at such times as he requires” and substituting the words “Central Bank in such form and at such times as the Bank requires”. 75. Section 108 of the Act is amended— (a) in subsections (2) and (3), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively; and (b) in subsection (4), by deleting the words “Supervisor” and “where he is satisfied” and substituting the words “Bank” and “where it is satisfied”, respectively. 76. Section 109 of the Act is amended by inserting after the words “Minister may”, the words “, on the recommendation of the Central Bank,”. Section 98 amended Section 99 amended Section 100 amended Section 108 amended Section 109 amended Section 107 amended No. 15 Insurance (Amendment) 2004 283

77. Section 112 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”.

78. Section 113 of the Act is amended by deleting the word “Supervisor”— (a) in the first place where it occurs and substituting the words “Central Bank”; and (b) in the other places where it occurs and substituting in each place, the word “Bank”.

79. Section 115 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

80. Section 117(2) of the Act is amended by deleting the words “The Supervisor may at any time require the company to obtain and to furnish him with a report” and substituting the words “The Central Bank may at any time require the company to obtain and furnish the Bank with a report”.

81. Section 119 of the Act is amended by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively.

82. Section 125(4) of the Act is amended by deleting the words “section 35 of the Companies Ordinance” and substituting the words “ section 484(3) of the Companies Act”.

83. Section 126 of the Act is amended is deleting the word “Supervisor”— (a) in the first place where it occurs and substituting the words “Central Bank”; and (b) in the other places where it occurs and substituting in each place, the word “Bank”. Section 112 amended Section 113 amended Section 115 amended Section 117 amended Section 119 amended Section 125 amended Section 126 amended 284 No. 15 Insurance (Amendment) 2004

84. Section 127(3) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

85. Section 132(2) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

86. Section 135 of the Act is amended by deleting the words “Supervisor”, “as he thinks fit the obligation” and “in his opinion” and substituting the words “Central Bank”, “as the Bank thinks fit, the obligation” and “in the Bank’s opinion”, respectively.

87. Section 143 of the Act is amended by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively.

88. Section 144 of the Act is amended— (a) in subsection (1)(a), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) by repealing subsection (3) and substituting the following subsection: “ (3) The company shall at the time of delivery of the statement— (a) pay into the Central Bank for credit to the Consolidated Fund, the total amount of the unclaimed moneys shown on the statement, less any amount paid by the company to the person to whom the amount was due, between its financial year and the date on which the statement is delivered; and Section 127 amended Section 132 amended Section 135 amended Section 143 amended Section 144 amended No. 15 Insurance (Amendment) 2004 285

(b) furnish the Central Bank with written particulars of the amount paid to the person to whom the amount was due.”; (c) in subsection (4), by deleting the words “paid to the Comptroller”, “he is satisfied” and “Comptroller” and substituting the words “paid into the Central Bank”, “the Bank is satisfied” and “Bank”, respectively; (d) in subsection (5), by deleting the words— (i) “paid to the Comptroller” and substituting the words “paid into the Central Bank”; and (ii) “Comptroller”, in the second and third places where it occurs and substituting in each place, the word “Bank”; and (e) in subsection (6), by deleting the words “to the Comptroller”, and substituting the words “into the Central Bank”. 89. Section 149 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 90. Section 154(1) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 91. Section 155(1) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 92. Section 156 of the Act is amended— (a) in subsection (1), by deleting the words “Supervisor” and “he shall appoint” and substituting the words “Central Bank” and “the Bank shall appoint”, respectively; and Section 149 amended Section 154 amended Section 155 amended Section 156 amended 286 No. 15 Insurance (Amendment) 2004

(b) in subsections (2) and (3), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the word “Bank”. 93. Section 157 of the Act is amended by deleting the word “Supervisor”— (a) in the first place where it occurs and substituting the words “Central Bank”; and (b) in the other places where it occurs and substituting in each place, the word “Bank”. 94. Section 158 of the Act is amended by deleting the word “Supervisor”— (a) in the first place where it occurs and substituting the words “Central Bank”; and (b) in the other places where it occurs and substituting in each place, the word “Bank”. 95. Section 159 of the Act is amended by deleting the word “Supervisor”— (a) in the first place where it occurs and substituting the words “Central Bank”; and (b) in the other places where it occurs and substituting in each place, the word “Bank”. 96. Section 160 of the Act is amended by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively. 97. Section 161(3) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 98. Section 163(4) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. Section 157 amended Section 158 amended Section 159 amended Section 160 amended Section 161 amended Section 163 amended No. 15 Insurance (Amendment) 2004 287

99. Section 168 of the Act is amended— (a) by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) by inserting after the word “Minister”, the words “, on the recommendation of the Central Bank,”.

100. Section 170 of the Act is amended— (a) in subsection (1)— (i) by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively; and (ii) by deleting the words “heard by him” and “he considers” and sub￾stituting the words “heard by the Bank” and “the Bank considers”, respectively; and (b) in subsection (3), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the word “Bank”.

101. Section 172 of the Act is amended— (a) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) in subsection (3), by deleting the words “Supervisor” and “where he is satisfied” and substituting the words “Central Bank” and “where it is satisfied”, respectively.

102. Section 173 of the Act is amended by inserting after the words “Minister may”, the words “, on the recommendation of the Central Bank,”. Section 168 amended Section 170 amended Section 172 amended Section 173 amended 288 No. 15 Insurance (Amendment) 2004

103. Section 175(2) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

104. Section 176 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) in subsection (2), by deleting the words “Supervisor” and “where he is satisfied” and substituting the words “Bank” and “where it is satisfied”, respectively; and (c) in subsections (3) and (5), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the word “Bank”.

105. Section 177(2) of the Act is amended by deleting the words “the Supervisor shall register the amendment where he is satisfied” and substituting the words “the Central Bank shall register the amendment where it is satisfied”.

106. Section 178 is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) by repealing subsection (2) and substituting the following subsection: “ (2) Any document purporting to be a Certificate issued by the Central Bank under subsection (1), shall be received in evidence and be deemed to be so issued without further proof unless the contrary is shown, and shall be conclusive evidence of the fact certified.”. Section 175 amended Section 176 amended Section 177 amended Section 178 amended No. 15 Insurance (Amendment) 2004 289

107. Section 179 of the Act is amended— (a) in subsection (2), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) in subsection (3), by deleting the words “the Supervisor shall cancel the registration of the plan where he is satisfied” and substituting the words “the Bank shall cancel the registration of the plan where it is satisfied”.

108. Section 181 of the Act is amended— (a) in subsection (1), by deleting the words “Supervisor”, “he may” and “in his opinion” and substituting the words “Central Bank”, “the Bank may” and “in the opinion of the Bank”, respectively; and (b) in subsection (2), by deleting the word “Supervisor” and substituting the word “Bank”.

109. Section 182 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively; (b) in subsection (2), by deleting the words “Supervisor” and “as if he were a person” and substituting the words “Central Bank” and “as if it were a person”, respectively; and (c) in subsection (3), by deleting the words “The Supervisor or any person authorised by him” and substituting the words “The Central Bank or any person authorised by the Bank”, respectively. Section 179 amended Section 181 amended Section 182 amended 290 No. 15 Insurance (Amendment) 2004

110. Section 183 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”.

111. Section 184 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”, respectively; and (b) in subsection (2)(a), by deleting the words “Supervisor” and “an auditor approved by him” and substituting the words “Central Bank” and “an auditor approved by the Bank”, respectively.

112. Section 185 of the Act is amended by deleting the word “Supervisor”— (a) in the first place where it occurs and substi￾tuting the words “Central Bank”; and (b) in the other places where it occurs and substituting the word “Bank”.

113. Section 186(3) of the Act is amended by inserting after the words “Minister may”, the words “, on the recommendation of the Central Bank,”.

114. Section 188 of the Act is amended— (a) in subsection (2)(d), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (b) in subsection (3), by deleting the words “The Supervisor may register an association of underwriters as an insurer where he is satisfied” and substituting the words “The Central Bank may register an association of underwriters as an insurer where it is satisfied”. Section 183 amended Section 184 amended Section 185 amended Section 186 amended Section 188 amended No. 15 Insurance (Amendment) 2004 291

115. Section 189 of the Act is amended by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively.

116. Section 190 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) by repealing subsection (2) and substituting the following subsection: “ (2) Where the Bank proposes to reject the application, it shall state in writing its reasons therefor.”; and (c) in subsection (3), by deleting the word “Supervisor” and substituting the word “Bank”.

117. Section 191 of the Act is amended by deleting the words “Supervisor” and “as he may require” and sub￾stituting the words “Central Bank” and “as the Bank may require”, respectively.

118. Section 192 of the Act is amended— (a) in subsection (1), by deleting the words “Supervisor” and “where he is satisfied” and substituting the words “Central Bank” and “where the Bank is satisfied”, respectively; (b) by repealing subsection (2) and substituting the following subsection: “ (2) Where the Central Bank exer￾cises its power under subsection (1), it shall notify the registered association of its decision and state its reasons therefor.”; and (c) in subsection (3), by deleting the word “Supervisor” and substituting the words “Central Bank”. Section 189 amended Section 190 amended Section 191 amended Section 192 amended 292 No. 15 Insurance (Amendment) 2004

119. Section 193 of the Act is amended— (a) in subsection (1), by deleting the words “Supervisor”, “where he is not satisfied” and “where he is satisfied” and substituting the words “Central Bank”, “where the Bank is not satisfied” and “where the Bank is satisfied”, respectively; (b) by repealing subsection (2) and substituting the following subsection: “ (2) Where the Bank cancels the registration of an association, it shall state in writing its reasons therefor.”; and (c) in subsections (3) and (4), by deleting the word “Supervisor” wherever it occurs and substituting in each place, the word “Bank”.

120. Section 194 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

121. Section 196(1) of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”.

122. Section 198 of the Act is amended by deleting the words “inspect at the office of the Supervisor any document submitted to the Supervisor” and substituting the words “inspect at the Central Bank, any document submitted to the Bank”.

123. Section 199 of the Act is amended— (a) in paragraph (a), by deleting the words “certified by the Supervisor to be a document submitted to him” and substitut￾ing the words “certified by the Central Bank to be a document submitted to the Bank”; and Section 193 amended Section 194 amended Section 196 amended Section 198 amended Section 199 amended No. 15 Insurance (Amendment) 2004 293

(b) in paragraph (b), by deleting the word “Supervisor” and substituting the words “Central Bank”. 124. Section 201 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 125. Section 202(1)(b) of the Act is amended by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively. 126. Section 203 of the Act is amended by deleting the word “Supervisor” and substituting the words “Central Bank”. 127. Section 204 of the Act is amended by deleting the words “Supervisor” and “as he may approve” and substituting the words “Central Bank” and “as the Bank may approve”, respectively. 128. Section 205 of the Act is amended— (a) in subsection (1), by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) by repealing subsections (2) and (3) and substituting the following subsections: “ (2) An appellant may, within fifteen days of the receipt of the notification of the decision, direction, refusal, ruling or order of the Central Bank, file with the Registrar of the Supreme Court, an appeal against such decision, direction, refusal, ruling or order, setting forth the ground of appeal. Section 201 amended Section 202 amended Section 203 amended Section 204 amended Section 205 amended 294 No. 15 Insurance (Amendment) 2004

(2A) Notwithstanding that an appeal lies under this Act or under the Regulations from any decision, direction, refusal, ruling or order of the Central Bank, such decision, direction, refusal, ruling or order shall be binding upon the appellant unless, on an application made to a Judge in Chambers for the grant of an injunc￾tion before the determination of the appeal, the Judge is satisfied that circumstances exist that warrant the stay of any further action by the Bank and grants an injunction to the appellant on such terms and conditions as the Judge may direct. (3) Where a Judge grants an injunction under subsection (2A)— (a) no further action may be taken by the Central Bank in respect of any decision, direction, refusal, ruling or order to which the injunc￾tion relates; and (b) the injunction shall have effect— (i) unless otherwise revoked, varied or suspended by the Court, before any proceedings to which the appeal relates, are con￾clued; or (ii) until the Court determines the appeal, whichever is earlier; and No. 15 Insurance (Amendment) 2004 295

(c) in subsections (4) and (6), by deleting the word “Supervisor” wherever they occur and substituting in each place, the words “Central Bank”. 129. Section 206(1) of the Act is amended by deleting the words “the Supervisor or an authorised person” and substituting the words “the Central Bank, the Inspector or other person authorised by the Bank”. 130. Section 208 of the Act is amended by deleting the word “Supervisor” wherever it occurs and substituting in each place, the words “Central Bank”. 131. Section 210(1) of the Act is amended by inserting after the word “Minister”, the words “on the recommen￾dation of the Central Bank”. 132. Section 214 of the Act is amended— (a) in subsection (1), by deleting the words “make such Regulations as he considers necessary” and substituting the words “, on the recommendation of the Central Bank, make Regulations”; (b) in subsection (2)— (i) by deleting the word “Supervisor” and substituting the words “Central Bank”; (ii) in paragraph (a), by deleting the word “Minister” and substituting the word “Bank”; and (iii) in paragraph (b), by deleting the words “as he thinks fit” and “Minister” and substituting the words “as the Bank thinks fit” and “Bank”, respectively; Section 210 amended Section 214 amended Section 206 amended Section 208 amended 296 No. 15 Insurance (Amendment) 2004

(c) in subsection (3)(a), by deleting the word “Supervisor” and substituting the words “Central Bank”; and (d) in subsection (5)— (i) in paragraph (f), by deleting the word “Supervisor” and substitut￾ing the words “Central Bank”; and (ii) in paragraph (g), by deleting the words “Supervisor” and “as he thinks fit” and substituting the words “Bank” and “as the Bank thinks fit”, respectively. 133. The Second Schedule to the Act is amended— (a) in clause 1(a)(iv), (d) and (g), by deleting the word “Minister” and substituting the words “Central Bank”; (b) in clause 3(b)(ii), by deleting the word “Supervisor” and substituting the words “Central Bank”; (c) by repealing clause 4 and substituting the following clause: “ 4. Cash balances deposited with— (a) any bank or other financial institution licensed under the Financial Institutions Act; (b) any building society which may be approved by the Central Bank.”; and (d) in clause 6, by deleting the word “Supervisor” and substituting the words “Central Bank”. 134. Regulation 3 of the Insurance (Pension Fund Plan Investments) Regulations is amended by deleting the words “Supervisor” and “to his satisfaction” and substituting the words “Central Bank” and “to the satisfaction of the Bank”, respectively. Second Schedule amended Insurance (Pension Fund Plan Investments) Regulations amended No. 15 Insurance (Amendment) 2004 297

135. Regulation 5 of the Insurance (Pension Fund Plans Registration Fees) Regulations is amended by deleting the words “Comptroller of Accounts for account of the Supervisor of Insurance” and substituting the words “Central Bank”.
136. The Insurance (Forms) Regulations are amended— (a) in the First Schedule, at Form D1, by deleting in Note 1, the word “Supervisor” and substituting the words “Central Bank”; (b) in the Second Schedule, in Part 1 at clause 2, by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively; and (c) in the Third Schedule, in Part 1 at clause 7, by deleting the word “Supervisor” in the first and second places where it occurs and substituting the words “Central Bank” and “Bank”, respectively.
137. The Schedule to the Insurance Companies (Registration) Regulations is amended in Form 1 in relation to— (a) the “Application for Registration by an Insurance Company”— (i) by deleting the words “Office of the Supervisor of Insurance, Ministry of Finance” and substituting the words “Central Bank of Trinidad and Tobago”; and (ii) by deleting the words “TO THE SUPERVISOR OF INSURANCE” and substituting the words “TO THE CENTRAL BANK OF TRINIDAD AND TOBAGO”; and Insurance Companies (Registration) Regulations amended Insurance (Pension Fund Plans Registration Fees) Regulations amended Insurance (Forms) Regulations amended 298 No. 15 Insurance (Amendment) 2004

(b) the “Directions to Applicants”— (i) in paragraph (v), by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank”; (ii) in paragraph (x), by deleting the words “Supervisor of Insurance” and “Supervisor” and substituting the words “Central Bank” and “Bank”, respectively; and (iii) in paragraph (xi), by deleting the words “Supervisor” and “as he may consider” and substituting the words “Central Bank” and “as the Bank may consider”, respectively. 138. The Insurance Companies (Accounts and Forms) Regulations are amended— (a) in regulation 3(b), in the Note on Form B4, by deleting the word “Supervisor” and substituting the words “Central Bank”; (b) in regulation 5, in the Note on Form D1, by deleting the word “Supervisor” and substituting the words “Central Bank”; (c) in Form B4, in the Note under the heading “STATEMENT OF ESTIMATE AND LIABILITY IN RESPECT OF OUT￾STANDING CLAIMS (CONTINUATION)”, by deleting the word “Supervisor” and substituting the words “Central Bank”; (d) in Form D2 at item 13, by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank”; and (e) in Form D3, under the heading “LIABILITIES TO TRINIDAD AND TOBAGO POLICYHOLDERS”, by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank”. Insurance Companies (Accounts and Forms) Regulations amended No. 15 Insurance (Amendment) 2004 299

139. The Insurance (Admissible Assets and Valuation of Assets) Regulations are amended in— (a) regulation 2(1), in the definitions of “approved financial institutions”, “qualified valuer”, “quoted” and “unquoted”, by delet￾ing the word “Minister”, wherever it occurs, and substituting the words “Central Bank”; and (b) regulation 4(2), by deleting the word “Minister” and substituting the words “Central Bank”.
140. The Insurance (Agents, Brokers, Salesmen and Adjusters) (Registration) Regulations are amended— (a) in regulation 3, by deleting the words “Comptroller of Accounts” and substituting the words “Central Bank”; (b) in regulation 4(3), by deleting the word “Supervisor”— (i) in the first place where it occurs and substituting the words “Central Bank”; and (ii) in the other places where it occurs and substituting in each place, the word “Bank”; (c) by revoking regulation 7 and substituting the following regulation:
141. (1) An application to renew a certificate of registration issued under section 92 of the Act shall be in the appropriate form set out in the Fourth Schedule as Form 1, 2 or 3. (2) The application shall be accompanied by the receipt obtained from the Central Bank Insurance (Agents, Brokers, Salesmen and Adjusters) (Registration) Regulations amended Insurance (Admissible Assets and Valuation of Assets) Regulations amended “Application to renew certificates of registration Fourth Schedule 300 No. 15 Insurance (Amendment) 2004

upon payment of the prescribed fee and shall be made to the Bank not later than thirty days before the anniversary date of issue of the certificate.”; (d) in regulation 10, by deleting the word “Supervisor” and substituting the words “Central Bank”; (e) in regulation 15(2), by deleting the word “Supervisor” and substituting the words “Inspector of Financial Institutions”; (f) in regulation 17, by deleting the word “Supervisor” and substituting the words “Central Bank”; (g) in regulation 18(2), by deleting the word “Supervisor” and substituting the words “Central Bank”; (h) in regulation 19(2), by deleting the word “Supervisor” and substituting the words “Governor of the Central Bank”; (i) in regulation 20, by deleting the word “Supervisor” and substituting the words “Central Bank”; (j) in the First Schedule— (i) in Form 1— (A) by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank of Trinidad and Tobago”; and (B) under the heading “Directions”, in clause 8(a), by deleting the words “Comptroller of Accounts” and substituting the words “Central Bank”; No. 15 Insurance (Amendment) 2004 301

(ii) in Form 2— (A) by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank of Trinidad and Tobago”; and (B) under the heading “Directions”, in clause 7(a), by deleting the words “Comptroller of Accounts” and substituting the words “Central Bank”; (iii) in Form 3— (A) by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank of Trinidad and Tobago”; and (B) under the heading “Directions”, in clause 5(a), by deleting the words “Comptroller of Accounts” and substituting the words “Central Bank”; and (iv) in Form 4, by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank of Trinidad and Tobago”; and (k) in the Third Schedule— (i) by deleting the words “Supervisor of Insurance” wherever they occur and substituting in each place, the words “Central Bank”; and (ii) by deleting the Coat of Arms wherever it occurs; 302 No. 15 Insurance (Amendment) 2004

(l) by renumbering the Schedule occurring after the Third Schedule as the Fourth Schedule; and (m) in the Fourth Schedule as renumbered, by deleting the words “Supervisor of Insurance” wherever they occur and substi￾tuting in each place, the words “Central Bank of Trinidad and Tobago”. 141. (1) With effect from the commencement of this Act— (a) all acts and things done prior to the commencement of this Act by, for or on behalf of the former Supervisor of Insurance pursuant to the Act, shall have effect as if done by the Central Bank; (b) all legal proceedings commenced prior to the commencement of this Act by or against the former Supervisor of Insurance shall have effect as if brought by or against the Central Bank; (c) all books, records, accounts, vouchers, minutes of meetings or other documents and information relating to insurance companies and pensions funds, held by the former Supervisor of Insurance prior to the commencement of the Insurance (Amendment) Act, shall be transferred to the Central Bank by the former Supervisor of Insurance. (2) Notwithstanding any other law to the con￾trary, the former Supervisor of Insurance or any officer authorised by him to act on his behalf, shall not be liable for the disclosure of information relating to a company, the insurance business of the company or a pension fund, pursuant to the exercise of his duty under subsection (1)(c). Transitional provisions No. 15 Insurance (Amendment) 2004 303

(3) In this section “former Supervisor of Insurance” means the person designated as such under the Act prior to the commencement of this Act. 142. The Central Bank Act is amended in— (a) section 2, in the definition of “Inspector of Banks” by deleting the word “Banks” wherever it occurs and substituting in each place, the words “Financial Institutions”; (b) section 3(4), by inserting after the words “this Act”, the words “, the Insurance Act”; (c) section 9, by deleting paragraph (c) and sub￾stituting the following paragraph: “(c) save as provided in section 8(3)(c)— (i) is a director, an officer or an employee, of any financial institution or person registered under the Insurance Act; or (ii) has an interest as a share￾holder in any financial institution or company registered under the Insurance Act, which is or becomes subject to regulation by the Bank.”; (d) section 44C, by deleting the definition of “Inspector of Banks” and substituting the following definition: “Inspector of Financial Institutions” means the Inspector of Financial Institutions appointed under section 30 of the Financial Institutions Act; Central Bank Act amended Chap. 79:02 304 No. 15 Insurance (Amendment) 2004

(e) section 44F(4), by deleting the words “of Banks” and substituting the words “of Financial Institutions”; and (f) section 56— (i) in subsection (1), by deleting the words “or any financial institu￾tion” and substituting the words “, any financial institution or person registered under the Insurance Act”; and (ii) in subsection (2), by deleting the words “or any financial institu￾tion” and substituting the words “, any financial institution or person registered under the Insurance Act”. 143. Section 17 of the Trinidad and Tobago Free Zones Act is amended— (a) in subsection (1)(b), by deleting the words “Supervisor of Insurance” and substituting the words “Central Bank”; (b) in subsection (5), by deleting the words “Supervisor of Insurance” in the two places where they occur and substituting the words “Central Bank” and “Inspector of Financial Institutions”, respectively; (c) in subsection (6), by deleting the words “Supervisor of Insurance” and substituting the words “Inspector of Financial Institutions”; and (d) by inserting after subsection (6), the following subsection: “ (7) In this section “Inspector of Financial Institutions” has the meaning assigned to it in the Financial Institutions Act, 1993.”. Trinidad and Tobago Free Zones Act, No. 19 of 1988 amended No. 15 Insurance (Amendment) 2004 305

144. The Financial Institutions Act, 1993 is amended— (a) in section 2, in the definition of “Inspector”, by deleting the word “Banks” and substitut￾ing the words “Financial Institutions”; (b) in section 30— (i) in subsection (1), by deleting the word “Banks” and substitut￾ing the words “Financial Institutions”; (ii) by inserting after subsection (1), the following subsection: “ (1A) A reference in any other written law or in any instrument or other document made or issued pursuant to or consequent upon such written law, to the term “Inspector of Banks”, shall be read and construed as a reference to the “Inspector of Financial Institutions” appointed under subsection (1).”; (iii) by inserting after subsection (4), the following subsection: “ (4A) Notwithstanding sub￾section (4) and any other written law to the contrary, the Inspector may exercise the powers and duties conferred on him by the Insurance Act.”; Financial Institutions Act, No. 18 of 1993 amended Chap. 84:01 306 No. 15 Insurance (Amendment) 2004

(iv) by repealing subsection (7) and substituting the following subsection: “ (7) A person appointed or employed under this section shall not borrow money from any licensee or other person registered under the Insurance Act unless he obtains the permission of the Governor to do so.”; and (v) in subsection (8), by inserting after the words “in any licensee”, the words “or company registered under the Insurance Act”; (c) in section 31— (i) in subsection (1), by deleting paragraph (a) and substituting the following paragraph: “(a) examine all applications for— (i) licences under this Act; (ii) registration under the Insurance Act, and make recommenda￾tions thereon, to the Central Bank;”; (ii) in paragraph (d), by deleting the fullstop and substituting a semi￾colon; and (iii) by inserting after paragraph (d), the following paragraph: “(e) do all those acts and things that are required to be done by him under the Insurance Act.”; No. 15 Insurance (Amendment) 2004 307

(d) in section 35(1), by inserting after the word “licensee” wherever it occurs, the words “or person registered under the Insurance Act”; and (e) in section 37— (i) in subsection (1), by deleting the words “Central Bank Act,” and substituting the words “Central Bank Act and the Insurance Act”; (ii) by repealing subsection (2) and substituting the following subsection: “ (2) It shall be the duty of the Central Bank to keep under review the operations of— (a) this Act; (b) the Insurance Act; (c) licensees under this Act; (d) persons registered under the Insurance Act, so far as may be relevant to the exercise of its powers and the discharge of its duties.”. Passed in the House of Representatives this 16th day of April, 2004. J. SAMPSON-JACENT Clerk of the House Passed in the Senate this 18th day of May, 2004. N. JAGGASSAR Acting Clerk of the Senate 308 No. 15 Insurance (Amendment) 2004 PRINTED BY THE GOVERNMENT PRINTER, PORT-OF-SPAIN REPUBLIC OF TRINIDAD AND TOBAGO—2004