Final Draft of Insurance Bill and Regulations

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

September 17, 2010

CIRCULAR LETTER TO INSURANCE COMPANIES, ATTIC & BROKERS ICATT, ACTUARIES

REF: CB-OIFI-1902/2010

Insurance Bill, 2010 and Regulations

The Central Bank is pleased to circulate for your information the final draft of the Insurance Bill and Regulations. The proposals contained therein are intended to promote financial stability by strengthening the legislative framework governing the insurance industry. As such, proposals have been included to address inter alia, key issues such as consolidated supervision, corporate governance and prudential regulation.

The Insurance Bill and Regulations reflect international standards, best practices, and as far as was practical, the peculiarities of Trinidad and Tobago's insurance industry. Furthermore, the proposals represent the culmination of the collaborative effort initiated since 2004 between the Central Bank and stakeholders in the insurance industry to reform the sector.

The Central Bank wishes to take the opportunity to thank you for your cooperation and contribution to this worthwhile initiative and advises that the draft Insurance Bill and accompanying Regulations have been posted on the Bank's website at http://www.central-bank.org.tt/financial_stability/index.php?pid=3055.

Yours sincerely

[Signature]

Michelle Francis-Pantor Manager, Policy and Market Conduct FINANCIAL INSTITUTIONS SUPERVISION DEPARTMENT