Regulatory Alerts2017-08-25 | 29497Added · Updated
Financial Condition Reports for Life Insurance
The Central Bank of Trinidad and Tobago requires life insurance companies to submit their first Financial Condition Report (FCR) within sixty days after the close of each financial year, starting from the end of the second year following the enactment of the new Insurance Bill, expected in 2011. To ensure preparedness, the Central Bank mandates a quantitative impact study (QIS) of the FCR framework, based on 2010 financial year-end data. This QIS must be submitted by December 31, 2011. For the QIS, insurers must use the Draft Insurance (Financial Condition Report for Long Term Insurance) Regulations and test scenarios b, c, and g from Schedule 2.
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