Format of the Appointed Actuary’s Report for Long-Term Insurance Business and Standards of Accepted Actuarial Practice

November 08, 2021
CIRCULAR LETTER TO:
Insurers Registered Under the Insurance Act, 2018 Appointed Actuaries Caribbean Actuarial Association Association of Trinidad & Tobago Insurance Companies REF: CB-OIFI-2671/2021 Format of the Appointed Actuary’s Report for Long-Term Insurance Business and the Standards of Accepted Actuarial Practice Format of the Appointed Actuary’s Report for Long-Term Insurance Business On April 13, 2021 the Central Bank of Trinidad and Tobago (“Central Bank”) issued a proposed Format of the Appointed Actuary’s Report for Long-Term Insurance Business (“Format of the AAR-LT) and its accompanying schedules (“Schedules to the AAR-LT”) to the industry for comment. Following consideration of all feedback received and pursuant to sections 145(1)(d), 145(2) and 158(1)(a) of the Insurance Act, 2018 (“Act”) and regulation 18 of the Insurance (Caribbean Policy Premium Method) Regulations, 2020, the Inspector of Financial Institutions is pleased to issue the finalised Format of the AAR-LT and Schedules to the AAR-LT. The Format of the AAR-LT outlines the minimum requirements for an appointed actuary’s report for long-term insurance business. For avoidance of doubt, in accordance with
section 23(5) of the Act, the requirements outlined in the Format of the AAR-LT also apply
to general insurers registered under the Act to carry on the accident and sickness class of insurance business. These requirements are aimed at ensuring consistency in reporting and adequate disclosure of information, and will further allow the Central Bank to make reasonable comparisons among the insurers. The new format will be required for appointed actuary’s reports produced for the reporting period as at December 31, 2021 and later. The Format of the AAR-LT and the Schedules to AAR-LT are attached and can also be accessed at https://www.central-bank.org.tt/publications/regulatory-returns/insurance￾sector-regulatory-return under the heading “Appointed Actuary’s Report in respect of Long￾Term Insurance Business”. The matrix of comments received during the consultation period and the Central Bank’s responses can be accessed at https://www.central-bank.org.tt/core￾functions/supervision/insurance-sector/draft-and-consultation-papers. 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

Circular Letter
Format of the Appointed Actuary’s Report for Long-Term Insurance Business and the Standards of Accepted Actuarial Practice November 08, 2021 2 Standards of Accepted Actuarial Practice You are reminded that in accordance with the definition of “standards of accepted actuarial practice” in the Regulations, this means the standards of the Caribbean Actuarial Association. Please be guided accordingly. Yours sincerely, Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS