Regulatory Alerts2022-05-11 | 29705Added · Updated
Frequently Asked Questions on the Insurance Act, 2018 (as amended)
The Central Bank of Trinidad and Tobago issued this circular to clarify registration, capital, and compliance requirements for brokerages and agencies under the Insurance Act, 2018. Sole traders must submit applications for registration as an agency or brokerage with incorporation documents on or before January 1, 2022. Brokerages are required to submit a plan to increase their minimum stated capital of five hundred thousand dollars by June 30, 2021. Additionally, the document specifies that professional indemnity insurance of at least five million dollars is mandatory for registration and outlines fit and proper criteria for acquisitions or mergers.
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