Regulatory Alerts2017-08-25 | 23955Added · Updated
Guidance on Documentation Required for Insurance Product Approvals
The Central Bank of Trinidad and Tobago mandates specific documentation for insurance companies and Associations of Underwriters seeking regulatory approval for new or amended products under Sections 24 and 119 of the Insurance Act. The requirements include policy contracts, application forms, premium rates, reinsurance summaries, and a signed actuarial certification confirming rate adequacy and consumer disclosure. The Central Bank explicitly abolished the requirement for the actuary’s full pricing report, replacing it with the new certification standards outlined in the circular.
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