Regulatory Alerts2021-01-11 | 29685Added · Updated
Insurance Companies and Intermediaries Administrative Fines
The Central Bank of Trinidad and Tobago advises all insurers and intermediaries regarding administrative fines under Section 260 of the Insurance Act, 2018. The Bank may issue a notice for offences listed in Schedule 6, allowing the offender to avoid conviction by paying the specified administrative fine. Offenders must pay the fine and remedy the breach within fifteen business days of receiving the notice; failure to do so or continued non-compliance after payment will result in summary conviction and criminal penalties as prescribed in Schedule 6. Schedule 6 Part A applies to insurance companies and underwriters, Parts B & C to intermediaries, and Part D to pension fund trustees.
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