Regulatory Alerts2020-12-03 | 24131Added · Updated
Insurance (Participating Account) Regulations 2020
Made by the Minister of Finance of Trinidad and Tobago under the Insurance Act, 2018, these Regulations require insurers issuing participating policies to establish and annually review a policy for determining dividends, bonuses, and the operation of participating accounts within six months of commencement. Insurers must allocate investment income, losses, and expenses to participating accounts using methods deemed fair and equitable by their appointed actuary and approved by the board of directors, subject to disallowance by the Inspector within sixty business days. The Regulations mandate the submission of relevant resolutions and actuarial opinions to the Inspector within thirty business days of approval and require annual written reports from the actuary regarding the fairness of allocation methods. These Regulations came into operation on 1st January, 2021.
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