Regulatory Alerts2021-03-04 | 29684Added · Updated
Limitations on Acquisition of Shares or Ownership Interest by an Insurer
The Central Bank of Trinidad and Tobago requires insurers registered under the Insurance Act, 1980, to notify the Bank by March 26, 2021, of any shareholdings or ownership interests that contravene Section 87 of the Insurance Act, 2018. These prohibitions restrict insurers from holding interests in non-financial entities exceeding 20% voting rights or 25% of the insurer's capital base, and from holding 10% or more of a financial entity without approval. The notification must include any applicable exemptions, such as holdings acquired through debt satisfaction or real estate entities, while foreign insurers are granted an eighteen-month reorganization period.
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