Regulatory Alerts2017-08-25 | 29533Added · Updated
Motor Insurance – Subrogation Claims
The Central Bank of Trinidad and Tobago reminds general insurers that subrogation claims are subject to the same fair treatment obligations as other claims under the September 2008 Claims Guideline. Insurers are required to ensure their claims departments handle these claims in accordance with the Guideline and industry standards of practice.
CENTRAL BANK OF TRINIDAD & TOBAGO Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt
October 1, 2012
Circular Letter to All General Insurers
Ref: CB-OIFI-2230/2012
Motor Insurance – Subrogation Claims
The Central Bank of Trinidad and Tobago (Central Bank) wishes to remind all general insurance companies writing Motor Insurance business of their obligations regarding subrogation claims.
A claim against an insurer may be brought directly by a third party or alternatively by the insurer of that third party through subrogation of the third party’s rights.
The Central Bank regards a subrogation claim as being no different from any other claim in respect of the rights of the claiming party and it is the duty of the insurer receiving the claim to deal fairly with the claiming party. Therefore, we wish to point out that the Claims Guideline issued by the Central Bank in September 2008 applies to subrogation claims in the same manner as any other claim.
The Central Bank advises all insurers to take note of the contents of this letter and institute steps to ensure that their claims departments are acting in accordance with the Claims Guideline and with the industry’s standards of practice in respect of the settlement of claims.
Yours sincerely
[Signature]
Carl Hiralal Inspector of Financial Institutions
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