Regulatory Alerts2019-03-06 | 29598Added · Updated
Passage of the Finance Act 2018
The Central Bank of Trinidad and Tobago informs licensees and insurers that the Finance Act 2018, effective January 1, 2019, amends the Financial Institutions Act 2008 and the Insurance Act 2018 regarding credit exposure limits. Section 42(1A) of the FIA and Section 89(1A) of the IA increase the credit exposure limit for specified bonds to fifty percent of the capital base, subject to Inspector approval to exceed the previous twenty-five percent limit. Additionally, Section 43A of the FIA excludes the Government of Trinidad and Tobago from being considered a connected party, and the Fourth Schedule of the FIA and Schedule 6 of the IA now impose criminal penalties and administrative fines for breaches of these exposure limits.
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