Regulatory Alerts2022-05-11 | 29709Added · Updated
Payment of Commission to Unregistered Intermediaries
The Central Bank of Trinidad and Tobago clarifies that insurers and their agents are prohibited from paying commissions to individuals for insurance business negotiated or placed while they were unregistered, pursuant to Section 125 of the Insurance Act, 2018. However, intermediaries who were registered at the time the business was placed remain eligible to receive earned commissions even if their registration status lapses subsequently. The directive also confirms that standard and variable performance-based allowances, bonuses, and profits derived from separate employment contracts are exempt from this prohibition.
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