Regulatory Alerts2023-01-06 | 29743Added · Updated
Personal Liability for Placement of Insurance Business with a Foreign Insurer
The Central Bank of Trinidad and Tobago has issued a circular mandating that intermediaries use a specific disclosure form when placing insurance business with foreign insurers. This requirement implements Section 115(2) of the Insurance Act, 2018, which imposes personal liability on intermediaries for contracts with unregistered companies and requires consumer authorization. Intermediaries must disclose the foreign nature of the insurer and obtain signed client consent using the approved form, with non-compliance constituting an offence punishable by a fine of one hundred and fifty thousand dollars.
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