Regulatory Alerts2024-10-23 | 24039Added · Updated
Policy Framework for Alternate Dispute Resolution Schemes for Insurance Companies
Registered insurance companies in Trinidad and Tobago must enroll with an Alternate Dispute Resolution Scheme (ADRS) as required by Section 250A of the Insurance Act 2018. The framework mandates that all ADRSs operate on principles of effectiveness, fairness, independence, impartiality, expertise, and transparency. These schemes must be voluntary, allow parties to withdraw at any time, maintain reasonable resolution timelines, and ensure that participation does not negatively affect rights to access courts. Additionally, ADRSs must fulfill specific governance, financial management, operational, and training requirements to remain compliant with local laws.