Regulatory Alerts2024-10-23 | 24034Added · Updated
Post Sales Communication – Policy Discontinuance – Guideline, 2020
The Central Bank of Trinidad and Tobago mandates that insurers and intermediaries must discuss the advantages and disadvantages of discontinuing a long-term insurance policy before facilitating its replacement. Regulated entities are required to assess product suitability, ensure marketing materials are clear and non-misleading, and utilize a standardized Disclosure Form to highlight key differences between existing and new policies. The guideline establishes a dispute resolution process with a two-month response timeframe, after which policyholders may escalate complaints to the Office of the Financial Services Ombudsman. These requirements apply to all local insurers, agents, agencies, brokers, and sales representatives conducting long-term insurance business.