Procedure Document for Section 128 Returns Submission by Registered Agents, Brokers and Sales Representatives

Compliance with Section 128, Subsections (1) and (2) of the Insurance Act, 2018. Procedure Document for the Returns Submission of Registered Agents, Brokers and Sales Representatives Intermediaries Unit Financial Institutions Supervision Department

PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES TABLE OF CONTENTS

1. PURPOSE OF THE SECTION 128 RETURN (RETURN) 1
2. PREPARATION OF THE RETURN 1
3. CONCLUSION 2 Appendix 1 3 Appendix 2 4 Appendix 3 5 Appendix 4 6 Appendix 5 7 Appendix 6 7 Appendix 7 8 Appendix 8 9 Appendix 9 10 Appendix 10 11 Appendix 11 11 Appendix 12 12 Appendix 13 12

1 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES

1. PURPOSE OF THE SECTION 128 RETURN (RETURN) All insurers, agencies and brokerages are reminded of the requirements of Section 128 of the Insurance Act, 2018 (the Act). Pursuant to Sections 128(1) and (2), insurers, agencies and brokerages must submit to the Central Bank, the following information within sixty (60) business days of the end of its financial year: i) A Return showing all persons registered for the following companies: a) Insurers – agencies, individual agents and sales representatives; b) Agencies – individual agents and sales representatives; and c) Brokerages – individual brokers and sales representatives. ii) A list of all persons who were directly or indirectly paid, agreed to be paid, or allowed to be paid compensation for- • placing or negotiating any class of insurance business; • negotiating the renewal of any class of insurance business; or • attempting to place, negotiate or renew any class of insurance business.
2. PREPARATION OF THE RETURN Each insurance company, agency or brokerage must compile the certificate/s of their representative/s employed directly by the company; extracting the required information located on the individual’s Certificate of Registration (certificate) (see examples of certificates in Appendix 1 and Appendix 2). Appendix 1 and Appendix 2 illustrate the requisite information to populate the respective worksheets in the Return.
3. Cover Page (Appendix 3 and Appendix 4) • Name of Agency/Brokerage • Name of Insurance Company (where applicable) • Number of Representatives • Company Stamp (Electronic can be applied) • Authorized Signature (Managing Director/CEO)
4. Agencies and Brokerages (Appendix 5): • Type of Intermediary (Drop down Box Options) • Name of Individual (No titles are required e.g. John Doe) • Certificate Number • Certificate Start Date • Certificate End Date • Status (Drop down Box Options) • Validation (Data entry not required by user –validation cell)

2 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES 3) Insurance Companies (Appendix 6) • Type of Intermediary (Drop down Box Options) • Name of Individual (No titles are required e.g. John Doe) • Name of Agency (where applicable) • Certificate Number • Certificate Start Date • Certificate End Date • Status (Drop down Box Options) • Validation (Data entry not required by user –validation cell) When the Certificate information is entered into the template accurately, the message “Valid” will appear in the “VALIDATION” column (See Appendix 10). If the Certificate information is inaccurately entered, the message will state “Please verify Certificate Number and/or Expiry Date entered” (See Appendix 13). 3) CONCLUSION All incorporated entities are required to populate the Return and submit to the Intermediaries Unit in: a) Electronic worksheet format (MS Excel) to Intermediaries_Registration@central-bank.org.tt; and b) Hard copy format addressed to the Inspector of Financial Institutions. Failure to comply with the provisions outlined in Section 128 of the Act is an offence under Section 254(3) of the Act. Non-compliance may result in the Central Bank issuing administrative fines as outlined in Schedule 6 of the Act.

3 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 1 CERTIFICATE OF REGISTRATION AS A SALES REPRESENTATIVE Certificate Number Representative’s Name Insurance Company Name Certificate Start and End Date

4 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Certificate Number Representative’s Name Insurance Company Name Certificate Start and End Date Appendix 2 CERTIFICATE OF REGISTRATION AS AN INDIVIDUAL AGENT

5 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 3 EXCEL SCREENSHOT OF RETURN (WORKSHEETS/TABS ARE HIGHLIGHTED) KEY A – Cover Page B – Agencies and Brokerages C – Insurance Companies A B C

6 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 4 BLANK COVER PAGE

7 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 5 BLANK DATA ENTRY PAGE FOR AGENCIES AND BROKERAGES Appendix 6 BLANK DATA ENTRY PAGE FOR INSURANCE COMPANIES

8 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 7 COVER PAGE EXAMPLE FOR AN AGENCY COMPANY

9 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 8 SAMPLE AGENCY DATA ENTRY PAGE

10 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 9 COVER PAGE EXAMPLE FOR AN INSURANCE COMPANY

11 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 10 SAMPLE INSURANCE COMPANIES DATA ENTRY PAGE Appendix 11 COVER PAGE EXAMPLE FOR A BROKERAGE COMPANY

12 PROCEDURE DOCUMENT – SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES Appendix 13 SAMPLE OF AN ERROR DETECTED IF INFORMATION IS ENTERED INCORRECTLY – “VALIDATION” COLUMN Appendix 12 SAMPLE BROKERAGE DATA ENTRY PAGE Information entered needs to be verified