Regulatory Alerts2021-03-03 | 29680Added · Updated
Proclamation of the Insurance Act 2018 and Promulgation of the Central Bank Regulations 2020
The Central Bank of Trinidad and Tobago proclaimed the Insurance Act 2018 and promulgated the Central Bank (Payment of Supervisory Fees and Charges) (Amendment) Regulations 2020, both effective January 1, 2021. These actions amended the Financial Institutions Act 2008 to introduce provisions for abridged financial statements, update definitions of significant shareholders, and expand the Central Bank's powers regarding license revocation and information disclosure. The Amendment Regulations modified supervisory fee calculations based on audited balance sheets and exempted specific entities, such as those under winding up orders, from fee payments.
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