Proposed Format of the Appointed Actuary’s Report for Long-term Insurance Business

April 13, 2021
CIRCULAR LETTER:
INSURERS CARRYING ON LONG-TERM INSURANCE BUSINESS INCLUDING GENERAL INSURERS REGISTERED TO CARRY ON ACCIDENT AND SICKNESS BUSINESS UNDER THE INSURANCE ACT, 2018 APPOINTED ACTUARIES COPIED TO:
CARIBBEAN ASSOCIATION OF ACTUARIES
INSTITUTE OF CHARTERED ACCOUNTANTS OF TRINIDAD AND TOBAGO ASSOCIATION OF TRINIDAD & TOBAGO INSURANCE COMPANIES REF: CB-OIFI-769/2021 PROPOSED FORMAT OF THE APPOINTED ACTUARY’S REPORT FOR LONG-TERM INSURANCE BUSINESS Pursuant to sections 145(1)(d) and (2) and 158(1)(a) of the Insurance Act, 2018 (Act) and regulation 18 of the Insurance (Caribbean Policy Premium Method) Regulations, 2020, (Regulations) the Central Bank of Trinidad and Tobago (Central Bank) outlines the minimum requirements for an appointed actuary’s report for long-term insurance business. These requirements are aimed at ensuring consistency in reporting and adequate disclosure of information, and will further allow the Central Bank to make reasonable comparisons among the insurers. The new format will be required for appointed actuary’s reports produced for the reporting period as at October 31, 2021 and later. The proposed report template and accompanying excel spreadsheets are attached and can also be accessed at https://www.central-bank.org.tt/publications/regulatory-returns/insurance￾sector-regulatory-return under the heading “Appointed Actuary’s Report in respect of Long-Term Insurance Business”. Comments should be submitted electronically to FISDActuarial@central￾bank.org.tt by no later than May 26, 2021. The Central Bank looks forward to your usual co-operation in this matter. Yours sincerely Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS Cen t r al Ban k o f Tri n i d ad an d To bag o Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt