Reinsurance Arrangements – 2013 – Life Companies

CENTRAL BANK OF TRINIDAD & TOBAGO
Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

January 16, 2013

Circular Letter to all Life Insurance Companies and ATTIC Secretariat

REF: CB-OIFI- 182/2013

REINSURANCE ARRANGEMENTS – 2013

The Central Bank of Trinidad and Tobago (the Central Bank), as part of the ongoing monitoring of the insurance sector, requires insurance companies to submit information on their reinsurance arrangements to the Central Bank on an annual basis.

Accordingly, in respect of the calendar year beginning January 1, 2013 you are required to submit the following information:

(1) Amendments or addenda made to the current reinsurance arrangements effective January 1, 2013.

(2) A confirmation letter from your reinsurer(s) indicating whether:
a) all reinsurance premiums due from the insurer to reinsurers have been settled (or the status of any overdue payments) for each treaty; and b) there are any disputes with reinsurers about recovery on particular claims or the coverage provided, including in respect of reinsurance for previous years.

The aforementioned information on your existing reinsurance arrangements should be submitted to the undersigned by March 1, 2013. For new arrangements and/or renewals effective subsequent to January 1, 2013, the information should be submitted within one (1) month of the effective date of the reinsurance arrangements.

We anticipate your usual cooperation and ask that you kindly acknowledge receipt by signing, dating and returning the attached copy of this letter.

Yours sincerely

A a Robet
Anthony Roberts
Chief Actuary
Financial Institutions Supervision Department