Regulatory Alerts2019-01-22 | 23883Added · Updated
Reinsurance Arrangements 2019 – General Insurance
The Central Bank of Trinidad and Tobago requires all general insurance companies to submit a hard copy and soft copy summary of their reinsurance arrangements, including facultative, existing as of January 1, 2019, by February 8, 2019. This submission must detail treaty/facility information, cover limits, premiums, reinsurer ratings, and any material changes from the 2018 submission. Companies must also provide confirmation letters from reinsurers or brokers verifying the accuracy, enforceability, premium payment status, and absence of disputes regarding these arrangements. Additionally, the document reminds companies that particulars for new arrangements or changes effective after January 1, 2019, must be submitted within thirty days, as per Section 23 of the Insurance Act Chap 84:01.
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