Reinsurance Arrangements 2020 – General Insurance

-L 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) 621-CBTT (2288), 235-CBTT (2288); Fax:(868)612-6396 E-Mail Address: info@central-bank.org.tt Website: www. central-bank. org. tt December 23, 2019 CmCULAR LETTER TO ALL GENERAL INSURANCE COMPANIES AND ATTIC SECRETARIAT REF: CB-OIFI-3323/2019 Reinsurance Arrangements - 2020 The Central Bank of Trinidad and Tobago (the Central Bank), as part of the ongoing monitoring of the insiu-ance sector, requires insurance companies to submit infonnation on their remsurance arrangements on an annual basis. Accordingly, a hard copy summary of all reinsurance arrangements (includmg facultative) existing as at January 1, 2020 should be submitted to the undersigned by January 31, 2020. Soft copies of this information should also be submitted to massin central-bank.or .tt The summary should include for each treaty and facility:
a) treaty/facility number; b) effective date; c) expiry date; d) the nature and limits of cover; e) the classes of business protected; f) the number and cost of reinstatements available; g) the estimated reinsurance premiums and exchange commission if relevant; h) the names and shares of reinsurers and theu- most current ratings by rating agency; i) a description of the circumstances in which facultative reinsurance is used; and j) a summary of any material changes to the stmcture or terms based on your 2019 submission. Please include details of any Reinstatement premium protection policy arrangements. provide confirmation letters) from your reinsurers) or broker(s) indicating whether:
Also a) the summary of the reinsurance arrangements is accurate and complete; b) all reinsurance arrangements have been placed and are legally enforceable, including the ciirrent status of documentation; c) for each treaty and facility, all reinsurance premiums due from the insiirer to reinsurers have been paid (or the status of any overdue payments); and d) there are any disputes with reinsurers about recovery on particular claims or the coverage provided, including in respect of reinsurance for previous years.

Circular Letter to All General Insurance
Companies and ATTIC Secretariat December 23, 2019 Please be reminded that in accordance with Section 23 of the Insurance Act Chap 84:01, for arrangements effective subsequent to January 1, 2020 or any changes to reinsurance arrangements, particulars must be submitted within thirty days. We anticipate yoiir usual cooperation. Yours sincerely, ouK^K Patrick Solomon Inspector of Financial Institutions