Reinsurance Arrangements 2020 – Life Insurance

CENTRAL BANK OF TRINIDAD & TOBAGO
Eric WiUiams 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: mfo@central-bank. org. tt Website: www.central-bank.org.tt December 23, 2019 CIRCULAR LETTER TO ALL LIFE INSURANCE COMPANIES AND ATTIC SECRETARIAT REF: CB-OIFI-3324/2019 Reinsurance Arrangements - 2020 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. Accordmgly, a hard copy summary of all reinsurance arrangements (including 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:
a) Treaty number; b) Reinsurer; c) Reinsurer's most current rating and the rating agency; d) Effective date; e) Renewal and Cancellation tenns; f) The classes of business, products and territories covered; g) Type of reinsurance, the basis of reinsurance and the reinsurer's share; h) Retention lunits; i) Automatic and facultative limits; j) Recapture terms; k) Summary of any profit sharing;
1) Details of any non-standard exclusions;
m) Details of any non-guarantee of rates; n) Volume statistics - new business; o) Volume statistics - m-force business; p) Governing Law; q) A summary of any material changes to the stmcture or terms effected in 2019. Also provide confirmation letter(s) from your reinsurers) indicating:
a) whether or not reinsurance premiums due are settled on a timely basis for each treaty; and b) if there are any material disputes about recovery on particular claims, the coverage provided, underwriting of risks or the administration of the treaties.

Circular Letter to All Life 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 your usual cooperation. Yours smcerely, aJ^i\ Patrick Solomon Inspector of Financial Institutions