March 22, 2021 Circular Letter to Insurance Companies Registered under Insurance Act, 1980 as at December 31, 2020 The Institute of Chartered Accountants of Trinidad and Tobago Association of Trinidad & Tobago Insurance Companies Secretariat Caribbean Actuarial Association REF: CB-OIFI: 609/2021 Revisions to Regulatory Returns for Insurance Companies registered in Trinidad and Tobago The Central Bank of Trinidad and Tobago ("Central Bank") refers to the Circular Letters issued dated December 22, 2020, titled “Regulatory Reporting Requirements for Insurance Companies registered in Trinidad and Tobago” and “Insurance (Capital Adequacy) Regulations, 2020”. Due to industry feedback and the Central Bank’s own further checks, revisions to the following Returns were required:

1. Annual Returns of General Insurers;
2. Annual Returns of Long-term Insurers; and
3. Capital Adequacy Returns. Consequently, all of these Returns were updated from their respective Version 1.0 to Version 1.1, and the revisions made are detailed in the attached Change Log. In accordance with sections 11(1) and 145 of the Insurance Act, 2018 (IA 2018) and the Insurance (Capital Adequacy) Regulations, 2020, insurers are now required to submit Version 1.1 of these Returns. Insurers are reminded that the latest version of all forms specified by the Inspector of Financial Institutions for all of the regulatory reports and returns required under the IA 2018, can only be accessed at https://www.central-bank.org.tt/publications/regulatory-returns/insurance￾sector-regulatory-return. Please be guided accordingly. Yours sincerely Patrick Solomon Inspector of Financial Institutions Att. 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

APPENDIX I Change Log of Amendments to Version 1.0 - Annual Returns and Capital Adequacy Returns IA Annual Returns of General Insurers (AR-Gen) Form

Form Name (AR-Gen) Issue Action 35.12 Summary of Assets - Outside Trinidad & Tobago (T&T) by Territory Row 10 - St Lucia and British Virgin Islands twice in dropdown list Drop down list corrected. 40.10 Summary Page Rows 22 and 30 The descriptions for the long-term and general insurance items do not fully match the Capital Adequacy Regulations and did not reflect the risk category type Changed description in:  Row 22 from “Long Term Business Liability Items “to "Long Term Insurance Business Items"  Row 30 from “General Business Liability Items“ to "General Insurance Business Items" 40.20 Asset Default Risk Cell G108-G112 Incorrect formula for deducting mortgage assets backing investment linked business  Fixed formulas in cells G108-G112 to correctly deduct mortgage assets backing the investment linked business 40.20 Asset Default Risk Unclear as to the difference between “Agent or broker debit balances” and “Outstanding Premiums”  Added footnote to clarify that amounts due from agents or brokers includes any policyholders' premiums that were paid to the agents or brokers and which have not yet been remitted to the insurer. 40.23 Foreign Currency Mismatch Risk Row 16, columns B, C, G and H - Column Title does not reflect definition in Capital Adequacy Regulation which only speaks to assets and liabilities  Changed column title from “Asset, Cash and Futures” to “Assets”  Changed column title from “Liabilities, Cash and Futures” to “Liabilities” 40.42 Catastrophe Risk Row 13 Description is misleading given capital adequacy concept Changed description to remove reference to and the phrase “(Trinidad and Tobago only)” 50.10 Analysis of Underwriting Income – by class of Business – T&T Cells K36 to N36 – locked; Unlocked cells

Form

Form Name (AR-Gen) Issue Action 50.11 Analysis of Underwriting Income – by class of Business - Outside T&T Formula missing on: - Cells J15 & J18 Inserted Formula 50.11 Analysis of Underwriting Income – by class of Business - Outside T&T Cell A36 - Description to be updated to be in line with A36 on Form 50.10 Updated description to match form 50.10 50.12 Analysis of Underwriting Income/(Loss) – by territory i.) Formula in Row Q31 is incorrect and not totalling all columns. ii.) Item 8.5 is missing in row 57 i.) Formula Corrected ii.) Inserted row to state ‘Other (Specify) and amended formulae on Q57 & Q58 50.12 Analysis of Underwriting Income/(Loss) – by territory Cell R18 not totalling Formula inserted. 50.12 Analysis of Underwriting Income/Loss - By Territory Row C10 to P10 is locked and user will not be able to select a country from the drop down box Correction to the form.

IA Annual Return of Long-Term Insurers (AR-LT) Form

Form Name (AR-LT) Issue Action 45.010 Non-consolidated Statement of Income (Statement of Earnings) Row 69 Cell A69 - Ampersand included in error in title of cell as – “Income Before & Taxes” Removed ampersand. 40.010Summary Page Rows 22 and 30 - The descriptions for the long￾term and general insurance items do not fully match the Capital Adequacy Regulations and did not reflect the risk category type Changed description in:  Row 22 from “Long Term Business Liability Items “to "Long Term Insurance Business Items"  Row 30 from “General Business Liability Items“ to "General Insurance Business Items" 40.020Asset Default Risk Cell G108-G112 - Incorrect formula for deducting mortgage assets backing investment linked business Fixed formulas in cells G108-G112 to correctly deduct mortgage assets backing the investment linked business 40.020Asset Default Risk Unclear as to the difference between “Agent or broker debit balances” and “Outstanding Premiums” Added footnote to clarify that amounts due from agents or brokers includes any policyholders' premiums that were paid to the agents or brokers and which have not yet been remitted to the insurer. 40.023Foreign Currency Mismatch Risk Row 16, columns B,C, G and H - Column Title does not reflect definition in Capital Adequacy Regulation which only speaks to assets and liabilities  Changed column title from “Asset, Cash and Futures” to “Assets”  Changed column title from “Liabilities, Cash and Futures” to “Liabilities” 40.042Catastrophe Risk Row 13 - Description is misleading given capital adequacy concept Changed description to remove reference to and the phrase “(Trinidad and Tobago only)” 45.020 Analysis of Premiums & Commissions Cells A50 & 51 - Items 6.1 and 6.2 – row is too narrow Row widened. 60.020 Interest Expense & Finance Cost Rows C20 and D20 locked Unlocked cells. 60.020 Interest Expense & Finance Cost Subtotal formula in rows C18 & D18 not pulling all cells 19 to 22 Formulae amended.

Capital Adequacy Returns (Standalone version) (CA-STD) Form # Form Name (CA-STD) Issue Recommendation 40.010 Summary Page Rows 22 and 30 - The descriptions for the long-term and general insurance items do not fully match the Capital Adequacy Regulations and did not reflect the risk category type Changed description in:  Row 22 from “Long Term Business Liability Items “to "Long Term Insurance Business Items"  Row 30 from “General Business Liability Items“ to "General Insurance Business Items" 40.020 Asset Default Risk Cell G108-G112 Incorrect formula for deducting mortgage assets backing investment linked business Fixed formulas in cells G108-G112 to correctly deduct mortgage assets backing the investment linked business 40.020 Asset Default Risk Unclear as to the difference between “Agent or broker debit balances” and “Outstanding Premiums” Added footnote to clarify that amounts due from agents or brokers includes any policyholders' premiums that were paid to the agents or brokers and which have not yet been remitted to the insurer. 40.023 Foreign Currency Mismatch Risk Row 16, columns B,C, G and H - Column Title does not reflect definition in Capital Adequacy Regulation which only speaks to assets and liabilities  Changed column title from “Asset, Cash and Futures” to “Assets  Change column title from “Liabilities, Cash and Futures” to “Liabilities” 40.042 Catastrophe Risk Row 13 - Description is misleading given capital adequacy concept Changed description to remove reference to the phrase “(Trinidad and Tobago only)” NOTES Notes to the Capital Adequacy Returns Returns do not have a built-in notes page Added the NOTES page