Regulatory Alerts2020-12-03 | 24132Added · Updated
The Insurance (Pension Fund Plan Investments) Regulations, 2020
The Minister of Finance of Trinidad and Tobago issued these regulations to mandate that at least seventy percent of assets in registered pension plans originate from Trinidad and Tobago. Insurers operating insured or Deposit Administration Plans must submit a certificate to the Central Bank confirming compliance with this local investment threshold. These regulations commenced operation on 1st January, 2021.
LEGAL NOTICE NO. 380 REPUBLIC OF TRINIDAD AND TOBAGO THE INSURANCE ACT, 2018 REGULATIONS MADE BY THE MINISTER UNDER SECTION 279 OF THE INSURANCE ACT AND SUBJECT TO NEGATIVE RESOLUTION OF PARLIAMENT THE INSURANCE (PENSION FUND PLAN INVESTMENTS) REGULATIONS, 2020
- These Regulations may be cited as the Insurance (Pension Fund Plan Investments) Regulations, 2020.
- For the purposes of investment by the Trustees of a registered plan in such assets as are set out in the Schedule 7 to the Insurance Act, 2018, the percentage which the assets of the registered plan originating in Trinidad and Tobago shall bear to the total of the assets of the plan shall be not less than seventy per cent.
- Where a registered plan is an insured plan or a Deposit Administration Plan, the insurer shall submit to the Central Bank a certificate to the satisfaction of the Central Bank certifying that in respect of each insured plan or Deposit Administration Plan, the percentage of the funds of the plan that the insurer has invested in assets originating in Trinidad and Tobago meets the investment requirements of regulation 2.
- These Regulations shall come into operation on 1st January,
Dated this 6th day of November, 2020. C. IMBERT Minister of Finance Legal Supplement Part B–Vol. 59, No. 202–3rd December, 2020 1635 Citation Act No. 4 of 2018 Schedule 7 Certificate to Central Bank Commencement Percentage PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO–2020
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