Transitioning to the New Requirements of the Insurance Bill

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) 625-4835; 4921; 5028; Fax: (868) 627-4696 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

September 5, 2013

Circular letter to all Life and General Insurance Companies (with copy to CEOs), the Appointed Actuaries of Life Insurance Companies, FCR Working Group, ATTIC Secretariat and ICATT.

REF: CB-OIFI-2544/2013

Dear Sir/Madam

Re: Transitioning to the New Requirements of the Insurance Bill

Further to our letter dated August 14, 2013 ref: CB-OIFI-2307/2013 on the above-mentioned, the Central Bank of Trinidad and Tobago (Central Bank) advises that the relevant guidance notes, forms and draft Regulations for the Quantitative Impact Study (QIS) are now available on the Central Bank’s website at http://www.central-bank.org.tt/content/quantitative-impact-study. Note that the Inspector’s Directions will follow shortly.

We also wish to remind you of the following dates for submission:

For Life Insurance Companies¹, the Appointed Actuary’s report as specified in the draft Insurance (Caribbean Policy Premium Method) Regulations	30th Nov. 2013
For all Insurance Companies, Capital Adequacy Forms as determined under the draft Insurance (Capital Adequacy) Regulations	30th Nov. 2013
For all Insurance Companies, revised Form D1 – Balance Sheet and for Foreign Insurers, Form D3 – Statutory Fund Requirements	30th Nov. 2013
For General Insurance Companies, Financial Condition Report prepared under the draft Insurance (Financial Condition Report for General Insurance) Regulations	31st Mar. 2014
For Life Insurance Companies, Financial Condition Report prepared under the draft Insurance (Financial Condition Report for Long Term Insurance) Regulations	31st Mar. 2014

Soft copies of your submissions and any queries concerning this QIS should be emailed to insurance_reports@central-bank.org.tt. Companies are encouraged to use PGP (Pretty Good Privacy) encryption software or any other compatible software for electronic submission. Hard copies of the submissions must also be submitted to my Office.

Please do not hesitate to contact us if you are experiencing any difficulties with the completion of the study.

Yours sincerely

[Signature]

Anthony Roberts Chief Actuary Financial Institutions Supervision Department

¹ For General Insurance Companies, B4 schedules were previously requested by Circular Letter dated August 5, 2013