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Governance, Risk and Compliance - The Trinidad and Tobagonian Insurance Industry

Governance, Risk and Compliance - The Trinidad and Tobagonian Insurance Industry

  • February 2019
  • 51 pages
  • ID: 3312704
  • Format: PDF
  • By GlobalData

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Governance, Risk and Compliance - The Trinidad and Tobagonian Insurance Industry

Summary
The Central Bank of Trinidad and Tobago (CBTT) regulates the insurance industry in Trinidad and Tobago. On June 4, 2018, the Government of Trinidad and Tobago adopted the Insurance Act 2018, which repealed and replaced the Insurance Act 1980, reforming the law regulating the insurance industry in Trinidad and Tobago.

The main legislative framework for the Bank’s supervision and regulation of insurers is derived from the Central Bank Act of 1964, Insurance (Amendment) Act 2004 and the Insurance Act 2018.In Trinidad and Tobago, insurance business includes reinsurance.

There are no separate regulations for reinsurance companies, and therefore the same rules for insurance companies apply.

Key Takeaways

- The CBTT regulates and supervises the insurance industry in Trinidad and Tobago
- Composite insurance business is not allowed in Trinidad and Tobago
- 100% FDI is allowed in the insurance industry of Trinidad and Tobago
- Placement of non-admitted insurance contracts is not allowed in the country
- Various classes of compulsory insurance include motor third-party liability insurance and workmen’s compensation insurance

The report "Governance, Risk and Compliance - The Trinidad and Tobagonian Insurance Industry", is the result of extensive research into the insurance regulatory framework in Trinidad and Tobago.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. Including -
- An overview of the insurance regulatory framework in Trinidad and Tobago
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Trinidad and Tobago
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country

Scope
- The report covers details of the insurance regulatory framework in Trinidad and Tobago.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in Trinidad and Tobago.
- Track the latest regulatory changes, and expected changes impacting the Trinidad and Tobago insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.

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