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

Published: Sep-2015 | Format: PDF | Timetric | Number of pages: 38 | Code: MRS - 35241

Synopsis

Timetric’s 'Governance, Risk and Compliance – The Trinidad and Tobagonian Insurance Industry' report 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. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Trinidad and Tobago, 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 Tobagonian 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.

Key Highlights

• The insurance industry in Trinidad and Tobago is regulated by the CBTT.

• Insurers are allowed to carry on both life and general insurance business.

• The FDI regime of Trinidad and Tobago allows up to 100% foreign participation in domestic insurance companies.

• Placement of non-admitted insurance contracts is not allowed in the country.

• Various classes of compulsory insurances include motor third-party liability insurance and workmen’s compensation insurance.

Companies Mentioned

Bancassurance Caribbean Ltd
Sagicor Life Inc.
Cuna Caribbean Insurance Society Ltd
Maritime Life (Caribbean) Ltd
Bankers Insurance Company of Trinidad and Tobago Ltd
Capital Insurance Ltd
Colonial Fire & General Insurance Company Ltd
American Life & General Insurance Company (Trinidad and Tobago) Ltd
British American Insurance Company (Trinidad) Ltd
Colonial Life Insurance Company (Trinidad) Ltd
CCRIF SPC
1 Introduction 
1.1 What is this Report About? 
1.2 Definitions 
2 Governance, Risk and Compliance 
2.1 Legislation Overview and Historical Evolution 
2.2 Latest Changes in Regulations 
2.3 Legislation and Market Practice by Type of Insurance 
2.3.1 Life insurance 
2.3.2 Property insurance 
2.3.3 Motor insurance 
2.3.4 Liability insurance 
2.3.5 Marine, aviation and transit insurance 
2.3.6 Personal accident and health insurance 
2.4 Compulsory Insurance 
2.4.1 Workmen’s compensation insurance 
2.4.2 Motor vehicles insurance (third-party risks) 
2.4.3 Third-party liability insurance in respect of dog owners 
2.5 Supervision and Control 
2.5.1 International Association of Insurance Supervisors (IAIS) 
2.5.2 Caribbean Association of Insurance Regulators (CAIR) 
2.5.3 The Insurance Association of the Caribbean (IAC) 
2.5.4 Central Bank of Trinidad and Tobago 
2.5.5 The Association of Trinidad and Tobago Insurance Companies (ATTIC) 
2.6 Non-Admitted Insurance Regulations 
2.6.1 Overview 
2.6.2 Intermediaries 
2.6.3 Market practices 
2.6.4 Fines and penalties 
2.7 Company Registration and Operations 
2.7.1 Types of insurance organization 
2.7.2 Establishing a local company 
2.7.3 Foreign ownership 
2.7.4 Types of license 
2.7.5 Capital requirements 
2.7.6 Solvency margins 
2.7.7 Reserve requirements 
2.7.8 Investment regulations 
2.7.9 Statutory return requirements 
2.7.10 Fee structure 
2.8 Taxation 
2.8.1 Insurance premium or policy taxation 
2.8.2 Withholding taxes on premium paid overseas 
2.8.3 Corporate tax 
2.8.4 VAT 
2.8.5 Captives 
2.9 Legal System 
2.9.1 Introduction 
2.9.2 Access to court 
2.9.3 Alternative dispute resolution (ADR) 
3 Appendix 
3.1 Methodology 
3.2 Contact Timetric 
3.3 About Timetric 
3.4 Timetric’s Services 
3.5 Disclaimer

Table 1: Insurance Industry Definitions
Table 2: Trinidad and Tobago – Insurance Regulatory Framework Key Features
Table 3: Trinidad and Tobago – Life Insurance Regulatory Framework
Table 4: Trinidad and Tobago – Property Insurance Regulatory Framework
Table 5: Trinidad and Tobago – Motor Insurance Regulatory Framework
Table 6: Trinidad and Tobago – Liability Insurance Regulatory Framework
Table 7: Trinidad and Tobago – Corporate Tax Rates for the Financial Year 2015

Figure 1: Trinidad and Tobago – Insurance Supervision and Control at Various Levels
Figure 2: Trinidad and Tobago – Insurance Regulatory Frameworks for Company Registration and Operation

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