Industry Questions/Comments
[Section 65 of the Insurance Act 2018]
Is there a time limit for this going back? That is, if it happened more than 5 years ago does it still count?
Central Bank of Trinidad and Tobago
The time limits are stated in section 65 of the Insurance Act, 2018 (Act). In the case where a director or officer:
(a) became bankrupt or was convicted for an offence mentioned under section 65(2), no time limit applies;
(b) was employed with a company that went into liquidation or receivership, the employment must have occurred within ten (10) years immediately preceding the date of the application;
(c) was employed with an insurer or licensee within ten (10) years immediately preceding the date of the application, and where the registration of the employer was revoked for reasons other than some exceptions under section 65(1)(c); and
(d) has a potential material conflict of interest, the time limits in Appendix 4 of the Fit and Proper Guideline apply.
It should also be noted that under the Act, a person convicted of any offences related to proliferation financing or money laundering and terrorist financing or any offences shall at no time be a director or officer or concerned in any way in the management of an insurer or financial holding company.
