Industry Questions/Comments
[Section 4 of the Insurance Act 2018]
In addition to the queries previously submitted as per the attachments, I would also like to request that more guidance be provided on the definition/interpretation/application of insurance consultant within the industry. My assumption would be that this relates to persons that are utilized on a one off basis to provide some kind of technical insurance advise based on their expertise as opposed to someone who is working as an independent contractor working within a department or via an outsourcing arrangement and would not include persons assisting with marketing, development of ICT solutions, actuarial or audit services. But clarification is definitely required to ensure that insurers know who needs to be registered as an insurance consultant before doing business with them.
Central Bank of Trinidad and Tobago
Insurance Consultants (ICs) are professionals who provide consultancy services on some aspect of insurance on an independent basis. ICs can be viewed in two main categorizes.
1. Firstly, they refer to individuals or incorporated entities that provide consultancy services to the insurer. ICs will not include positions or services that are currently recognized and defined by the IA (e.g. Actuary, auditor etc).
2. Secondly, ICs refer to individuals or incorporated entities that provide insurance consultancy services to the public. IC in this case will not be involved in the sales and/or solicitation of the insurance business.
The Central Bank will issue correspondence (circular letter) to further clarify the matter.
