Industry Questions/Comments
[Section 199 of the Insurance Act 2018]
What is the update here, particularly with respect to the appointment of approved educational institutions and the overall framework for treating with continuous professional requirements for intermediaries? The regulations circulated for consultation still left several unanswered questions, which would have been articulated by the industry.
Central Bank of Trinidad and Tobago
1. The Trinidad and Tobago Insurance Institute ("TTII") was appointed the Approved Educational Institute ("AEI"). The AEI will be the entity responsible for the administration of CPD. The Central Bank will rely on the reporting by the TTII in order to certify that the individual intermediary has met the expected CPD requirements.
2. TTII has been meeting with the various association bodies (IBATT, ACCLA, TTIAFA) in drafting a CPD Guideline that will be used to advise intermediaries on how to meet CPD requirements. This process is still ongoing. The parties meet on a periodic basis and the guideline is expected to be issued shortly. They have also been responding to questions from industry participants and recently issued a Frequently Asked Questions document on CPD.
