Industry Questions/Comments
[Sections 133 - 135 and 137 - 139 of the Insurance Act 2018]
Some guidance should be provided for insurers and intermediaries on the expectations around these requirements so that all stakeholders are on the same page.
Central Bank of Trinidad and Tobago
A Guideline on the establishments and operation of a Consumer Trust Account in accordance with the requirements of Sections 134, 135, 136 and 139 has been drafted and will be distributed for consultation subsequent to discussions with the Banking sector.
Payment of Premium
While Section 92(1)(c) lays down time limit for granting unsecured credit, section 134(3) provides an extension for business coming through a broker. An automatic cancellation of policy after 6 months can be considered, unless at the very minimum, pro-rata premium is received by the Insurer.
