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Market Research Report

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

Published by GlobalData Product code 341516
Published Content info 51 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The Trinidad and Tobagonian Insurance Industry
Published: February 6, 2019 Content info: 51 Pages

The Central Bank of Trinidad and Tobago (CBTT) regulates the insurance industry in Trinidad and Tobago. On June 4, 2018, the Government of Trinidad and Tobago adopted the Insurance Act 2018, which repealed and replaced the Insurance Act 1980, reforming the law regulating the insurance industry in Trinidad and Tobago.

The main legislative framework for the Bank's supervision and regulation of insurers is derived from the Central Bank Act of 1964, Insurance (Amendment) Act 2004 and the Insurance Act 2018. In Trinidad and Tobago, insurance business includes reinsurance. There are no separate regulations for reinsurance companies, and therefore the same rules for insurance companies apply.

Key Takeaways

  • The CBTT regulates and supervises the insurance industry in Trinidad and Tobago
  • Composite insurance business is not allowed in Trinidad and Tobago
  • 100% FDI is allowed in the insurance industry of Trinidad and Tobago
  • Placement of non-admitted insurance contracts is not allowed in the country
  • Various classes of compulsory insurance include motor third-party liability insurance and workmen's compensation insurance

The report "Governance, Risk and Compliance - The Trinidad and Tobagonian Insurance Industry", 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. 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


  • 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 Tobago 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.
Table of Contents
Product Code: GDIS0059RR

Table of Contents


  • 1.1 What is this Report About?
  • 1.2 Definitions


  • 2.1 Legislation Overview and Historical Evolution
  • 2.2 Latest Changes in Regulation
  • 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
    • 2.4.4 National insurance system
    • 2.4.5 Liability insurance for ships with respect to oil pollution
    • 2.4.6 Professional indemnity insurance for auditors
    • 2.4.7 Professional indemnity insurance for brokerage firms
  • 2.5 Supervision and Control
    • 2.5.1 International Association of Insurance Supervisors
    • 2.5.2 Caribbean Association of Insurance Regulators
    • 2.5.3 The Insurance Association of the Caribbean
    • 2.5.4 Central Bank of Trinidad and Tobago
    • 2.5.5 The Association of Trinidad and Tobago Insurance Companies
  • 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 Type 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 margin
    • 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


  • 3.1 Methodology
  • 3.2 Contact GlobalData
  • 3.3 About GlobalData
  • 3.4 GlobalData's Services
  • 3.5 Disclaimer

List of Tables

  • 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 - Transitional capital ratios
  • Table 8: Trinidad and Tobago - Corporate Tax Rates for the Financial Year 2018

List of Figures

  • 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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