Saturday, February 24, 2018

‘Tight rein’ for companies under new Insurance Bill*


Finance Minister Colm Imbert yesterday piloted new insurance legislation in Parliament that will regulate and keep a tight rein on the multi-billion-dollar insurance industry.
Speaking at the Parliament sitting, Imbert said the Insurance Bill, 2016 was long over due as he expressed disappointment that even with the CL Financial/CLICO crisis of 2009, T&T’s insurance sector is still being governed by woefully deficient legislation which dates back to 1980 and which cannot address adequately the current emerging risks in today’s insurance sector.
Imbert said, by contrast, the banking and securities sectors are governed by more modern legislation as the Financial Institutions Act and the Securities Act were enacted in 2008 and 2012, respectively
The minister noted that the assets of the insurance industry total $49.4 billion as at September 30, 2017 and account for approximately 33 per cent of the GDP of Trinidad and Tobago.

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