Download - Insurance Act of TT
-
7/31/2019 Insurance Act of TT
1/280
INSuRANCE ACT
CHAPTER 84:01
LAWS OF TRINIDAD AND TOBAGO
Act
6 of 1980
Amended b
180/1983
3 of 1994
202/1996
35 of 1998
39 of 2000
*15 of 2004
32/2006
22 of 2007
3 of 2009
* See Note on page 2
L.R.O.
Crrent Athorised Pages Pages Authorised
(inclusive) by L.R.O.1280 ..
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
2/280
Inde of Sbsidiary Legislation Page
Insurance (Pension Fund Plan Investments) Regulations (185/1976) 145
Insurance (Pension Fund Plans Registration Fees) Regulations (184/1970) 146
Insurance (Forms) Regulations (25/1967) 148
Insurance Companies (Registration) Regulations (152/1980) 185
Insurance Companies (Accounts and Forms) Regulations (39/1981) 194
Insurance (Admissible Assets and Valuation of Assets) Regulations (107/1982) 230
Insurance (Agents, Brokers, Salesmen and Adjusters) (Registration)
Regulations (121/1982) 241
Insurance (Approved Securities) Regulations (70/1983) 279
Note on Omissions
The Insurance (Assignments and Mortgages of Policies) Regulations 1968 (GN 103/1968)
(which was re-Gazetted as GN 162/1968) made under the Insurance Act, 1980 (Act No. 6
of 1980) (repealed b this Act) and preserved under section 215 of Act No. 6 of 1980 have
been omitted.
Note on Act No. 15 of 2004
See section 141 of Act No. 15 of 2004 for transitional provisions and indemnification of
the former Supervisor of Insurance for eercising his dut under subsection (1) (c) of thesaid Act No. 15 of 2004.
2 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
3/280
Insurance Chap. 84:01 3
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
CHAPTER 84:01
INSuRANCE ACT
ARRANGEMENT OF SECTIONSSECTION
1. Short title.
2. Application of Act.
PRELIMINARY
3. Interpretation.
PART I
ADMINISTRATION
4. Central Bank to administer Act.
5. Power and duties of Inspector.
5A. Central Bank ma appoint staff.
6. Central Bank ma delegate powers or duties.
6A. Information sharing.
7. Reports and other information.
8. Inspector ma act as arbitrator.
9. Central Bank to maintain registers.
PART II
REGISTRATION
10. Non-application of Part.
11. Restriction on carring on insurance business.
12. Restriction on carring on insurance business with unregisteredinsurer or unregistered broker or without prior approval of theCentral Bank.
13. Share capital necessar for registration.
14. Application for registration.
15. Application for registration b companies carring on insurancebusiness before commencement of this Act.
16. Registration of compan.17. Central Bank ma refuse to register compan.
18. Mode of eecution of documents on foreign compan.
19. Conditions precedent to appointment of managing director or chiefeecutive officer.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
4/280
20. Condition precedent to becoming a controller.
21. Central Bank to be notified of appointment, etc.
22. Certificate of registration.
23. Compan to notif Central Bank of an change in particulars
specified in the compans application.
24. Dut of compan to furnish Central Bank with cop of form of
polic, form of endorsement or form of application.
25. Cancellation of registration.
26. Reasons for refusal or cancellation.
27. Effect of cancellation of registration.
28. Appeals.
29. Amount and form of deposits.
30. Deposits to form part of assets.
31. Application for a release of deposit.
32. Central Bank ma release deposit to liquidator or refund deposit to
compan.
33. Central Bank to furnish certificate of deposit.
34. Increase of deposit on depreciation of securities.
35. Responsibilit for lost securities.
36. Substitution of deposit.
STATuTORY FuNDS
37. Establishment of statutor fund.
38. Restriction on use of assets representing statutor funds.
39. Method of creating trust.
40. Restriction on trustee dealing with assets.
41. Compan to furnish particulars of liabilities and assets with respect
to fund.
42. Inaccurate or misleading particulars.
43. Compan to furnish Central Bank with information.
44. Appeal against direction b Central Bank.
45. Assets in the statement deemed to be assets in statutor fund.
46. Investment of assets of statutor fund.
47. Local assets ratio.
ARRANGEMENT OF SECTIONSContinuedSECTION
4 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
5/280
Insurance Chap. 84:01 5
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
SECTION48. Prohibitions with respect to acquiring shares or lending funds.
49. Investments to be made in corporate name.
CATASTROPHE RESERvE FuND
49A. Establishment of catastrophe reserve fund.
ACCOuNTS, BALANCE SHEETS, RECORDS AND AuDIT
50. Dut of compan to keep books, vouchers, etc.
50A. Powers of Inspector.
51. Inspector ma request information in order to ascertain abilit of
compan to meet its obligations.52. Inspector ma request appraisement of real propert.
53. Apportionment of receipts and paments between insurance business
and other business.
54. Apportionment of receipts and paments between various classes of
insurance business.
55. Certificate as to apportionment.
56. Accounts and balance sheets.
57. Audit.
58. Appreciation and depreciation of assets.
59. Restriction on appointment of auditor.
DOCuMENTS TO BE FuRNISHED TO THE
CENTRAL BANK
60. Annual returns.
61. Accounts, balance sheets, etc., to be signed and submitted.
61A. Quarterl returns.
62. Offence for compan not to lodge documents within the time specified.
63. Copies to be furnished.
64. Power of Inspector to request information.
65. Compliance directions.
66. Injunctive relief.67. (Deleted by Act No. 3 of 2009).
SuSPENSION AND WINDING uP
68. Suspension.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
6/280
ARRANGEMENT OF SECTIONSContinuedSECTION
69.
to (Deleted by Act No. 3 of 2009).
75.
76. Court ma order winding up.
77. Margin of solvenc for general business.
78. Procedure on winding up.
79. Ascertainment of value of liabilit under policies.
80. Application of certain assets.
81. Liabilit of directors and officers.
82. Application of deposits.
83. Winding up of part of business of compan.
TRANSFER AND AMALGAMATION
84. Condition precedent to transfer, or amalgamation of insurance business.
85. Scheme to set out terms of agreement or Deed.
86. Submission, confirmation and effect of schemes.
87. Return to be made in case of transfer or amalgamation.
PART III
AGENTS, BROKERS, SALESMEN AND ADJuSTERS
88. Registration of agents, brokers, salesmen and adjusters.
89. Application for registration.
90. Restrictions on registration.
91. Central Bank to register person as salesman, agent, broker or adjuster.
92. Certificate of Registration.
93. Certificate to be produced on request.
94. Intention to cancel registration.
95. Cancellation of registration.
96. Establishment and composition of Tribunal.
97. Appointment of temporar members to Tribunal.
98. Right of appeal to Tribunal in certain cases.
99. Notice of termination of agenc to be given.
100. Central Bank ma request information.
6 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
}
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
7/280
Insurance Chap. 84:01 7
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
SECTION101. Agent or salesman deemed to be agent of insurer.
102. Liabilit for unlawful contracts.
103. Misleading advertisements.
104. Restriction on pament of compensation for placing or negotiating
insurance.
105. Rebating.
106. Eemption for pament of dividend to salaried emploee.
107. Insurer to make return to Central Bank.
108. Authorit of agents.
109. Minister to specif maimum rate of commission.
110. Offence to procure pament of premium b fraudulent
representations, etc.
111. Offence to fail to pa premiums to insurer.
PART Iv
LONG-TERM INSuRANCE BuSINESS
ACTuARIAL INvESTIGATIONS
112. Compan to appoint actuar.
113. Actuarial reports and abstracts and statements of long-term
insurance business.
114. Provisions relating to valuations.
115. Actuar to certif dealings with assets of statutor fund.
116. Distribution of surplus.
ISSuE OF POLICIES
117. Rates of premium.
118. Restriction on commission to be paid or reduction of premium to be
allowed.
119. Form of proposal to be approved b the Central Bank.
120. Compan ma give notice requiring proof of age.
121. Procedure where compan declines to accept proof of age tendered.
122. Polic not to be avoided b reason onl of mis-statement of age of
the life insured or other incorrect statement.
123. Minors ma effect policies or take assignments of policies.
124. Persons who are deemed to have insurable interests.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
8/280
ARRANGEMENT OF SECTIONSContinuedSECTION
ASSIGNMENTS AND MORTGAGES OF POLICIES
125. Assignment of policies.
126. Effect of notice.
127. Assignment of polic to compan not to etinguish rights and
liabilities.
128. Policies held b trustees.
129. Memorandum of discharge and Deed of Release.
130. Eisting assignments and notices to continue to have effect.
PROTECTION OF POLICIES
131. Interest of insured to be protected in certain cases.
PAID-uP POLICIES, SuRRENDER vALuES AND
NON-FORFEITuRE
132. Application to class of polic.
133. Paid-up policies.
134. Surrender of policies.
135. Central Bank ma suspend or var obligation of compan to pa
surrender value.
136. Non-forfeiture of ordinar policies in certain cases of non-pamentof premiums.
137. Non-forfeiture of industrial polic in certain cases of non-pament
of premiums.
138. Treatment of debts on issue of paid-up policies.
PAYMENT OF POLICY MONEYS
139. Mone paable to beneficiar.
140. Pament of polic mones without production of grant of probate or
letters of administration in certain cases.
141. Compan discharged from further liabilit in certain cases.
142. Declaration that certain requirements have been satisfied ma be
endorsed on polic in certain cases.
143. Compan ma pa mone to the Central Bank.
144. Unclaimed mone.
8 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
9/280
Insurance Chap. 84:01 9
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
SECTIONPROvISIONS RELATING TO INDuSTRIAL
LIFE INSuRANCE BuSINESS
145. Objection to policies.
146. Return of industrial polic and premium-receipt book after inspection.
147. Falsification.
148. Avoidance of polic b reason of particulars in proposal filled in bagent or servant of a compan.
149. Particulars to be specified in policies.
150. Issue of premium-receipt book.151. Premium-receipt book to show date to which premiums have
been paid.
152. Guarantor not liable to refund commission on lapsed policies.
153. Certificate as to agents or guarantors indebtedness not conclusiveevidence thereof.
MuTuALISATION
154. Conversion into mutual compan.
155. Application to establish a plan.
156. Appointment of independent actuar.
157. Approval of application.
158. Detailed plan to be submitted to Central Bank.
159. Acceptance of plan b shareholders and policholders.
160. Recover of epenses.
MISCELLANEOuS
161. Register to be kept.
162. Registration of policies.
163. Lost polic.
164. Effect of capital punishment or suicide on polic.
165. Conditions as to war risk void.
166. Polic not invalidated in certain cases.
PART v
GENERAL INSuRANCE
CONDITIONS
167. Application of sections.
168. Computation of reserves liabilit.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
10/280
ARRANGEMENT OF SECTIONSContinuedSECTION
169. Dividend not to impair capital.
170. Contravention.
171. Appropriation of profits towards surplus.
172. Additional reserves.
173. Rates of premium to be prescribed.
PART vI
PENSION FuND PLANS
174. Plan to be registered.
175. Qualifications for registration of plan.
176. Registration.
177. Amendment not valid until registered.
178. Certificate of Registration.
179. Cancellation of registration.
180. Fees to be prescribed.
181. Power to delete provisions for avoiding the rule against perpetuities.
182. Supplementar provisions as to powers of Central Bank.
183. Penalties for default.
184. Annual accounts and balance sheet to be submitted.
185. Actuarial investigation.186. Investment.
187. Rule of law against perpetuities not to appl.
PART vII
ASSOCIATIONS OF uNDERWRITERS
188. Registration of associations of underwriters.
189. Deposit b association of underwriters.
190. Applicant to be informed of Central Banks decision with respectto application.
191. Documents and information relating to insurance business to be
furnished to Central Bank.192. Registered association ma be prohibited from writing business.
193. Cancellation of registration.
194. Policies issued before rejection of application or cancellation ofregistration.
10 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
11/280
Insurance Chap. 84:01 11
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
SECTIONPART vIII
MISCELLANEOuS
195. Jurisdiction of local Courts.
196. Issue of capital b compan.
197. Voting b post.
198. Inspection of documents.
199. Documents to be received in evidence.
200. Publication of authorised subscribed and paid-up capital.
201. Power to collect statistics.
202. Serving of notice.203. Authorit to sign documents.
204. Printing of documents.
205. Appeals.
206. Offences.
207. Offence to sign false document.
208. Consequence of non-compliance with section 42.
209. Offence to induce person to enter into insurance contract b means
of false statement.
210. Restriction on issuing insurance advertisement.
211. Person who issues insurance advertisement on behalf of another is
guilt of offence unless contents not devised b him.
212. Director, etc., deemed to be guilt of offence.
213. Penalties.
214. Regulations.
FIRST SCHEDuLECLASSES OF INSuRANCE BuSINESS.
SECOND SCHEDuLEASSETS IN WHICH THE STATuTORY
FuNDS MAY BE INvESTED.
THIRD SCHEDuLEASSIGNMENT FORMS.
FOuRTH SCHEDuLEREquIREMENTSTRuST DEEDS ANDRuLES.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
12/280
6 of 1980.
Commencement.[125/1982].
Short title.
Application ofAct.[35 of 1998].
First Schedule.
Interpretation.[15 of 20043 of 2009].
CHAPTER 84:01
INSuRANCE ACT
An Act to reise and consolidate the law proiding for the
reglation of insrance bsiness and for other prposes
related to or connected with sch bsiness and for the
reglation of priately administered pension fnd plans.
[1ST NOVEMBER 1982]
1. This Act ma be cited as the Insurance Act.
2. (1) This Act applies to
(a) all companies, whether or not established inTrinidad and Tobago, which carr on in Trinidadand Tobago insurance business of all or an ofthe classes specified in the First Schedule;
(b) privatel administered pension fund planswhether administered b individual trustees orb trust corporations.
(2) For the purposes of this Act the reinsurance of
liabilities under insurance policies shall be treated as insurancebusiness of the class to which the policies would have belongedhad the been issued b the reinsurer, and all the provisions ofthis Act shall appl to such reinsurance save that a compan or anassociation of underwriters carring on such reinsurance shall notbe required to make in respect thereof the deposit required to bemade b section 29 or section 189.
(3) Notwithstanding anthing in an other written lawfor the purpose of this Act an insurance business ma be carriedon in an currenc.
PRELIMINARY
3. (1) In this Act
actuar means a Fellow b eamination of the Institute ofActuaries in England, of the Facult of Actuaries in Scotland
12 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
13/280
Insurance Chap. 84:01 13
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Ch. 79:02.
or of the Societ of Actuaries in the United States ofAmerica or an actuar possessing such other qualifications
as ma from time to time be approved b the Central Bank;
adjuster means an person who for compensation, a fee, acommission or a salar investigates and negotiates settlementof claims arising under insurance contracts, solel on behalfof either the insurer or the insured, but does not include
(a) a salaried emploee of an insurer while actingon behalf of such insurer in the adjustment oflosses; or
(b) an agent of an insurer;
admissible assets means such assets as ma from time to timebe prescribed to be admissible assets;
agent means an individual, firm or compan appointed b aninsurer to solicit applications for insurance or negotiateinsurance business on its behalf and, where authorised to doso b the insurer, to effectuate and countersign insurancecontracts, but does not include an individual who is anemploee of the insurer;
annuit contract includes a contract for an annuit at theaccumulation stage or the paout stage which is sold or
issued to individuals onl;approved securities means such securities as ma from time to
time be prescribed to be approved securities;
assets does not include goodwill;
assignment in relation to a polic, does not include a surrenderof the polic to the compan liable under the polic;
association of underwriters means an association of individualunderwriters organised according to the sstem known asLlods whereb ever underwriting member of a sndicatebecomes liable for a separate part of the sum secured beach polic subscribed to b that sndicate limited orproportionate to the whole sum thereb secured;
Board means the Board of Directors of the Central Bank asconstituted and appointed under sections 5 and 7,respectivel, of the Central Bank Act;
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
14/280
Ch. 79:02.
First Schedule.
broker means an individual who or an firm or companwhich for compensation as an independent contractor in anmanner solicits, negotiates or procures insurance or therenewal or continuance thereof on behalf of eisting orprospective policholders;
carring on insurance business includes the receipt ofproposals for or the issuing of policies of insurance inTrinidad and Tobago or the collection or receipt in Trinidadand Tobago of renewal premiums on policies issued inTrinidad and Tobago b an insurer or through an agent or asan agent but does not include
(a) the collection or receipt in Trinidad and Tobagoof renewal premiums under a polic issuedoutside of Trinidad and Tobago to a person whois temporaril resident in Trinidad and Tobagobut at the date of issue of the polic was residentoutside of that countr; or
(b) the making of paments due under an such polic;
Central Bank or Bank means the Central Bank of Trinidadand Tobago established under section 3 of the CentralBank Act;
chief eecutive officer means a person emploed b aninsurance compan, who either alone or jointl is, subject toan directions of the directors of the compan, responsiblefor the conduct of all the insurance business of the compan;
class means an class of insurance business specified in theFirst Schedule;
compan means a bod corporate which carries on or proposesto carr on insurance business in Trinidad and Tobago;
controller means a director or a chief eecutive officer of acompan or an person who is entitled to control at leastone-third of the voting power at an general meeting of thecompan; a controller of a compan which has an insurancecompan as a subsidiar shall be deemed to be a controllerof the insurance compan;
Court means a Court of competent jurisdiction;
14 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
15/280
Insurance Chap. 84:01 15
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Ch. 79:02.
Ch. 79:09.
financial ear in relation to an insurer, means each period noteceeding twelve months at the end of which the balance ofthe accounts of the insurer is struck;
foreign compan means a compan which is incorporatedoutside of Trinidad and Tobago;
general insurance business means insurance business of anclass other than long-term insurance business;
Governor means the Governor of the Central Bank appointedpursuant to section 7 of the Central Bank Act;
industrial polic means a polic in respect of which the
premiums are contracted to be paid at intervals of less thantwo months and are contracted to be received b means ofcollectors and includes
(a) a polic which at an time was an industrialpolic; and
(b) a paid-up polic, not being a polic epressed tobe an ordinar polic granted in lieu of anindustrial polic or of a polic referred to inparagraph (a);
Inspector means the Inspector of Financial Institutionsappointed pursuant to section 7 of the Financial
Institutions Act;
insurance business means the business of or in relation to theissue of or the undertaking of liabilit under policies tomake good or indemnif the insured against an loss ordamage including liabilit to pa damages orcompensation contingent upon the happening of aspecified event in the currenc in which the premium hadbeen paid, but does not include
(a) business in relation to the benefits provided b afriendl societ or a trade union for its membersor their dependents; or
(b) business in relation to a scheme under whichsuperannuation benefits, pensions or pamentsto emploees or their dependents on retirement,disabilit or death are provided b an emploer,
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
16/280
Ch. 81:01.
or his emploees, or b both, wholl through anorganisation established solel for those purposesb the emploer or his emploees, or b both;
insurer means a compan registered to carr on insurancebusiness in Trinidad and Tobago and includes anunderwriter and an association of underwriters, but does notinclude an insurance agent as such nor, where an insuranceagent is also an insurer, it does not refer to that part of hisbusiness done as an insurance agent;
local compan means a compan incorporated under theCompanies Act or an other written law;
long-term insurance business includes insurance business of allor an of the following classes:
(a) ordinar long-term insurance business;
(b) industrial life insurance business; and
(c) in relation to an compan, insurance businesscarried out b the compan as incidental onl toeither of the classes of business referred to inparagraphs (a) and (b);
Minister means the Minister to whom responsibilit for thesubject of Finance is assigned;
mutual compan means a compan whose capital is owned bthe policholders of the compan;
officer includes the manager, secretar, treasurer, actuar oran other person designated as an officer of a compan bits Articles of Association, its Be-laws or an Rulesregulating its operation;
paid-up polic means a polic under which no future premiumsare required;
polic means an written contract of insurance whethercontained in one or more documents and includes annuitcontracts;
policholder means the person who for the time being has thelegal title to the polic and includes an person to whom apolic is for the time being assigned;
16 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
17/280
Insurance Chap. 84:01 17
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
polic in Trinidad and Tobago means in relation to (a) long-term insurance business, a polic issued or
effected b a compan registered under this Actupon the life of a person for the time beingresident in Trinidad and Tobago;
(b) propert insurance business, a polic issued oreffected b a compan registered under thisAct upon propert situated in Trinidad andTobago; and
(c) an other class of insurance business, a policissued or effected b a compan registeredunder this Act where the risks covered b thepolic are ordinaril situated in Trinidad andTobago at the time the polic was issued;
principal representative means a person appointed b a foreigncompan pursuant to section 17;
registrant means a compan registered pursuant to section 16of this Act;
salesman means an individual contracted b an insurer or an agentto solicit applications for insurance or negotiate insuranceon behalf of the insurer or the agent, as the case ma be;
statutor fund in relation to a compan means a statutor fundmaintained b the compan under section 37;
superannuation allowances includes pament of a lump sum onretirement;
Trinidad and Tobago policholder means the legal holder forthe time being of a polic in Trinidad and Tobago;
underwriter includes an person named in a polic as liable topa or contribute towards the pament of the sum securedb the polic.
(2) For the purposes of this Act a person shall not betreated as carring on insurance business in Trinidad and Tobagoif the onl reason for so treating the person is the fact that the riskcovered b a polic of insurance issued b such person is situatedin Trinidad and Tobago.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
18/280
CentralBank toadministerAct.[15 of 2004].
Powers andduties ofInspector.[15 of 2004].
Central Bankma appointstaff.[15 of 2004].
Central Bankma delegatepowers orduties.[15 of 2004].
PART I
ADMINISTRATION
4. (1) With effect from the commencement of the
Insurance (Amendment) Act, 2004, the Central Bank shall be
charged with the administration of this Act.
(2) The Central Bank ma, whenever it considers it
necessar, cause arrangements to be made for the services of
an actuar or an other competent person to be made available
for the purpose of advising the Bank on matters arising under
this Act.
5. (1) With effect from the commencement of the
Insurance (Amendment) Act, 2004, the Inspector shall have the
powers and duties conferred on him b this Act.
(2) The Inspector ma, b instrument in writing, delegate
to an person whom he sees fit, all or an of his powers or duties
under this Act ecept the power conferred on him b this subsection.
5A. The Central Bank ma appoint, upon such terms and
conditions as it ma think fit, such persons as ma be considered
necessar to assist the Inspector in the performance of his duties.
6. (1) The Central Bank ma b instrument in writing,
delegate to an person whom it sees fit, all or an of its powers
or duties under this Act ecept the power conferred on it b
this section.
(2) A delegation under subsection (1)
(a) shall be revocable at will and shall not preclude
the Central Bank from eercising the power or
performing the dut which has been delegated;
(b) ma be made subject to a power of review and
alteration, within such period as ma be
specified in the instrument of delegation, b the
Central Bank of an act done in pursuance of
the delegation.
18 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
19/280
Insurance Chap. 84:01 19
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
6A. Notwithstanding an other written law, the CentralBank or a person authorised in writing b the Central Bank
ma disclose
(a) an information regarding the business or affairs
of a registrant or an of its affiliates; or
(b) an information regarding a policholder or
other person dealing with a registrant,
that is obtained in the official course of duties, to an local or
foreign regulator agenc or bod that regulates financialentities, for purposes related to that regulation.
7. (1) The Central Bank shall, within three months after
the thirt-first da of December in each ear, furnish to theMinister for laing before Parliament
(a) a report on the working of this Act during theear; and
(b) printed copies of summaries of the documentslodged with him under sections 56, 60, 113, 184,
185 and 191 during that ear.
(2) The Bank ma attach to an printed copies of
summaries furnished pursuant to subsection (1)(b) suchcomments on the document as the Bank thinks necessar, together
with a cop of an correspondence relating to the document.
(3) The Minister shall, as soon as possible afterreceiving the report of the Bank and the printed copies of
summaries, cause a cop of the report and the printed copies ofsummaries to be laid before Parliament.
(4) The Governor shall keep the Minister informed of
developments and activities, in Trinidad and Tobago which affectinsurance business.
8. (1) Subject to subsection (2), where in relation to a
polic, a dispute or difference arises between a compan and a
policholder, the Inspector ma upon the written request of eitherpart act as arbitrator of the dispute or difference.
Informationsharing.[3 of 2009].
Reports andotherinformation.[15 of 2004].
Inspectorma actas arbitrator.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
20/280
}
(2) An arbitration under this section shall be conductedin accordance with the Arbitration Act.
9. The Central Bank shall maintain such registers as mabe required or authorised to be maintained under this Act orthe Regulations and in particular shall maintain separateregisters of
(a) companies which are registered to carr on thevarious classes of insurance business in Trinidadand Tobago;
(b) privatel administered pension fund plans; and
(c) associations of underwriters.
PART II
REGISTRATION
10. This Part does not appl to a privatel administeredpension fund plan or to an association of underwriters.
11. (1) Subject to this Act, no person ma carr on insurancebusiness in Trinidad and Tobago unless that person is
(a) a compan within the meaning of theCompanies Act or an other written law; or
(b) a compan incorporated outside of Trinidad andTobago which has an established place ofbusiness in Trinidad and Tobago.
(2) A compan referred to in subsection (1) shall notcarr on insurance business of an of the classes specified in theFirst Schedule as insurer unless it is registered b the CentralBank in respect of that class of business.
(2A) Subsection (2) shall not appl to a companregistered under this Act to carr on insurance business inTrinidad and Tobago immediatel before the 25th Ma 2004.
(3)
(4) (Repealed by Act No. 15 of 2004).
(5)
20 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Ch. 5:01.
Central Bankto maintainregisters.[15 of 2004].
Non-applicationof Part.
Restrictionon carringon insurancebusiness.[15 of 2004].Ch. 81:01.
First Schedule.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
21/280
Insurance Chap. 84:01 21
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Restriction oncarring oninsurancebusiness withunregisteredinsurer orunregisteredbroker orwithout prior
approval of theCentral Bank.[15 of 2004].
Share capitalnecessar forregistration.
(6) A compan which contravenes the provisions of thissection is liable on summar conviction to a fine of ten thousanddollars and in the case of a continuing offence to a further fineof one thousand dollars for each da on which the offence iscontinued after conviction therefor.
12. (1) A local compan which is carring on insurancebusiness in Trinidad and Tobago shall not
(a) transact insurance business in Trinidad andTobago with an unregistered insurer;
(b) emplo an unregistered broker for the
transaction of insurance business in Trinidadand Tobago; or
(c) carr on insurance business outside of Trinidadand Tobago without the prior approval of theCentral bank.
(2) For the purposes of subsection (1)(c), the transactionof insurance business does not include the ceding of insurancebusiness to reinsurers outside of Trinidad and Tobago.
(3) (Repealed by Act No. 15 of 2004).
(4) A compan which contravenes the provisions of
subsection (1) is liable on summar conviction to a fine of fivethousand dollars.
13. (1) Subject to this Act, no compan ma be registered tocarr on ordinar long-term insurance business unless it has apaid-up share capital of not less than three million dollars, suchcapital to be full paid-up in cash, or in the case of a mutualcompan unless it has uncommitted reserves of at least threemillion dollars.
(2) A compan which immediatel before thecommencement of this Act is registered to carr on ordinar
long-term insurance business shall within two ears of thecommencement of this Act increase its paid-up share capital tonot less than three million dollars or, in the case of a mutualcompan increase its uncommitted reserves to at least threemillion dollars.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
22/280
Applicationfor registration.[15 of 2004].
(3) Notwithstanding the provisions of subsection (1), acompan which is carring on both ordinar long-term andindustrial life insurance business shall be required to have a paid-up share capital of at least three million dollars, such capital to befull paid-up in cash, or in the case of a mutual compan,uncommitted reserves of at least three million dollars.
(4) No compan ma be registered to carr on an classof insurance business other than ordinar long-term insurancebusiness, unless it has a paid-up share capital of not less than onemillion dollars, such capital to be full paid-up in cash, or in thecase of a mutual compan unless it has uncommitted reserves ofat least one million dollars.
(5) A compan which immediatel before thecommencement of this Act is registered to carr on an class ofinsurance business, other than ordinar long-term insurancebusiness, shall within two ears of the commencement of this Actincrease its paid-up share capital to not less than one milliondollars, or in the case of a mutual compan increase itsuncommitted reserves to one million dollars.
(6) The provisions of subsections (1), (3) and (4) shallnot appl for a period of two ears after the commencement of this
Act to an compan which was registered to carr on an class ofinsurance business immediatel before the commencement of thisAct in relation to such class of insurance business.
14. (1) With effect from the 25th Ma 2004, a compan maappl to the Central Bank for registration under this Act to carron insurance business.
(2) An application shall be made in the prescribed form,shall be signed b a director in the case of a local compan andb its principal representative in the case of a foreign companand shall specif
(a) the situation of the head office of the compan;
(b) the names of the directors and of the auditorsand in the case of a foreign compan the namesand addresses of its principal representatives;
22 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
23/280
Insurance Chap. 84:01 23
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
(c) the name of the actuar of the compan in thecase of a compan seeking registration to carron long-term insurance business;
(d) the countries outside of Trinidad and Tobago,if an, in which the compan carries oninsurance business; and
(e) the class of insurance business which thecompan is carring on or proposes to carr on.
(3) An application shall be accompanied b
(a) a cop of the instrument establishing the companor an other dul certified proof of incorporation;
(b) a cop of the Memorandum of the compan;
(c) a cop of the Articles of Association or otherRules of the compan;
(d) a cop of the latest revenue account and balancesheet of the compan prepared in accordancewith the prescribed forms and a cop of thelatest actuarial valuation report on the financialposition of the compan;
(e) details of an reinsurance arrangements inrespect of each class of insurance business
which the compan proposes to carr on; (f) ecept in the case of a compan carring oninsurance business immediatel before thecommencement of this Act, a statement ofprojections of revenue and ependiture for aperiod of at least three ears, such statement to beprepared b an actuar in the case of a compancarring on long-term insurance business;
(g) a statement showing its nominal, subscribed andpaid-up capital and the amount of the capitalpaid-up in cash in the case of a compan whichhas shareholders;
(h) a cop of the premium rate book in use or to beused b the compan in Trinidad and Tobago, inthe case of a compan carring on or proposingto carr on long-term insurance business;
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
24/280
(i) specimens of the various standard forms ofproposals and policies to be used and issued inTrinidad and Tobago;
(j) such further information as the Central Bankconsiders necessar for the purpose of determiningwhether or not the compan is capable ofcompling with the requirements of this Act.
15. (1) (Repealed by Act No. 15 of 2004).
(2) The Central Bank shall, where it is satisfied that allthe requirements of this Act governing registration have been
complied with, register the compan as soon as practicable afterreceiving the application.
(3) Where the Central Bank is not satisfied that therequirements referred to in subsection (2) have been compliedwith the Bank ma grant to the compan temporar registrationfor a period not eceeding twelve months.
(4) Notwithstanding the provisions of subsection (3),the Minister ma, on the recommendation of the Central Bankand where he is satisfied that the interest of Trinidad and Tobagopolicholders so requires, b Order etend the periods specified
in that subsection to such period as ma be specified in the Order.(5) A compan which has not been registered under this Act
shall, so long as it continues to be under liabilit to Trinidad and Tobagopolicholders, compl with the provisions of sections 29 and 37 andsuch other provisions of this Act as ma be applicable to it.
16. Subject to section 17, a compan shall be registeredwhere the Central Bank is satisfied
(a) that the application for registration is made inaccordance with the provisions of this Act; and
(b) that the compan
(i) is registrable under section 13; and
(ii) is likel to be able to compl withsuch provisions of this Act as areapplicable to it.
24 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Application forregistration bcompanies
carringon insurancebusinessbeforecommencementof this Act.[15 of 2004].
Registration ofcompan.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
25/280
Insurance Chap. 84:01 25
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Central Bankma refuse toregistercompan.[15 of 2004].
17. (1) A compan shall not be registered in respect of an classof insurance business unless the Central Bank is satisfied that
(a) the compan has made in respect of that class ofinsurance business the deposit required to bemade under section 29;
(b) the compan has made adequate arrangementsfor the reinsurance of that class of insurancebusiness or that there is no justification formaking such arrangements;
(c) the managing director or controller of thecompan is a fit and proper person to manage itor to be a controller thereof;
(d) in the case of a compan which is carring on orproposes to carr on some other form ofbusiness in addition to insurance business, thecarring on of that other form of business is notor would not be contrar to public interest;
(e) in the case of a foreign compan it hasappointed a person resident in Trinidad andTobago to be its principal representative in thecountr and has informed the Central Bank of
the name and address of that person; (f) having regard to the knowledge and competence
of its manager and other officers, the companis, in relation to that class of insurancebusiness, capable of carring on such businessefficientl; and
(g) that the polic and practice of the compan indealing with claims are conducive to theefficient and speed settlement thereof.
(2) A compan which applies for registration to carr ongeneral insurance business shall not be registered to carr onsuch business unless, in addition to compling with therequirements of subsection (1), it satisfies the Central Bank thatthe value of its admissible assets eceeds the amount of itsliabilities b at least two hundred and fift thousand dollars or
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
26/280
twent per cent of its general premium income net of reinsurancepremiums computed as at the end of its last financial ear,whichever amount is the greater.
(3) Information regarding the knowledge andcompetence of the manager and other officers of the companshall be submitted to the Central Bank in such form as ma fromtime to time be prescribed.
18. Service of an notice, writ, summons or other documenton the principal representative of a foreign compan shall bedeemed to be service on the compan of the notice, writ,
summons or other document.
19. (1) No insurance compan ma appoint a person as itschief eecutive officer unless
(a) the compan has served on the Central Bank awritten notice
(i) stating that it proposes to appoint theperson to that position; and
(ii) containing such particulars as ma beprescribed; and
(b) the Central Bank has
(i) notified the compan in writing that thereis no objection to the appointment; or
(ii) failed to serve on the compan a writtennotice of objection within one monthfrom the date on which the compansnotice was served on the Bank.
(2) A notice served under subsection (1)(a) shall containa statement signed b the person whom the compan proposes toappoint (hereinafter referred to as the proposed appointee) tothe effect that it is served with his knowledge and consent.
(3) Subject to subsections (4) and (5), the Central Bankma serve a notice of objection on a compan where it appears tothe Bank that the proposed appointee is not a fit and properperson to be appointed to such a position.
26 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Mode ofeecution ofdocuments onforeigncompan.
Conditionsprecedent toappointment ofmanagingdirector or chiefeecutiveofficer.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
27/280
Insurance Chap. 84:01 27
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
(4) The Central Bank shall, before serving a notice ofobjection on a compan, serve on the compan and on the
proposed appointee a preliminar notice stating that
(a) the Bank is considering the service on the
compan of a notice of objection on the ground
that it appears to the Bank that the proposedappointee is not a fit and proper person to be
appointed to such a position; and
(b) the compan and the proposed appointee ma,
within seven das from the date on which the
preliminar notice was served, makerepresentations in writing to the Central Bank.
(5) The Central Bank shall, before serving a notice of
objection, consider an representations made under subsection (4)(b).
20. (1) No person ma become a controller of an insurancecompan, ecept b virtue of an appointment in relation to which
section 19 applies, unless
(a) he has served on the Central Bank a written
notice
(i) stating that he intends to become a
controller of the compan; and(ii) containing such particulars as ma be
prescribed; and
(b) the Central Bank has
(i) notified him in writing that there is noobjection to his becoming a controller of
the compan; or
(ii) failed to serve on him a written notice of
objection within a period of three monthsfrom the date on which the notice referred
to in paragraph (a) was served on theCentral Bank.
(2) The provisions of subsections (3), (4) and (5) ofsection 19 shall, with the necessar adaptations, appl to this section.
Conditionprecedent tobecoming acontroller.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
28/280
21. Where a person is appointed, becomes or ceases to bechief eecutive officer or controller of a compan, the companshall before the epiration of fourteen das beginning with theda net following that on which the person has been appointed,becomes or ceases to be its chief eecutive officer or controller,give written notice of such fact to the Central Bank.
22. (1) The Central Bank shall issue to ever companregistered under this Act a certificate to the effect that thecompan has been so registered.
(2) A certificate issued under subsection (1) shall
(a) specif the class of insurance business in respectof which the compan is registered;
(b) be subject to such conditions as the CentralBank ma consider necessar to impose; and
(c) be prima facie evidence that the compannamed in the certificate has been registeredunder this Act.
23. Where subsequent to the registration of a compan underthis Act there is an change
(a) in the particulars specified in the application of
the compan; (b) in the particulars of the documents required
under section 14(3)(a) to (e) and (g) to (i) toaccompan the application; or
(c) in an further information which the compan isrequired to furnish under section 14(3)(j),
the compan shall, within thirt das of such change, notif theCentral Bank in writing of the change.
24. (1) Ever compan registered under this Act to carr onan class of insurance business shall, at least one month prior to
the date of the issue of a new form of polic or of the use of astandard form of endorsement or of a form of application for apolic, furnish the Central Bank with a cop of the standard formof polic or of the standard form of endorsement or of the formof application.
28 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Central Bank tobe notified ofappointment,etc.[15 of 2004].
Certificate ofregistration.[15 of 2004].
Compan tonotifCentral Bank ofan change inparticularsspecified in the
compansapplication.[15 of 2004].
Dut ofcompan tofurnish Central
Bank withcop of formof polic, formof endorsementor form ofapplication.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
29/280
Insurance Chap. 84:01 29
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Cancellationof registration.[15 of 2004].
(2) The Central Bank ma prohibit a compan fromissuing or using a new form of polic, a standard form ofendorsement or a form of application for a polic the issue or useof which, in the opinion of the Bank, is fraudulent, unjust or notin the public interest.
(3) A compan which continues to issue or use a form ofpolic, a standard form of endorsement or a form of applicationfor a polic the issue or use of which is prohibited b the CentralBank under subsection (2) is guilt of an offence.
25. (1) A compan which ceases to carr on insurance
business of a class in respect of which it is registered under thisAct shall immediatel notif the Central Bank in writing to this
effect and on being so notified the Board shall subject to
subsection (4) cancel the registration of the compan in respect
of that class.
(2) Where a compan is registered under this Act and
the Board reasonabl believes that the compan has not carried
on insurance business within a ear of its registration or for a
period of more than one ear the Board ma serve on the
compan a notice requiring it to satisf the Board, within one
month after the date of service of the notice, that it is carring oninsurance business in Trinidad and Tobago.
(3) The Board ma cancel the registration of a compan
on which a notice is served under subsection (2) where the
compan does not, within the time specified in that subsection,
satisf the Board that it is carring on insurance business in
Trinidad and Tobago.
(4) The Board shall not cancel the registration of a
compan in respect of an particular class of insurance business
so long as the compan is under liabilit to Trinidad and Tobago
policholders whose policies belong to that class unless the
Board is satisfied that
(a) reasonable provision has been or is being made
to meet that liabilit; and
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
30/280
(b) adequate arrangements have been or are beingmade for pament in Trinidad and Tobago of
premiums and claims on those policies.
(5) The Board ma cancel the registration of acompan where
(a) the Bank is satisfied that the compan obtainedregistration as a result of an misleading orfalse representation;
(b) the Bank is satisfied that there is unreasonabledela in the settlement of claims paable under
policies issued b it; (c) one month has elapsed since the date before
which the compan was required under this Actto furnish information to the Bank and thecompan has, without reasonable ecuse, failedto furnish the information or failed to do so inthe manner specified in this Act;
(d) the compan is insolvent within the meaning ofsection 77;
(e) an of the reinsurance arrangements of thecompan is not satisfactor; or
(f) a final judgment obtained against the compan inan Court and from which no appeal is pendingremains unsatisfied for at least two months.
(6) The Board shall, when the registration of a companis cancelled
(a) give notice of cancellation to the compan; and
(b) require the compan to deliver its certificate of
registration to the Board within twent-eightdas of the cancellation or such shorter period as
ma be specified in the notice.
26. Where in accordance with this Act
(a) the Central Bank refuses to register a compan; or
(b) the Board cancels the registration of a compan,
30 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Reasons forrefusal orcancellation.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
31/280
Insurance Chap. 84:01 31
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Effect ofcancellationof registration.
Appeals.[15 of 2004].
Amount andform ofdeposits.[15 of 2004].
the Bank or the Board as the case ma require shall, withinfourteen das of the refusal or cancellation, notif the companin writing of its reasons for so doing.
27. (1) Where the registration of a compan is cancelled inrespect of an class of insurance business, the compan shall not,after the date on which it was notified of the cancellation, enterinto an new contract of insurance falling within that class.
(2) For the purposes of subsection (1) a companshall be treated as having entered into a new contract ofinsurance where a contract of insurance entered into prior to
the date of the notification under section 26 is renewed orvaried after that date.
(3) Nothing in this section shall be construed asrelieving an insurance compan the registration of which hasbeen cancelled from the obligation to maintain the depositrequired to be made under section 29 and the statutor fundrequired to be maintained under section 37.
(4) A compan which contravenes the provisions ofsubsection (1) is guilt of an offence.
28. (1) A compan which is aggrieved b the decision
(a) of the Bank to refuse to register it; or(b) of the Board to cancel its registration,
ma appeal against that decision in the manner specified insection 205.
(2) On appeal the Court of Appeal or a Judge inChambers, as the case ma be, ma confirm or reverse thedecision of the Bank or the Board.
29. (1) A compan ma not be registered under this Act tocarr on and ma not carr on an class of insurance businessunless it has made the appropriate deposit prescribed in this section.
(2) A foreign compan which intends to carr on long-term insurance business in Trinidad and Tobago shall depositwith the Central Bank the sum of two hundred and fiftthousand dollars.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
32/280
(3) A compan which intends to carr on motor vehicleinsurance business shall deposit with the Central Bank the sum oftwo hundred and fift thousand dollars or an amount equivalentto fort per cent of the premium income net of reinsurancepremiums of the compan with respect to Trinidad and Tobagomotor insurance business during the financial ear last precedingthe date of the deposit, whichever amount is the greater.
(4) A compan which intends to carr on insurancebusiness other than long-term or motor vehicle insurance businessshall deposit with the Central Bank the sum of one hundredthousand dollars or an amount equivalent to fort per cent of itspremium income net of reinsurance with respect to Trinidad andTobago insurance business, other than long-term insurancebusiness or motor vehicle insurance business, during the financialear last preceding the date of the deposit, whichever amount isthe greater.
(5) At the end of each subsequent financial ear acompan which made the deposit required to be made undersubsection (3) or (4) shall where necessar deposit or berefunded an amount equal to the difference between the lastpreceding deposit and fort per cent of the relevant premium
income during such financial ear, but a compan shall not atan time have a deposit with the Central Bank of less than twohundred and fift thousand dollars with respect to motor vehicleinsurance business or one hundred thousand dollars with respectto insurance business other than long-term or motor vehicleinsurance business.
(6) A deposit made under this section ma be in theform of cash or in the form of approved securities or partl in theform of cash and partl in the form of approved securities.
30. (1) All deposits made b a compan pursuant to this Act
shall be deemed to form part of the assets of the compan.
(2) All interest and dividends accruing due on anapproved securities deposited under section 29 shall be paid tothe compan.
32 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Deposits to
formpart of assets.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
33/280
Insurance Chap. 84:01 33
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Application for
a release ofdeposit.[15 of 2004].
(3) A deposit made under section 29 in respect of anclass of insurance business shall be retained b the Central Bank
until the compan ceases to be registered in respect of that class
of insurance business or the deposit is required in the winding up
of the compan.
(4) Where a compan ceases to be registered the deposit
or part of it ma be further retained for the purpose of and in
accordance with an provision for settling liabilities in respect of
policies as required b section 25(4).
31. (1) A compan ma appl in writing to the Central Bank
for a release of its deposit.
(2) On making an application under subsection (1) the
compan shall
(a) file with the Central Bank a list of Trinidad and
Tobago policholders whose risks have not
been provided for and who have not
surrendered their policies;
(b) publish at least once a week for twelve
consecutive weeks in the Gazette and in at least
one dail newspaper circulating in Trinidad and
Tobago a notice
(i) of its intention to appl to the Central
Bank for the release of its deposit on a
date specified in the notice being a da
not less than four months after the date of
the publication of the first notice; and
(ii) requesting an policholder who is
opposed to the release of the deposit to
file his opposition with the Central Bank
on or before the date specified in the
notice.
(3) After the date specified in the notice published
pursuant to subsection (2), the Central Bank, where the Bank is
satisfied on reasonable grounds that the deposit retained b the
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
34/280
Central Bankma releasedeposit toliquidator orrefund depositto compan.[15 of 2004].Ch. 81:01.
Central Bank tofurnishcertificate ofdeposit.[15 of 2004].
Increase ofdeposit ondepreciation ofsecurities.[15 of 2004].
Bank is substantiall in ecess of the requirements of this Act inrespect of continuing policholders
(a) ma release to the compan such portion of theecess as the Bank considers proper in thecircumstances;
(b) shall continue to hold the remainder of the depositfor the protection of continuing policholders inthe manner provided b this Act; and
(c) shall as continuing policies lapse or where proofis adduced that the have been satisfied, release,from time to time, further amounts from the
deposit retained b the Bank.
32. (1) Notwithstanding sections 30 and 31, where acompan is in liquidation, the deposit made b the companunder section 29 shall on the order of an Court havingjurisdiction under this Act or the Companies Act, be released bthe Central Bank to the liquidator.
(2) Where pursuant to section 25 the registration of acompan is cancelled because it has not carried on insurance businessfor either of the periods specified in subsection (2) of that section, theCentral Bank shall refund and deliver to the compan an mones or
approved securities, or both, deposited b it under section 29.
33. The Central Bank shall, where a compan so demands,furnish it with a certificate in writing setting out the nature andetent of an deposit held b the Central Bank under this Act inrespect of the compan together with particulars of an approvedsecurities forming the whole or part of the deposit.
34. (1) Where the Central Bank is satisfied that b reason ofdepreciation in the value of securities or for an other cause, thevalue of approved securities deposited b a compan under
section 29 falls short of the value required b this Act, the Bankshall b notice in writing require the compan to deposit with theBank, mone or approved securities or both, to a value which theBank considers sufficient to bring the amount of the deposit up tothe value required b this Act.
34 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
35/280
Insurance Chap. 84:01 35
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
(2) A compan which fails to deposit with the CentralBank, mones or approved securities or both, when required todo so b notice under subsection (1), is guilt of an offence andthe Board ma, where it considers it necessar in the interest ofpolicholders, cancel the registration of the compan.
35. Where an mones or approved securities, or both, retained bthe Central Bank as, or as part of the deposit required to be made b acompan under section 29 are,while so retained, lost, stolen, destroedor damaged, the injur or loss suffered b all persons interested in themones or the approved securities shall be remedied b the pament ofmones appropriated b Parliament for that purpose.
36. A compan ma at an time substitute for an mones orapproved securities retained b the Central Bank as, or as part ofthe deposit required to be made under section 29, an othermones or approved securities where the total amount thendeposited is not less than the amount required to be depositedunder this Act; the mones or approved securities so substitutedshall be subject to the same charge or liabilit as the mones orapproved securities for which the were substituted.
STATuTORY FuNDS
37. (1) Ever compan registered under this Act to carr onlong-term insurance business or motor vehicle insurancebusiness, or both, shall establish and maintain a statutor fund inrespect of each such class of business.
(2) The statutor fund shall be established at the date
(a) on which the compan commences to carr on eitherclass of business referred to in subsection (1); or
(b) of the commencement of its financial ear netafter the commencement of this Act,
whichever is the later date.
(3) The fund referred to in subsection (1) shall beestablished and maintained
(a) in the manner set out in subsections (4), (5) and(6); and
Responsibilitfor lostsecurities.[15 of 2004].
Substitutionof deposit.[15 of 2004].
Establishmentof statutorfund.[3 of 2009].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
36/280
Restriction onuse of assetsrepresentingstatutor funds.
(b) under an appropriate name in respect of each classof insurance business referred to in subsection (1).
(4) Ever compan carring on long-term insurancebusiness in Trinidad and Tobago shall place in trust in Trinidad andTobago assets equal to its liabilit and contingenc reserves withrespect to its Trinidad and Tobago policholders as established b thebalance sheet of the compan as at the end of its last financial ear.
(5) Ever compan carring on the motor vehicleinsurance business in Trinidad and Tobago shall place in trust inTrinidad and Tobago assets equal to its liabilit and reserves lessthe amount deposited on account of such business pursuant tothis Act with respect to its Trinidad and Tobago policholders asestablished b the revenue account of the compan as at the endof its last financial ear.
(6) Assets required to be placed in trust pursuant tosubsections (4) and (5) shall be so placed not more than one monthafter the end of the financial ear to which the balance sheet or therevenue account, as the case ma be, of the compan relates.
(7) In addition to the requirements set out in subsection (6),ever compan registered to carr on long-term insurancebusiness or motor vehicle insurance business, or both, shall place
in trust in Trinidad and Tobago assets in the statutor fund (a) where the compan carries on long-term
insurance business, assets equal to its liabilitand contingenc reserves; and
(b) where the compan carries on motor vehicleinsurance business, assets equal to its liabilitand reserves less the amount deposited onaccount of such business,
with respect to its Trinidad and Tobago policholders asestablished b the quarterl returns required to be submitted
under section 61A, within seven das after the submission ofsuch quarterl returns.
38. (1) Subject to subsections (2) and (3) the assetsrepresenting each statutor fund of a compan shall not be applied
36 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
37/280
Insurance Chap. 84:01 37
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
directl or indirectl to an class of business other than that inrespect of which the fund was established and is being maintained.
(2) Where the value of the assets mentioned insubsection (1) is shown on an actuarial investigation made underthis Act to eceed the amount of the liabilities attributable to theclass of insurance business referred to in section 37, the restrictionimposed b subsection (1) shall not, subject to section 116, applto so much of those assets as represents the ecess.
(3) Nothing in subsection (1) shall be construed asprecluding an insurance compan from echanging, at fair
market value, assets representing each statutor fund for otherassets of the compan.
(4) The provisions of subsection (1) shall applnotwithstanding an arrangements for the subsequent repamentto the fund of an mone out of the receipts of an other class ofinsurance business.
(5) An mortgage or charge (including a charge
imposed b a Court on the application of a judgment creditor)
shall be void to the etent to which it contravenes the provisions
of subsection (1).
(6) No insurance compan carring on long-term
insurance business or motor vehicle insurance business and no
compan of which an such insurance compan is a subsidiar,
shall declare a dividend at an time when the value of the assets
representing each fund established and maintained b the
Compan as determined in such manner as ma be prescribed, is
less than the amount of the liabilities attributable to such business.
(7) A compan carring on more than one class of
insurance business in respect of which it is required to establish
and maintain a statutor fund shall keep such books of accounts
and other records as are necessar for the purpose of identifing
(a) the assets representing each statutor fund; and
(b) the liabilities attributable to each class of
insurance business.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
38/280
39. (1) A trust referred to in subsections (4) and (5) of section 37shall be created b trust Deed the contents and the trustees ofwhich shall be approved b the Central Bank before the trust iscreated and the Deed shall be in such form as ma be prescribed.
(2) Notwithstanding the provisions of subsection (1) theCentral Bank ma on such terms as the Bank thinks fit, allow theassets required to be held in trust in Trinidad and Tobago to beplaced in trust outside of Trinidad and Tobago.
(3) The Central Bank ma for the purposes of thissection allow the assets required to be placed in trust to be heldb a bank to the order of or on behalf of the Central Bank and
such assets shall be deemed to be placed in trust and the bankshall be deemed to be a trustee.
40. (1) A trustee ma not deal with an assets held in trustb him without the prior general or specific approval of theCentral Bank.
(2) A trustee shall submit to the Central Bank in suchform and at such times as ma be prescribed, a list of the assetsheld in trust b him pursuant to section 39.
(3) A trustee who contravenes the provisions ofsubsection (1) shall be under the same liabilit as if the
appropriate policholders had been beneficiaries of the trust.
41. A compan shall, within three months after the date onwhich it established its statutor fund and thereafter within simonths of the epiration of each of its financial ears, furnish tothe Central Bank a statement in the prescribed form showing
(a) particulars of the liabilities of the compan inrespect of which the fund is established, as at thedate of the establishment of the fund; and
(b) particulars of the assets comprising the fund.
42. (1) Where it appears to the Central Bank that (a) a statement furnished to the Bank under section 41
is in an respect unsatisfactor, incomplete,inaccurate, misleading or otherwise fails tocompl with the requirement of that section; or
38 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Method ofcreating trust.[15 of 2004].
Restriction ontrustee dealingwith assets.[15 of 2004].
Compan tofurnishparticulars ofliabilities andassets withrespect to fund.[15 of 2004].
Inaccurate ormisleadingparticulars.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
39/280
Insurance Chap. 84:01 39
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Compan tofurnish CentralBank withinformation.[15 of 2004].
Appeal againstdirection bCentral Bank.[15 of 2004].
Assets in thestatementdeemed to beassets instatutor fund.[15 of 2004].
Investment ofassets ofstatutor fund.SecondSchedule.[15 of 200422 of 2007].
Local assetsratio.[35 of 199839 of 200015 of 2004].
(b) the value of the assets or of the assets includedin a particular class as shown b the statement isinsufficient or ecessive,
the Bank ma, after considering an eplanation made b or onbehalf of the compan, give to the compan such directions inwriting as the Bank thinks necessar for the variation of thestatement or for an increase or decrease in the value of the assets.
(2) A compan shall compl with an directions givento it b the Central Bank under subsection (1) within thirt dasof receiving them.
43. Where the Central Bank requests a compan to furnishthe Bank with such information as the Bank considers necessarfor the purpose of eercising its powers under section 42, thecompan shall compl within thirt das of the request.
44. (1) A compan aggrieved b a direction of the CentralBank under section 42 ma appeal against that direction in themanner specified in section 205.
(2) On an appeal the Court of Appeal or a Judge inChambers, as the case ma be, ma confirm, reverse or var thedirection of the Central Bank.
45. The assets shown as assets of a particular statutor fundin a statement furnished to the Central Bank pursuant tosection 41 or in an variation of such statement shall be deemedto form part of the assets of that fund unless the more properlform part of the assets of some other statutor fund.
46. (1) The assets of a statutor fund shall not be investedecept in the assets and in such manner as specified in the SecondSchedule.
(2) The Minister ma, on the recommendation of the
Central Bank, b Order, amend the Second Schedule.
47. (1) Ever compan shall invest in assets in Trinidad andTobago an amount equal to at least eight per cent of the Trinidadand Tobago dollar liabilit in each statutor fund.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
40/280
(1A) Where the liabilit is paable in a foreign currenc,the compan shall invest in foreign assets an amount noteceeding eight per cent of such foreign currenc liabilit ineach statutor fund.
(2) For the purposes of subsection (1), assets noteceeding ten per cent of the Trinidad and Tobago dollar liabilitin each statutor fund shall be deemed to be assets in Trinidadand Tobago where such assets
(a) are approved b the Central Bank; and
(b) originate in an of the member States of the
Caribbean Communit.(3) Where a compan establishes and maintains a
statutor fund in respect of long-term insurance business for thepurpose of determining whether the compan is compling withthe provisions of subsection (1), polic loans shall be ecludedfrom the assets and deducted from the liabilities of the compan.
(4) For the purposes of this section
assets in Trinidad and Tobago means assets which
(a) originate in Trinidad and Tobago;
(b) are denominated in Trinidad and Tobago
dollars; and (c) are phsicall held in Trinidad and Tobago;
Caribbean Communit means the Caribbean Communitestablished b the Treat done at Chaguaramas on the 4thda of Jul, 1973.
48. (1) A local compan shall not after the commencementof this Act directl or indirectl
(a) acquire or deal in its own shares or lend mone ormake advances on the securit of its own shares;
(b) lend an of its funds to a director or an officer of thecompan or to the spouse or a child of a director orof an officer ecept on the securit of the compansown policies; nor shall a compan registered underthis Act lend an of its funds to another compan
40 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Prohibitionswith respect toacquiringshares orlending funds.
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
41/280
Insurance Chap. 84:01 41
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Investments tobe made incorporate name.
where more than one-third of the shares of that othercompan is owned either jointl or severall b adirector or an officer of the compan or b thespouse or a child of a director or of an officer or ban combination of such persons;
(c) grant unsecured credit to an person, ecept for
temporar cover which in the case of general
insurance does not eceed fort-five das; and
(d) pa an dividend on its shares until all its
capitalised ependiture (including preliminar
epenses, organisation epenses, share-selling
commission and brokerage) not represented b
tangible assets, has been completel written off.
(2) The provisions of subsection (1) shall appl to a
foreign compan in respect of such insurance business as the
compan is carring on in Trinidad and Tobago.
49. (1) All investments and deposits of the funds of a local
compan shall be made in its corporate name and no director or
officer of the compan and no member of a committee which can
eercise an authorit over the investment or disposition of the
funds of the compan shall (a) either directl or indirectl be a beneficiar or
accept an fee, brokerage, commission, gift or
other consideration for or on account of an
loan, deposit, purchase, sale, pament or
echange made b or on behalf of the compan;
(b) be pecuniaril interested in an purchase, sale or
loan made b or on behalf of the compan, whether
as principal or agent and whether solel or jointl,
save that where the director, officer or member of the committee
is a policholder he is entitled to all the benefits accruing to himunder the terms of his contract.
(2) Nothing in this section shall be construed as
precluding a local compan from making in the name of or
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
42/280
transferring or assigning to another person or compan theinvestments and deposits necessar to compl with the laws of
an State or countr where
(a) the local compan transacts or is about to transactinsurance business in that State or countr; and
(b) the laws of the state or countr require that theinvestments and deposits shall be made in thename of or be transferred or assigned to anperson or compan other than the local compan.
(3) In this section and in section 48 funds means all
funds of a compan.
CATASTROPHE RESERvE FuND
49A. (1) Ever compan registered under this Act to carr on
propert insurance business insuring against catastrophe risks
ma establish and maintain in respect of such risks a fund to be
known as a catastrophe reserve fund.
(2) A compan desirous of establishing a catastrophe
reserve fund shall place the assets to establish the fund in the
manner set out in section 39.
(3) A compan under this section shall not withdraw anof the assets comprising its catastrophe reserve fund unless
(a) catastrophe losses have occurred and the
ultimate net loss of the compan is estimated to
eceed ten per cent of its capital and free
reserves, subject to a minimum of five hundred
thousand dollars; or
(b) the compan ceases to write propert insurance
business and either a winding-up order has been
made against the compan or the compan is no
longer under liabilit under policies relating topropert business relating to catastrophe risks.
(4) The provisions of sections 39 to 41 and 46 appl
mutatis mutandis to a catastrophe reserve fund.
42 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Establishmentof catastrophereserve fund.[3 of 1994].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
43/280
Insurance Chap. 84:01 43
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Sub. Leg.
Dut ofcompan tokeep books,vouchers, etc.[15 of 2004].
(5) For the purposes of this sectioncatastrophe losses means an losses arising from
(a) earthquake shock, fire following an earthquakeor a flood caused b an earthquake;
(b) hurricanes, cclones, tornadoes, windstorms,including rain and flood accompaning orcaused b those perils;
catastrophe risks means risks in respect of catastrophe losses;
flood includes an overflow of the sea;
free reserves means the assets of a compan which satisf the
Insurance (Admissible Assets and Valuation of Assets)Regulations, less liabilities, appropriated surplus,contingenc reserves and other statutor reserves;
liabilit includes epenses of litigation and other epenses ofthe compan arising from a catastrophe loss, but does notinclude office epenses and salaries of compan officials orits emploees;
recoveries includes reinsurance recoveries;
ultimate net loss means the liabilit of a compan arising outof a catastrophe loss after deducting an amount for salvages
and recoveries.
ACCOuNTS, BALANCE SHEETS, RECORDS AND AuDIT
50. (1) Ever compan shall keep at its head office or at the
office of its principal representative in Trinidad and Tobago, as
the case ma be, such books, vouchers, records, receipts and
other documents as ma be necessar to enable it to prepare for
transmission to the Central Bank, a statement of the insurance
business carried on b it in Trinidad and Tobago.
(2) The statement referred to in subsection (1) shall be
in such form as ma be prescribed.
(3) The Inspector, members of staff of the Central Bank or
an other person authorised in writing b the Central Bank ma
eamine the books, vouchers, records, receipts and other documents
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
44/280
relating to the insurance business carried on b a compan inTrinidad and Tobago and the schedules or other documents relating
to or forming part of such business in order to verif the accurac
of the statement transmitted to the Bank pursuant to subsection (1).
(4) In the eercise of the power conferred on him bsubsection (3) the Inspector, members of his staff or an other personauthorised b the Central Bank in writing to do so ma enter theoffices of a local compan or of its agents or in the case of a foreigncompan the offices of its principal representative or of its agents.
(5) A compan shall cause its books, vouchers, records,receipts, schedules and other documents to be readil availablefor eamination and shall assist as far as possible in facilitatingthe eamination.
50A. (1) The Inspector or an person authorised in writing bthe Central Bank or an designated member of staff of theCentral Bank ma enter into the premises of an registrant to
(a) inspect an books, records, accounts, vouchers,minutes of meetings, securities and otherdocuments, including documents stored inelectronic form, pursuant to this Act andRegulations made hereunder and take an copies
of the whole or part of an such record; or (b) determine whether there is compliance with this
Act or an Regulations made hereunder.
(2) Where the Inspector or an person authorised b theCentral Bank or an designated member of staff of the CentralBank is
(a) prevented from eercising the powers given tohim under subsection (1);
(b) required to eercise the powers outside ofnormal working hours; or
(c) required to eercise the powers urgentl,
he ma appl for an ex parte Order of a Judge of the High Court,which shall constitute the warrant for the Inspector or an personauthorised in writing b the Central Bank or an designatedmember of staff to enter into the premises of the registrant.
44 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Powers ofInspector.[3 of 2009].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
45/280
Insurance Chap. 84:01 45
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
51. (1) The Inspector ma require an compan registeredunder this Act or the director, manager, auditor, actuar or secretarthereof to furnish him within such time as he ma specif, withsuch information as ma be necessar to ascertain the abilit of thecompan to meet its obligations under policies issued b it.
(2) A compan or an director, manager, auditor, actuaror secretar thereof who without reasonable ecuse fails to complwith the requirements of subsection (1) is guilt of an offence.
52. (1) Where on a perusal of the information furnishedpursuant to section 51(1) it appears to the Inspector
(a) that the value placed b the compan on an realpropert owned b it in Trinidad and Tobago istoo great; or
(b) that the propert is not adequate securit for anloan secured b mortgage on such propert andthe interest thereon,
he ma request the compan to have the real propert appraisedb a valuator approved b him and failing compliance with suchrequest he ma cause an appraisement of the real propert to bedone at the epense of the compan.
(2) Where the appraised value of the real propert of acompan is substantiall less than the value disclosed in theinformation furnished pursuant to section 51(1) the Inspectorma, in order to ascertain the abilit of the compan to meet itsobligations, substitute the appraised value for the value disclosed.
(3) Where the appraised value of the real propert of acompan is not adequate securit for a loan secured b mortgageon such propert and the interest thereon the Inspector mawrite-off from the loan and the interest a sum sufficient to reducethem to such amount as ma be fairl realisable from the sale ofthe real propert; but the reduced sum shall in no case eceed the
appraised value of such propert.
(4) A person who is aggrieved b a decision of the Inspectorin the eercise of his power under subsections (2) and (3) ma appealagainst that decision in the manner specified in section 205.
Inspector marequestinformation inorder toascertain abilitof compan tomeet itsobligations.[15 of 2004].
Inspector marequestappraisement of
real propert.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
46/280
53. Where a compan is carring on insurance business andother business and an amount received or paid b the compan isnot received or paid wholl in respect of that other business thecompan shall, for the purposes of section 50, apportion theamount in an equitable manner between the insurance businessand the other business.
54. Where a compan is carring on more than one class ofinsurance business and an amount received or paid b thecompan is not received or paid wholl in respect of an oneclass of insurance business the compan shall, for the purposes ofsection 50, apportion the amount in an equitable manner betweenthe several classes of insurance business to which the receipt orpament ma be applicable.
55. Where there is an apportionment under sections 53 and 54the auditors shall state in their report whether the are satisfied thatthe apportionment was made in an equitable manner.
56. (1) Subject to this section, ever compan shall at theepiration of each financial ear prepare
(a) a revenue account for the ear in respect of eachclass of insurance business carried on b it;
(b) a profit and loss account for that ear; and (c) a balance sheet as at the end of the ear.
(2) Where a compan is carring on long-terminsurance business, ever balance sheet which it is required toprepare under subsection (1) shall bear a certificate signed b itsactuar or the consulting actuar stating whether or not, in hisopinion, the aggregate amount of the liabilities of the compan inrelation to its long-term insurance business at the end of itsfinancial ear eceeded the aggregate amount of the liabilitiesshown in the balance sheet of the compan.
(3) Ever revenue account, profit and loss account orbalance sheet shall be prepared in such form as ma be prescribed.
57. (1) The accounts of ever compan shall be auditedannuall b its auditors, and ever revenue account and balance
46 Chap. 84:01 Insurance
LAWS OF TRINIDAD AND TOBAGO
Apportionmentof receipts andpamentsbetweeninsurancebusiness andother business.
Apportionmentof receipts andpamentsbetween variousclasses ofinsurancebusiness.
Certificate as toapportionment.
Accounts andbalance sheets.
Audit.[15 of 2004].
UPDATED TO DECEMBER 31ST 2009
-
7/31/2019 Insurance Act of TT
47/280
Insurance Chap. 84:01 47
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
sheet required to be prepared b the compan under section 56(1)shall be accompanied b a report of the auditors addressed to theCentral Bank, stating whether in their opinion
(a) the accounts have been prepared in accordancewith the provisions of this Act;
(b) the revenue account and the profit and lossaccount present fairl the results of thecompans operations for the financial period towhich the relate;
(c) the balance sheet presents fairl the state of thecompans affairs at the end of the financial
period to which it relates; (d) adequate records of account have been maintained
b the compan and are reasonabl up to date;
(e) the reserves relating to unepired policies havebeen calculated in accordance with theprovisions of section 168; and
(f) the provisions regarding the settlement ofoutstanding claims are adequate, having regardto the latest estimated cost of settlement of suchclaims.
(2) The provisions of subsection (1)(e) and (f) shall
appl onl to a compan carring on general insurance businessin Trinidad and Tobago.
(3) Where the auditors, for the purpose of eercising thepowers conferred on them b subsection (1)
(a) are unable to obtain all the information therequire; or
(b) are not completel satisfied with theinformation contained in the accounts on whichthe are reporting,
the shall in their report specif the