Nov 8, 2013 | News, TTCSI in the Media

Central Bank Governor: Insurance Bill not in limbo
Published: Friday, November 8, 2013
Aleem Khan

The Insurance Bill is not in limbo. So said Central Bank Governor Jwala Rambarran yesterday as he sought to clarify the situation with the long anticipated legislation. Speaking at the launch of National Services Week in Port of Spain on Wednesday, he said: “A major weapon in the building of our regulatory fortress is the Insurance Bill 2013. New insurance legislation is coming. I want to stress the Insurance Bill is not in limbo, it is not collecting dust on a shelf in a government office.

“The Central Bank has been championing the Insurance Bill 2013, which is a meaningful and substantial piece of legislation. It contains a modern approach to insurance regulation and supervision, calls for strengthening corporate governance of insurance companies, and establishes more effective protection of policyholders. The Insurance Bill will address fundamental prudential deficiencies and will include important requirements for insurance companies which are consistent with international best practice.”

Rambarran said Finance Minister Larry Howai “is expected to lay the Insurance Bill before a Joint Select Committee of Parliament before the end of the year.” He also said that regulation of systemically important financial institutions (SIFIs) is at the top of the Central bank’s agenda. SIFIs are what would be colloquially known as companies that are “too big to fail” because they can bring down economies with them.

He said the Central Bank has identified five SIFIs in T&T—the Unit Trust Corporation (UTC) the Home Mortgage Bank (HMB), the Board of Management incorporated under the National Insurance Act (the NIB), the T&T Mortgage Finance Co. Ltd (TTMF) and the Agricultural Development Bank of T&T (ADB). In the case of the UTC, its asset size ($23 billion) is about one-tenth the assets of the financial system.

Guyadeen is Pan-African Institute ambassador

Guyadeen is Pan-African Institute ambassador

The Pan-African Leadership Institute (PALI) has appointed Vashti Guyadeen, CEO of the TT Coalition of Services, as its new ambassador for TT.

In a release on Friday, PALI said this appointment marks a significant milestone in its mission to foster leadership, collaboration and development within the African diaspora and beyond.

‘Services deserve equitable share of forex’

‘Services deserve equitable share of forex’

The services sector is the largest in the T&T economy, contributing annually on average $43 billion to its Gross Domestic Product, according to the T&T Coalition of Services Industries (TTCSI)

The services sector is diverse, covering business services (professional, computer etc), construction, transport, communications, financial services, tourism/travel, Government operations among others. It employs about 80 per cent of the labour force, some 422,000 people.

Guyadeen is Pan-African Institute ambassador

TTCSI nominated for 2 vFairs Eventeer awards

The T&T Coalition of Services Industries (TTCSI) has been nominated and is a finalist in two categories–best conference and best virtual event–in the vFairs Eventeer Awards 2024.