Saturday, 17 February 2018 19:03

New Insurance Act Has Been Passed

Written by
Rate this item
(4 votes)

The new Insurance Act has been passed unanimously in the House of Representatives, with a special majority.

The 2016 Insurance Act was brought to the house on Friday for Amendment. Minister in the Office of the Prime Minister Stuart Young during his contribution explained that the previous bill allowed for abuse and mismanagement by some within the sector.

He said the government has chosen to learn from the CLICO debacle.

Under the new Act, the Central Bank can now intervene in the instance that an insurance company is acting outside of the interest of policyholders or if the company is found to be using policyholders' funds for unauthorised purposes. 

Finance Minister Colm Imbert tweeted following the passing of the act, saying "A new era of regulation of insurance companies and protection of consumers is about to begin".

Read 10841 times Last modified on Saturday, 17 February 2018 20:57
  • Press Releases
Trinidad and Tobago's stickmen made it two in two versus Guyana at Hockey Centre. Ruskin Mark has more on the
The Royhil Seals National Primary Schools Water Polo League came to an exciting conclusion at the Flying Fish pool.
Defending TT Super League Champions Guaya United F.C. stumbled at the start of their title defense when they were
Top-ranked local Men's player, Aaron Wilson, and National Women's Champion, Brittany Joseph, captured the Boys and
Trinidad and Tobago's Senior Women footballers will face off with Cuba on August 25th in Kingston, Jamaica, in their
In some hockey news, Petrotrin got a hat trick from the talented Atiba Whittington to run up the scores on Fatima.
  • 1
  • 2