Central Bank’s Inspection Department revamped

THE Central Bank of Trinidad and Tobago’s Bank Inspection Department has been revamped following the recent passage of the Insurance Amendment Act 2004.  In a statement yesterday, the Bank said this department has been expanded and redesignated as the Financial Institutions Supervision Department “with responsibility for all financial sector supervisory functions of the Central Bank.” “Through the operations of this department, the Central Bank will aim to protect the interests of depositors, policyholders and pension plan members. This expanded department incorporates a unit specifically mandated to focus on market conduct practices including fair claims settlements,” the Bank said.

The Central Bank added that under the new legislation, the responsibility to supervise insurance companies, insurance intermediaries and registered pension plans was transferred from the Office of the Supervisor of Insurance in the Ministry of Finance with effect from May 25, 2004. “As part of the transition provisions, all insurance companies, intermediaries and pension plans registered with the former Supervisor of Insurance under the Insurance Act 1980 have been deemed to be registered with the Central Bank effective May 25, 2004,” the Bank stated.