Insurance

Insurance reform aims to build confidence in sector

The speedy passage of amendments to the Insurance Act in early 2009, which some industry stakeholders informally refer to as "the CLICO amendment," is testimony to reformation of the insurance industry being high on the Central Bank's agenda.

Reference to the CLICO amendment relates to the Trinidad and Tobago Government agreeing on January 30, 2009, to bail out four subsidiaries of the CL Financial Group, one of which was Colonial Life Insurance Company (Trinidad) Ltd (CLICO). The amendments were integral to that bailout effort.