Insurance
How will the local insurance industry change over the next 10 years? It promises to be a demanding decade as the most important development now unfolding is greater safeguarding of policyholders’ funds.
“Over the next decade we will definitely have a more stringent regulatory environment,” said the new President of the Association of Trinidad and Tobago Insurance Companies (ATTIC), Rani Lakhan-Narace. Following an amendment to the Insurance Act in October 2006, which allows the Central Bank powers to be an active regulator, she stated that this change had already begun – a change she noted the industry has been seeking for the past 20 years.
Immediate Past President of ATTIC and Chief Operating Officer and Executive Director of Guardian Holdings Ltd (GHL), Douglas Camacho described it as a major change and an improvement in the regulatory process. Prior to the amendment, if the regulator sought to intervene and a company challenged the move, the regulator could do nothin...
