Insurance in Trinidad and Tobago

The private insurance market operates under the Insurance Act 2018, as amended and effective from 1 January 2021. The Central Bank of Trinidad and Tobago (CBTT) supervises insurers and intermediaries, maintains registers, reviews prudential requirements and publishes market information. Insurers, agencies, brokerages, agents, brokers, sales representatives, adjusters and consultants must be registered for their relevant functions. A policy issued through a Trinidad and Tobago office is governed by Trinidad and Tobago law and courts. General insurance includes liability, marine, aviation and transport, motor vehicle, pecuniary loss, short-term personal accident, property, business interruption and workers compensation cover. Long-term insurance includes accident and sickness products, healthcare cover, disability income, industrial life, life insurance and annuities. Property insurance is the largest general-insurance line. The CBTT's 2025 Financial Stability Report, based on December 2024 data, recorded TT$5.3 billion in general-insurance gross premiums; property accounted for 55.8% and motor insurance for 28.2%. Long-term gross premiums totalled TT$5.2 billion, with unit-linked, ordinary life, health and individual annuity products forming major lines. Property policies may include a catastrophe reserve contribution. Insurers must appropriate at least 20% of net written property premium each year until the reserve reaches 100% of net written property premium. The policy should disclose whether it pays on an indemnity basis or replacement-value basis and explain any average or underinsurance provision. A sum insured below the property's relevant value can reduce a claim payment. The NIS is separate from private insurance. It is a statutory social-insurance system administered by the National Insurance Board of Trinidad and Tobago (NIBTT). It provides benefits such as sickness, maternity, invalidity, retirement, funeral, employment-injury and survivors' benefits when registration and contribution conditions are met. NIS coverage generally applies to employees earning at least TT$200 per week, including employees, employers, paid or unpaid apprentices, full-time commission workers, temporary workers and foreign contract or work-permit workers. NIBTT guidance does not provide direct NIS coverage for self-employed workers. An employee must give the employer required particulars and the National Insurance Number within 7 days. The employer must register the employee within 14 days and inform the employee within 21 days. The combined contribution must be remitted by the last day of the month, with the employer paying two-thirds and the employee one-third. For the 2026 schedule effective 5 January 2026, total weekly contributions range from TT$43.80 to TT$508.50 across earnings classes from TT$200 to TT$3,138 and above. The employee share ranges from TT$14.60 to TT$169.50 and the employer share from TT$29.20 to TT$339.00. A previously insured unemployed person aged 16 to 60 may apply for voluntary insurance within 18 months after insurable employment ends; this arrangement covers retirement, survivors' and funeral benefits, not the full range of NIS benefits. When buying private cover, check the insurer's CBTT registration and the authorised class of business. Compare the insured amount, exclusions, deductibles, waiting periods, renewal and cancellation terms, claims procedure and whether the policy uses indemnity or replacement value. Payment to a registered agency, brokerage or sales representative is treated as received by the insurer, and the intermediary must provide a receipt. The insurer cannot reject liability solely because the premium was paid to that intermediary. Consumer funds must be held in a trust account, and the intermediary must remit them to the insurer within 10 business days. A foreign placement requires written disclosure and signed consumer authorisation. Notify the insurer or intermediary promptly after an insured event and follow the policy's evidence requirements. The claims guideline calls for prompt, fair and efficient settlement. After the parties agree on a settlement, payment should be made within 3 business days. A delay requires written reasons and the earliest expected payment date. A rejection or denial must state the policy basis and reasons. The insurer must also maintain an internal complaint and dispute procedure. A complaint normally starts with the insurer's internal process. If the matter remains unresolved, the Financial Services Ombudsman (OFSO) can consider complaints against participating insurers. An OFSO complaint generally must be filed within 180 days after the institution's decision, including where the institution has not responded for about 2 months. The process can lead to settlement, a recommendation or an award of up to TT$500,000. An accepted award is binding. The CBTT remains the regulator, while the OFSO does not replace court proceedings. Cancellation, renewal and replacement rules for general insurance are largely set by the policy contract, and no general statutory cooling-off or standard cancellation period was established in the reviewed sources. For long-term cover, an intermediary must explain the advantages and disadvantages of discontinuing or replacing a policy. Life policies can carry non-forfeiture and surrender-value rights subject to the policy and the Act. A late-payment notice may need to allow at least 20 business days before forfeiture where the statutory conditions apply. Beneficiary changes during the policyholder's lifetime can be restricted where a designation is irrevocable and the beneficiary's consent is required.