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Scotia exec appeals to Imbert: Make Insurance Bill top priority
March 30, 2016
Finance Minister Colm Imbert
As Finance Minister Colm Imbert prepares to deliver his mid-term budget review next week, an insurance executive is appealing to him to make sure the long-delayed Insurance Bill is high on Government’s legislative agenda.
Robert Soverall, managing director of Scotia Life of T&T (Scotia Insurance) said even as the Government seeks to devise new strategies to cushion citizens from the effects the recession and the impact of falling energy prices, making the Bill law is too important not to be a priority.
He said more than five years after revisions to the Bill were made and the document put out for public comment, it is time, for key steps in the process to be completed so that insurers can begin conducting business under modern rules.
Citing the fallout from the Clico and Hindu Credit Union debacles, Soverall said there are increasing calls for new capitalisation measures for insurance companies among the suite of recommendations for the protection of policy holders.