Consolidated Supervision Financ.sector

closed

This project seeks to promote a sound and stable financial market through integration of supervision of insurance companies and pension plans with that of banking institutions. The five components are:(a) legal and regulatory framework; (b) integration - strategy, organization and resources; (c) operational framework and training; (d) insurance sector and pension fund reviews; and (e) informationtechnology. Component 1 funds technical assistance for reviewing and making final changes to legislation needed to integrate supervision of insurance companies and pension plans under the authorityof the existing Bank Inspection Department in the Central Bank of Trinidad and Tobago (CBTT). Component 2 funds assistance for the organizational aspects of the new integrated agency. Component 3 funds development of a new supervisory manual for the new integrated supervision entity. Component 4 funds diagnostic review of selected insurance companies and pension funds. Component 5 funds information technology upgrades.