“Trinidad and Tobago,” I patiently repeated for the second time.
“What?” She frustratingly retorted.
Since acquiring Gulf Insurance Ltd one year ago, Suriname-based Assuria NV has had to inject more than US$2 million in capital in order to fulfil the statutory requirements stipulated under the Insurance Bill 2013.
Section 25 states that general and life insurance companies should have more capital. Also, to ensure that insurance companies have the adequate liquidity to take on risk greater than $15 million, Section 110 stipulates a capital adequacy and liquidity test must be done.
Suniel Nandpersad, deputy director, foreign operations, Assuria, said the company is determined to gain Central Bank of T&T’s trust by fulfilling all its statutory requirements.
“Our biggest focus is now the Central Bank, get the trust back at the Central Bank for Gulf. Gulf had some challenges in the past now we are in close relation with the Central Bank. They are demanding to fix the statutory fund and deposit requirements; we’ve done that.
“We’ve injected US$2 million again as capital injection. This is a second injection due to the new requirements of the Central Bank, that there must be more capital injection. It is a statutory requirement. Central Bank must receive that money. They are going to invest it in government bonds so that Central Bank has the trust in Gulf and Assuria, that we are complying due to the act.”