Chronicle of Achievements
The following is a Chronicle of Achievements by the Association of
Trinidad and Tobago Insurance Companies since its revitalization in
1977.
While there is a significant amount of on-going work at the Board,
sub-committee and Secretariat level, this list focuses on those
areas which have seen results from ATTIC's continuous effort at
unifying, strengthening and promoting the insurance industry.
About these achievements ATTIC is justifiably proud!
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1977-1980
1975 - 1976 Mr. Harold Russell - President
1977 Reinsurance Company of Trinidad and Tobago
ATTIC achieves Equity Participation in the state-owned
Reinsurance Company of Trinidad and Tobago Ltd. for its members
and non-members alike.
1977 - 1979 Mr. Geoffrey Inglefield - President
1978 Life Offices merge with ATTIC
ATTIC achieves a merger with the Life Assurance Association of
Trinidad and Tobago and becomes the sole body representing the
majority of companies in the insurance industry both Life and
General
1979 Fire Prevention Campaign
ATTIC successfully launches and conducts an intensive 3 month
campaign culminating in a Fire Prevention Week.
1980 - Mr. John Acham - President
1980 Textbook on Life Insurance Law
ATTIC commissions the writing of a textbook on Life Insurance
Law by Dr. Claude Denbow.
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1981-1982
1981 - 1982 - Mr. Gordon Deane - President
1981 Insurance Industry Joint Secretariat Corporation JSC
On May 1st 1981 the Joint Secretariat Corporation JSC is
established comprising of ATTIC, the Trinidad and Tobago
Insurance Institute TTII and the Life Underwriters Association
of Trinidad and Tobago LUATT.
TRINRE
ATTIC appoints a nominee to serve on the Board of Directors of the
Reinsurance Company of Trinidad and Tobago Ltd.
ABICOTT Association of Business, Industrial and Commercial
Organisations of Trinidad and Tobago.
ATTIC appoints a representative on the ABICOTT board to
preserve and represent the interests of the insurance industry.
1982 Unit Trust Corporation
ATTIC wins an opportunity for Equity Investment by its
membership in the UTC.
National Insurance Board
ATTIC nominates a representative along with an alternate to
sit on the Board of the state-run NIB.
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1983-1985
1983 - 1985 - Mr. Phillip E. Rollock - President
1983 TRINRE
ATTIC appoints a second Director to the Board of TRINRE
allowing both sectors of the industry Life and General to be
represented.
Textbook on Life Insurance Law
The textbook on Life Insurance Law by Dr. Claude Denbow is
published and becomes the first local and regional text on the
subject.
1985 Ethical Life Practices for Life Salesmen
ATTIC introduces a central index recording information from
member companies on the movement of salesmen among various
companies. This is aimed at resolving questions of ethical
conduct.
Central Statistics on Claims
ATTIC establishes a statistical project on money, burglary and
public liability losses to assist in the assessment of these
risks by member companies.
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1986-1987
1986 - 1987 - Mr. Eric Norman / Ray Sumairsingh - President
1986 Public Information & Education
ATTIC launches a Public Information project focusing on public
education and industry statistics. The Information and Liaison
Service is a direct outcrop of this project.
Home Mortgage Bank
ATTIC, by reason of its shareholding nominates two Directors to
serve on the Board of the new bank. Insurance companies are
classified as Class D shareholders with an allocation of 30% of
the bank's initial equity.
1987 ATTIC Contributes Financially to AIDS Research
With increasing numbers of AIDS cases in the country, ATTIC
makes a financial contribution to Dr. Courtney Bartholomew to
assist with AIDS research.
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1989
1988 -1990 - Mr. John Smith - President
1989 Appearance of 'Insurance Fax' in the Daily Newspaper
'Insurance Fax' a cartoon created by ATTIC's P.R. Committee,
beings appearing in the daily newspaper.
ATTIC Takes a Stand on Negative Advertising
As a result of an increase in negative advertising ATTIC writes
to member companies requesting them to review of their
advertising and P.R. material.
1989 ATTIC Acts on Motor Theft
An alarming increase in car thefts causes ATTIC to embark on a
nationwide drive to raise awareness among the public and
encourage the use of additional precautionary measures to secure
vehicles.
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1990-1992
1990 Events of July 27th 1990- ATTIC Acts as a Mediator
As a result of the events of July 27th 1990 and faced with a
barrage of negative publicity from an irate public, ATTIC enters
into numerous discussions with the business sector and Government
in a relentless effort to find a favourable solution to the
situation and agrees to two test cases being presented to the
Privy Council.
1991 - 1992 Mr. Hugh Mazley - President
1991 ATTIC Embarks on a Plan to Increase Membership
The Association actively achieves a plan to have 100% of Life
Insurance Companies as members of ATTIC.
1992 ATTIC Motor Claims Data Bank Becomes Operational
After years of planning and preparation, the Motor Claims Data
Bank becomes operational.
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1993
1993 - 1995 - Mr. Ray Sumairsingh - President
1993 Catastrophe Reserve Fund
Government accepts ATTIC's proposal for the establishment of a
Catastrophe Reserve Fund. The fund is intended to provide
insurers who offer cover for catastrophic risks with a pool of
money from which they will draw down to meet losses arising out
of those risks
ATTIC on the Move' is Re-Introduced
After several years of dormancy, ATTIC's quarterly publication
'ATTIC on the Move' is re-introduced.
ATTICLIPS is Introduced
An information and educational brochure highlighting current
and topical issues is introduced by ATTIC's P.R. Committee.
ATTIC Hosts Successful Conference
ATTIC hosts a conference entitled "Major and Urgent Issues
Facing the Insurance Industry in the Nineties". Attending this
conference is Prime Minister Patrick Manning and other cabinet
ministers.
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1994-1996
1994 Constitution Review
At a special general meeting member companies approve ATTIC's
amended constitution.
ATTIC's President Addresses the Media
ATTIC's president Ray Sumairsingh holds a media conference to
address negative publicity on the insurance industry in the media.
1996 - Mr. Claude Musaib-Ali - President
1996 Information 'Help Desk' is Established
ATTIC's 'Help Desk' is established to receive consumers'
insurance complaints.
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1997-1999
1997 - 1998 Mr. Ray Sumairsingh - President
1997 ATTIC Launches its Code of Ethics
The Association launches its Code of Ethics and Statements of
Standard Practice with all member companies committing to the
tenets and agreeing to follow and adopt the insurance practices
outlined.
Insurance Statistical Report
Working with a local accounting firm, ATTIC complies data
extracted from insurance companies' statutory returns and produces
a report of industry statistics. It is the first time a report of
this nature is produced locally for the entire industry.
Budget Review
ATTIC hosts a successful meeting to discuss the government's
budget for the fiscal year 1997-1998. This meeting is carried live
on television.
1999 - Mr. Daniel Guerra - President
1999 ATTIC Participates in the National Y2K Steering Committee
ATTIC works with this committee to plan for any possible
fallouts that many result from the changing of the millennium. A
special edition of 'ATTIC on the Move' is also produced and
circulated
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2000-2001
2000 - 2001 Mr. Hugh Mazley - President
2000 Amendment of ATTIC's General Bye-Law
ATTIC expands its membership classification to include
associate and subsidiary members in addition to ordinary
membership.
2001 Events of September 11th 2001
ATTIC spearheads a drive to prepare the industry for any issues
or fallouts that may result from the events of September 11th
2001. One such fallout is the anthrax scare and ATTIC organises a
seminar to alert the industry and prepare personnel to deal with
any such attacks
Membership Fee is Revised
After many years a revised membership fee is developed and
accepted by the membership.
ATTIC Holds Press Conference
ATTIC holds a press conference to make public its position on the
indiscriminate use of insurance companies' confidential
information.
ATTIC Cube Becomes Operational
ATTIC's cube, a system intended for use by the Trinidad and Tobago
Police Service becomes fully operational. Data includes location
of accidents, age of the driver, severity of the accident etc.
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2002-2003
2002 - 2003 Ms. Inez Sinanan - President
2002 ATTIC Elects its First Female President
After thirty-six years as an Association ATTIC elects Inez
Sinanan as its first female President.
Money Laundering - Proceeds of Crime Act
In an effort to ensure that insurance companies are made aware of
the provisions of the Proceeds of Crime Act, 2000 ATTIC organizes
a seminar on this Act. A committee is also established to develop
guidelines for controlling money laundering activities.
Profiling the Insurance Industry
ATTIC takes advantage of a column offered in the Newsday Weekly
Pullout and publishes over forty articles on various aspects of
insurance business.
2003 Vision 2020
ATTIC effectively participates in the development of
government's Vision 2020 plan. Several of ATTIC's directors as
well as member company executives work with the various
government committees and working groups to develop plans for
Vision 2020.
"The Way Forward"
In an effort to review ATTIC's operations and its focus, the
Association organizes a retreat with member companies' CEOs, to
discuss 'The Way Forward' and produces a three year strategic
plan.
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2004-2005
2004 - Present - Mr. Douglas Camacho - President
2004 Supervision of the Insurance Industry
The supervision of the insurance industry is transferred from
the Supervisor's of Insurance in the Ministry of Finance to the
Central Bank. With this change ATTIC begins working closely with
the industry's new regulator.
Office of the Financial Services Ombudsman
ATTIC begins work with the Central Bank to establish the Office of
the Financial Services Ombudsman and receives 100% of its
membership's support and participation.
2005 Taking a Stand on Crime
As a result of the escalating crime wave ATTIC representatives
begin meeting weekly with other Private Sector Organisations.
Collectively ATTIC and the PSOs call on Parliament to
collectively deal with crime.
National Health Insurance System NHIS
After a meeting with the Health Minister ATTIC joins with other
Private Sector Organisations to make recommendations to government
on the best model to extend 'Health Care for All'.
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2006
2006 ATTIC Launches its 40th Anniversary Celebrations
ATTIC embarks on a series of activities and events in
celebration of its fortieth anniversary. The first is a seminar
to discuss the Impact of the CSME on the Insurance Industry.
Capital Adequacy
ATTIC is called upon again by the Central Bank and begins to work
on the Capital Adequacy requirements for the insurance industry,
again ensuring that the industry's voice is heard.
ATTIC Launches I-Share
After 25 years of planning ATTIC officially launches I-Share, a
system that aims to revolutionise the underwriting practices in
the general insurance industry.
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2007-2008
2007 - 2008 President Rani Lakhan - Narace
ATTIC is called upon again by the Central Bank and begins to work
on new Insurance Legislation.
Claims Guidelines
ATTIC's Claims sub-committee reviewed the draft Claims Guidelines
and produced a final position paper which was submitted to the
Central Bank. Many of the recommendations were accepted and the
Claims Guidelines were instituted by the Central Bank.
ATTIC contributes financially to the Central Bank's National
Financial Literacy programme
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2009-2011
2009 - 2011 President Douglas Camacho
ATTIC's Insurance Act team continued work on the insurance
Legislation.
Establishment of ATTIC's Legal Aid Tribunal.
Establishment of Long Service Awards to honour persons who
served for 10 years or more on ATTIC's Sub-Committees
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2012 -2013
2012 -2013 President Willard P. Harris
ATTIC's Insurance Act team continued work on the insurance
Legislation.
ATTIC promotes Careers in Insurance
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