Chronicles of achievement

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!

2021

Insurance Act 2018

The Insurance Act 2018 ( as amended) came into effect on January 1st 2021, to maintain confidence in, and promote the soundness and stability of, the financial system in Trinidad and Tobago.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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’.

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.

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. The first is a seminar to discuss the Impact of the CSME on the Insurance Industry.

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

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

2012 -2013

2012 -2013 President Willard P. Harris

ATTIC's Insurance Act team continued work on the insurance Legislation. ATTIC promotes Careers in Insurance

2014-2017

ATTIC Health Committee

ATTIC's Health Committee pionered the hosting of ATTIC's first health fair for John Public.

Collaboration with Ernst and Young on the Insurance Industry Statistics

Industry Reports for the Premium Magazine.

Insurance Act

ATTIC's Insurance Act team continued work on the insurance Legislation.

2018-2020

ATTIC Claims Bank

The ATTIC Claims Bank intiative was launched.

Collaboration with Ernst and Young on the Insurance

Industry Reports for the Premium Magazine

2021

Insurance Act 2018

The Insurance Act 2018 ( as amended) came into effect on January 1st 2021, to maintain confidence in, and promote the soundness and stability of, the financial system in Trinidad and Tobago.

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.

1981 - 1982

1981 – 1982 – Mr. Gordon Deane – President

1981 Insurance Industry Joint Secretariat Corporation JSC

TRINRE

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.

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.

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

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.

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.

1990-1992

1990 Events of July 27th 1990- ATTIC Acts as a Mediator

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.

1993

1993 – 1995 – Mr. Ray Sumairsingh – President

1993 Catastrophe Reserve Fund

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.

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.

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

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

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

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.

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

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

“The Way Forward”

2004 – 2005

2004 – Present – Mr. Douglas Camacho – President

2004 Supervision of the Insurance Industry

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

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’.

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.

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. The first is a seminar to discuss the Impact of the CSME on the Insurance Industry.

Claims Guidelines

2009-2011

2009 - 2011 President Douglas Camacho

2012 -2013

2012 -2013 President Willard P. Harris

ATTIC's Insurance Act team continued work on the insurance Legislation. ATTIC promotes Careers in Insurance

2014-2017

ATTIC Health Committee

ATTIC's Health Committee pionered the hosting of ATTIC's first health fair for John Public.

Collaboration with Ernst and Young on the Insurance Industry Statistics

Industry Reports for the Premium Magazine.

Insurance Act

ATTIC's Insurance Act team continued work on the insurance Legislation.

2018-2020

ATTIC Claims Bank

The ATTIC Claims Bank intiative was launched.

Collaboration with Ernst and Young on the Insurance

Industry Reports for the Premium Magazine

2021

Insurance Act 2018

The Insurance Act 2018 ( as amended) came into effect on January 1st 2021, to maintain confidence in, and promote the soundness and stability of, the financial system in Trinidad and Tobago.