Compliance with Section 128, Subsections (1)
and (2) of the Insurance Act, 2018.
Procedure Document for the
Returns Submission of
Registered Agents, Brokers and
Sales Representatives
Intermediaries Unit
Financial Institutions Supervision Department
PROCEDURE DOCUMENT –
SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
TABLE OF CONTENTS
1) PURPOSE OF THE SECTION 128 RETURN (RETURN) 1
2) PREPARATION OF THE RETURN 1
3) CONCLUSION 2
Appendix 1 3
Appendix 2 4
Appendix 3 5
Appendix 4 6
Appendix 5 7
Appendix 6 7
Appendix 7 8
Appendix 8 9
Appendix 9 10
Appendix 10 11
Appendix 11 11
Appendix 12 12
Appendix 13 12
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PROCEDURE DOCUMENT –
SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
1) PURPOSE OF THE SECTION 128 RETURN (RETURN)
All insurers, agencies and brokerages are reminded of the requirements of Section 128 of
the Insurance Act, 2018 (the Act). Pursuant to Sections 128(1) and (2), insurers, agencies
and brokerages must submit to the Central Bank, the following information within sixty (60)
business days of the end of its nancial year:
i) A Return showing all persons registered for the following companies:
a) Insurers – agencies, individual agents and sales representatives;
b) Agencies – individual agents and sales representatives; and
c) Brokerages – individual brokers and sales representatives.
ii) A list of all persons who were directly or indirectly paid, agreed to be paid, or allowed to
be paid compensation for-
• placing or negotiating any class of insurance business;
• negotiating the renewal of any class of insurance business; or
• attempting to place, negotiate or renew any class of insurance business.
2) PREPARATION OF THE RETURN
Each insurance company, agency or brokerage must compile the certicate/s of their
representative/s employed directly by the company; extracting the required information
located on the individual’s Certicate of Registration (certicate) (see examples of
certicates in Appendix 1 and Appendix 2). Appendix 1 and Appendix 2 illustrate the
requisite information to populate the respective worksheets in the Return.
1) Cover Page (Appendix 3 and Appendix 4)
• Name of Agency/Brokerage
• Name of Insurance Company (where applicable)
• Number of Representatives
• Company Stamp (Electronic can be applied)
• Authorized Signature (Managing Director/CEO)
2) Agencies and Brokerages (Appendix 5):
• Type of Intermediary (Drop down Box Options)
• Name of Individual (No titles are required e.g. John Doe)
• Certicate Number
• Certicate Start Date
• Certicate End Date
• Status (Drop down Box Options)
• Validation (Data entry not required by user –validation cell)
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
3) Insurance Companies (Appendix 6)
• Type of Intermediary (Drop down Box Options)
• Name of Individual (No titles are required e.g. John Doe)
• Name of Agency (where applicable)
• Certicate Number
• Certicate Start Date
• Certicate End Date
• Status (Drop down Box Options)
• Validation (Data entry not required by user –validation cell)
When the Certicate information is entered into the template accurately, the message
“Valid” will appear in the “VALIDATION” column (See Appendix 10). If the Certicate
information is inaccurately entered, the message will state “Please verify Certicate
Number and/or Expiry Date entered” (See Appendix 13).
3) CONCLUSION
All incorporated entities are required to populate the Return and submit to the
Intermediaries Unit in:
a) Electronic worksheet format (MS Excel) to
[email protected].tt; and
b) Hard copy format addressed to the Inspector of Financial Institutions.
Failure to comply with the provisions outlined in Section 128 of the Act is an oence
under Section 254(3) of the Act. Non-compliance may result in the Central Bank issuing
administrative nes as outlined in Schedule 6 of the Act.
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 1
CERTIFICATE OF REGISTRATION AS A SALES REPRESENTATIVE
Certicate Number
Representative’s Name
Insurance Company
Name
Certicate Start and
End Date
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PROCEDURE DOCUMENT –
SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Certicate Number
Representative’s Name
Insurance Company
Name
Certicate Start
and End Date
Appendix 2
CERTIFICATE OF REGISTRATION AS AN INDIVIDUAL AGENT
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 3
EXCEL SCREENSHOT OF RETURN WORKSHEETS/TABS ARE HIGHLIGHTED
KEY
A – Cover Page
B – Agencies and Brokerages
C – Insurance Companies
A B C
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 4
BLANK COVER PAGE
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 5
BLANK DATA ENTRY PAGE FOR AGENCIES AND BROKERAGES
Appendix 6
BLANK DATA ENTRY PAGE FOR INSURANCE COMPANIES
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 7
COVER PAGE EXAMPLE FOR AN AGENCY COMPANY
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 8
SAMPLE AGENCY DATA ENTRY PAGE
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 9
COVER PAGE EXAMPLE FOR AN INSURANCE COMPANY
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 10
SAMPLE INSURANCE COMPANIES DATA ENTRY PAGE
Appendix 11
COVER PAGE EXAMPLE FOR A BROKERAGE COMPANY
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SECTION 128 RETURNS OF REGISTERED AGENTS, BROKERS AND SALES REPRESENTATIVES
Appendix 13
SAMPLE OF AN ERROR DETECTED IF INFORMATION
IS ENTERED INCORRECTLY  “VALIDATION” COLUMN
Appendix 12
SAMPLE BROKERAGE DATA ENTRY PAGE
Information
entered needs to
be veried