Moreover, the ECB has to adhere to a number of important principles of EU law, including the proportionality principle as well as that of “an open market economy with free competition, favouring an efficient allocation of resources”.
The new legislation should also bring the supervisory framework in Trinidad and Tobago into closer compliance with international insurance core principles, in the context of a local environment. A first draft of new insurance legislation was prepared last year by the Canadian consultants, (Lawrie Savage and Associates) with local legal support.