Why do you need a Custodian Trust?
Section 25 of the Insurance Act require that Insurers who carry on long-term business and motor vehicle insurance shall place in trust assets (including mortgages, real estate, bonds, government securities) equal to its liabilities and reserves.
The Trust is created by a trust deed and approved by the Financial Services Commission (“FSC”). The trustee maintains custody and possession of the Fund and the documents of title to the assets on behalf of and to the order of the FSC.
Our role as Trustee and Custodian includes:
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Physical and electronic custody of assets
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Receipt and release of custody assets
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Processing of substitution of assets for the Funds
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Submission of periodic reports to the Regulators
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Supplying custody reports upon your request
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Inter-facing with the regulators as required
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Annual audit confirmations
