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Malabar/Mausica MP Dominic Romain has warned that insurance agencies are already planning to raise premium prices in response to the government's intention to implement a 0.25 per cent levy against its assets.

Contributing to the budget debate in Parliament on October 17, Romain, who is also the president of the TT Association of Insurance and Financial Advisors, said he met with the heads of leading insurance companies where the levy was discussed.

"I can tell you, based on what was said, the preliminary numbers have been crunched, the conversation is being had and increases are coming. It's just a matter of how much and when. So the policy fees will be going up."