The Minister of Financial Services and Investments Allyson Maynard-Gibson yesterday challenged insurance representatives attending the Caribbean Regional Technical Insurance Supervision Seminar, to explore ways in which the private sector could play a role in THE regulation of that industry.
“The active involvement of the private sector in these areas is a hallmark of some of our competitors,” Minister Maynard-Gibson told the gathering at the Radisson Cable Beach Resort. “My ministry is anxious to hear your views on how the immense talent available in the sector can be used even more in development of the industry.”
The Office of the Registrar of Insurance Companies with the assistance of the Office of the Superintendent of Financial Institutions in Canada and the Caribbean Regional Technical Assistance Centre are sponsoring holding the weeklong seminar.
These organizations provide coordinated technical assistance to Caribbean countries.
Minister Maynard-Gibson encouraged the organizations to do even more with the regulators and agencies to identify areas and design projects to strengthen financial services sectors throughout the region. Minister Maynard-Gibson told the more than 50 delegates that the seminar provides an opportunity to address critical issues that will help advance capacity levels of Caribbean insurance regulatory institutions at a pivotal period of economic change in the region.
“It is my understanding that this forum will give attention to and elaborate on those key objectives that are considered to be the driving forces of the International Association of Insurance Supervisors (IAIS),” Minister Maynard-Gibson said.
The driving forces, Minister Maynard-Gibson pointed out, are to protect policyholders by ensuring that companies comply with the legislation and regulations governing the business of insurance and to maintain fair, safe and stable insurance markets for the benefits and protection of policyholders.
She said the insurance industry in the Bahamas will be a significant engine of economic growth.
“We look forward to your continued involvement in training and review of the domestic and offshore insurance and bank supervisory procedures in accordance with international best practices and assisting with the preparation and implementation of anti-money laundering and anti-terrorism laws and procedures in keeping with international requirements,” she said.
By Yvette Rolle-Major, The Bahama Journal
