The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) attended the annual International Conference of the Captive Insurance Companies Association (CICA) held on March 11-13, 2012 in Scottsdale, Arizona.
This marked the third time BFSB has participated in the 40 year old conference which attracts a balance of captive owners, potential captive owners, captive managers, risk managers, service providers and domicile regulators and officials from all over the world.
The event which attracted some 500 delegates this year has become renowned for delivering educational programming that delivers true business intelligence for captive industry professionals. Being captive-specific, with the greatest percentage of captive representatives of any industry conference, it also provides opportunities to connect and share ideas with peers.
During CICA BFSB and ICB met delegates at its booth in the Trade Exhibit area scheduled as an integral part of the annual event. The area, with some 50 booths, was billed as being “Captive-Focused, Domicile-Neutral” and, indeed, was the centre of activity. BFSB CEO Aliya Allen says, “We had a lot of interest from the hundreds of visitors to our booth, supporting our view that there is great market potential for The Bahamas in the insurance area.” ICB Superintendent Michele Fields adds, “We were very encouraged by the positive feedback we received from the delegates we had a chance to meet during the conference. It reinforced our view that our legislation and regulations have positioned The Bahamas as an attractive domicile for captives."
BFSB has committed to growing this segment of the financial services industry and looks forward to working with Government, the Regulators, and service providers to present and promote the advantages of the sector. CEO Allen points out, “CICA is the type of high quality event that we need to attend to develop our insurance business. Our presence in Arizona was welcomed by delegates eager to diversify their current captive domiciles and by potential captive owners looking for a reputable, stable and flexible jurisdiction to domicile their captives. Many felt The Bahamas more than meets this criteria."
BFSB’s next insurance focussed conference participation will be at the Risk Management Society’s 2012 Annual Conference & Exhibition (RIMS), April 15 -18, in Philadelphia.
Photo Caption: Michele Fields, ICB Superintendent with BFSB's CEO & Executive Director, Aliya Allen.