Industry News

Insurance Sector Developments: Industry Briefing

Tuesday January 10th, 2012

Category: Industry Information, Insurance

Philip Burrill, Ernst & Young

Philip Burrill, Ernst & Young

The Bahamas Financial Services Board (BFSB) and the Insurance Commission of the Bahamas (ICB) in collaboration with corporate sponsor Ernst & Young will host a Breakfast Briefing on Tuesday, January 17, for an update on insurance sector developments. Special Guest Philip Burrill, a partner in The Bahamas, Bermuda and Cayman Islands (BBC) Sub-Area of Ernst & Young’s Financial Services Office, will join Arvind Baghel Head of Insurance Supervision at ICB. Also on the Panel will be Mike Poulding, a former Deputy Director International at the Guernsey Financial Services Commission, now providing consultancy services to the ICB

Philip Burrill will provide an update on the Bermuda insurance sector, including how that jurisdiction has been successful, in the context of potential drivers for growth in The Bahamas. His presentation will cover recent changes and innovations, including the implications of Solvency II Equivalency for Bermuda, particularly with regard to captives, international wholesale insurers and the local retail insurers there.

The ICB representatives will update Briefing participants on ICB developments and initiatives with a particular focus on the legislation and supervisory regime for external insurers. Also to be covered will be the new IAIS Insurance Core Principles, Standards & Guidance, as well as perceived challenges and opportunities for the Bahamas Insurance Sector.

A key component of the forum will be the opportunity for dialogue with industry and feedback on the Way Forward for sector development.