In September 2008 Mr. S. Mark Bethel, insurance trainee analyst, and Mrs. Patrice McDonald, insurance assessor, attended the Captive Insurance Supervisors workshop hosted by the Cayman Islands Monetary Authority and sponsored by CARTAC, OGIS and IAIS. CARTAC is a IMF regional training centre and OGIS is the association of Offshore group of Insurance Supervisors and IAIS is the International Association of Insurance Supervisors.
The aim of the conference was to increase the understanding of the participants in the requirements of the Insurance Core Principles in dealing with corporate governance, internal controls and risk. The conference brought together over 30 delegates primarily from around the region. Presenters at the conference were from regulators and industry players from Guernsey, Cayman and the managing Director of Aon Insurance Managers – Cayman.
Further external training initiatives for the remainder of the year include the attendance at the IAIS 15th annual Conference of insurance supervisors in Budapest, Hungry in October which will focus on “Insurance and the Globalisation of Financial Services: Challenges for Worldwide Regulation and Supervision” and will cover the following issues:
* Cooperation and transparency in crisis situations
* The impact of the future solvency standards
* Cross sectoral convergence
* Preconditions for standard implementation
* Reinsurance in modern finance
* Supervision of insurance groups
* Market conduct
* Application of insurance supervisory standards in specific circumstances
In December the office will send attendances to the CAIR/CARTAC/World Bank workshop and conference for Caribbean insurance regulators and supervisors in Montego Bay, Jamaica. Following the conference there will be a meeting of the Caribbean Association of Insurance Regulators (CAIR). The conference will focus on analyzing the financial ratios of non-life insurance companies, principles of capital adequacy and solvency, on-site/off-site examinations and risk assessment.
The office is an active member of all of these international associations and takes full advantage of the training and networking opportunities that are made available through attending these meetings.
The office is continuing its work on the regulations of for the domestic insurance act and the review of the draft legislation of the new external Insurance act. It is believed that the new domestic insurance act will be brought into force shortly and the final draft of the new external insurance act would be completed shortly. Both of these legislative initiatives will further enhance and modernize the insurance legislation in the Bahamas.
The office continues to work along with the AML/CFT taskforce on the implementation of changes in the regulatory regime to address the matters raised in the latest assessment.
##Integration of financial services regulators##
The office is expected to complete its move to its new premises to Charlotte House by December 2008. This will be the first phase of the integration of the financial services regulators whereby the Securities Commission, the office of the Registrar of Insurance and the Compliance commission will all be in the same location.
##Enhanced Statistical Information##
The office will complete its enhanced statistical information database by the end of the year. Once completed, the office will be able to provide more timely and up-to-date statistical information of the industry. The office will also introduce the electronic filing of statistical information in 2009. Some new statistical information is now available of the office’s web site www.bahamas.gov.bs/ORIC.
##Structural strengthening in the operations of the Office##
Following the consultancy earlier in the year by Lawrie Savage the Government of the Bahamas has allocated funds in its 2008-2009 budget to strengthen the office. It is intended to have in place by the end of the year a chief analyst, a reinsurance consultancy and an actuarial consultancy. The addition of these technical skills to the office will permit enhanced supervision of the licensees.
*The Registrar of Insurance Companies is responsible for the prudential regulation of all insurance activity in or through the Bahamas. It is concerned with the ongoing monitoring and control of insurers, agents, brokers, salesman, underwriting managers and external insurers.*