NASSAU, BAHAMAS — The Bahamas Financial Services Board (BFSB) was a gold sponsor of the 2022 World Captive Forum (WCF) event held in Miami, Florida, from February 9 to February 11.
A domicile neutral conference, WCF provides an in-depth educational, content-rich experience for captive managers, investment managers, reinsurers, brokers, as well as domicile regulators and officials.
Kencil Mcphee, deputy manager, supervision, at the Insurance Commission of The Bahamas (ICB), participated in the Regulatory Update Session on February 11.
He was joined by other regulators, including Debra Walker, senior deputy commissioner, North Carolina Department of Insurance; Sandy Bigglestone, director of captive insurance, Vermont Department of Financial Regulation; Sean O’Donnell, director of financial examination, District of Columbia Department of Insurance; and Stephanie Mapes, president, Paul Frank + Collins.
The session was moderated by Daniel Towle, president of the Captive Insurance Companies Association (CICA).
This diverse panel of regulators provided insights on current events impacting the captive insurance industry in their respective domiciles as well as the legal and regulatory framework for captives.
The WCF event agenda included premium content designed to address the current and emerging risks facing global companies, showcasing how captives can offer solutions that may not be available in the traditional insurance marketplace.
Some of the topic covered included:
- Emerging applications for cell captives.
- Hybrid captives, opportunities and challenges.
- Climate change.
- Latin American update: The migration of LatAm captives to the new risk-management normal.
- Update on federal and state tax laws.
- Tax and risk considerations.
- Current trends in litigation.
In attendance at the WCF were Michele Fields, superintendent of insurance; Director of Investments Phylicia Woods-Hanna; Senator Randy Rolle; and Tanya McCartney, CEO and executive director, BFSB.
A number of Bahamian insurance professionals also attended this event, including Chairman of BFSB’s Captives Working Group Guilden Gilbert, CEO of CG Captive Managers Ltd and Rayon Brown, managing director and consulting actuary of Nassau Captives.
Opportunities for Bahamian captives
Captives have been in existence for a long time as a means of controlling risks faced by organizations. Many of the risks on the balance sheet of a company do not align with its core business pursuits, so many companies transfer these risks to a captive via an insurance contract.
There is a common misconception that captives are only for and formed by large public companies. However, there is a growing trend for private companies to own captives.
McCartney stated: “There remain opportunities for us to grow as a captive domicile. As we promote the jurisdiction internationally as a financial center, we will continue to outline the benefits that The Bahamas offers as a captive domicile.
“We were pleased that the Ministry of Tourism, Investments and Aviation supported our participation at the World Captive Forum.”
Through BFSB’s Captive Working Group, industry stakeholders continue to engage with policymakers to ensure attention is given to the opportunities presented by this particular area of financial services business.
Loading ...
