NASSAU, BAHAMAS- The Insurance Commission of The Bahamas said it expects “clarification” from the government regarding the recent emergency powers order to suspend health, life and medical insurance payments.
The local insurance industry regulator encouraged policy holders who are financially able to continue to pay their policies in a notice posted on its website.
“The Insurance Commission of The Bahamas has communicated with the Government of The Bahamas regarding the need for modification and clarification of this Order, to prevent any unintended consequences for the industry” the notice read.
“The Commission expects such clarification to be forthcoming.
“Notwithstanding the Order, the commission encourages all policy holders who are financially able, to continue to honour the contractual commitments of their insurance policy.
It added: “Policy holders are encouraged to contact their insurance company to confirm the available methods in which their premium payments can be facilitated.”
The Commission noted that it is aware of the adverse impact the continued spread of the COVID-19 (Coronavirus ) will have on the health of Bahamian citizens and residents and the overall economy of The Bahamas and has urged everyone to follow the guidance issued by the government to contain the spread of the virus.
Sandy Morley, the Bahamas Insurance Association’s (BIA) deputy chairman recently expressed confidence over a quick and positive resolution to concerns regarding the COVID-19 order.
Morley told Eyewitness News that industry stakeholders had discussions on the issue with the regulators and government on Wednesday.
On Tuesday, Prime Minister Dr. Hubert Minnis issued additional emergency measures that would suspend the obligation to pay any health, medical or life insurance policy, during the state of emergency and 60 days after.
The special provisions order also suspends the obligation to make certain payments to any government entity, statutory body or regulator until 30 days after the end of the state of emergency.