Insurance Commission celebrates 10 years as an insurance regulator

NASSAU, BAHAMAS – The Insurance Commission of The Bahamas is celebrating its 10th year anniversary as an independent regulator.

The Commission hosted a press conference at its headquarters on East Bay Street on Tuesday, to announce plans to recognize this milestone.

On July 2, 2009 a new Insurance Act established the Commission as an independent corporate body, succeeding the Office of the Registrar of Insurance Companies.  The Commission’s mandate is to protect the interest of the insuring public through supervision of insurance institutions operating in and from within The Bahamas.

Several events have been planned to mark the anniversary.  They include a reception for stakeholders, a national high school essay competition, speaker’s forum for tertiary level students, an environmental campaign entitled “Blue is the new Green,” and talk show appearances.

A release from the Commission states, “The Commission is proud of the accomplishments made over the past decade. Over the past 10 years a robust framework has been developed focused on ensuring that all licensees and registrants of the Commission adhere to sound and prudent business practices.

“We have invested in training and development of our staff and we have a cadre of 30 qualified professionals. We hope that as a result of our ongoing communication and engagement with the general public, particularly our consumer awareness radio and television advertisements, the public will gain greater understanding of the insurance market and the role of the Commission.”