The Bahamas Financial Services Board recently hosted a half-day Insurance Industry Briefing, in collaboration with the Insurance Commission of The Bahamas, the Ministry of Financial Services and the Insurance Institute of The Bahamas.
Peter J. Strauss, J.D., Managing Member of the South Carolina-based Strauss Law firm, spoke to Captives Post Formation, focussing on the operations of a captive insurance company – critical roles, claims and underwriting management, etc. He also spoke to The Bahamas’ advancement in the captive space to a position of 23rd in the world by number of captives.
Mrs. Michele Fields, Superintendent of the Insurance Commission of The Bahamas, provided a regulatory environment update on the external insurance sector, and the ongoing risk-based supervision (proportional regulatory regime) undertaken by the Commission. She stressed the opportunity for innovation arising from developments both locally and internationally, coupled with a changing regulatory environment.
Mr. Guillaume Bouffard and Mr. Paul Cooper, Co-Founders of Premium Life Insurance Limited addressed BFSB members and guests on the “Fertile Life Insurance Environment for High Net Worth Individuals (HNWIs), basically speaking to life assurance as an essential piece of this jurisdiction’s wealth management toolkit.
Competitive Insurance Market