Michele Fields, Superintendent of The Insurance Commission of The Bahamas (ICB), has been elected to serve on the Executive Committee of the International Association of Insurance Supervisors (IAIS), the voluntary membership organization of insurance supervisors and regulators from around the world.
The Group of International Insurance Centre Supervisors (GIICS) last fall had announced the nomination, following an internal election amongst the members of the IAIS Offshore Region.
Superintendent Fields points out that this is a significant accomplishment for the Commission and for The Bahamas. “It is important that The Bahamas has a seat at the table when issues that could affect the insurance market are being discussed on a global level and, more importantly, that the offshore region is effectively represented during such discussions,” she says. “I am honored to have been selected by my peers to be their voice on the Executive Committee as we deliberate the issues and make strategic decisions that impact the supervision and regulation of the insurance market in our respective countries.”
The ICB is committed to keeping current with global issues and to contribute to international discussions that affect the insurance market, as attested to by its regular attendance and participation at IAIS meetings. The next meeting of the Executive Committee is scheduled to be held at the end of February at the IAIS Secretariat in Basel, Switzerland.
About the IAIS
Established in 1994, the IAIS is the international standard setting body responsible for developing and assisting in the implementation of supervisory and supporting material for the supervision of the insurance sector. It has members from more than 200 jurisdictions in nearly 140 countries, and provides a forum for members to share their experiences and understanding of insurance supervision and insurance markets. Under the direction of its Members, the IAIS conducts activities through a Committee system designed to achieve its mandate and objectives.
The IAIS Committee system is led by the Executive Committee whose members come from different regions of the world. Currently, this Committee is composed of 24 members, elected from designated member regions comprising North America, Western Europe, Asia, Central and Eastern Europe, Oceania, Latin America, Sub-Saharan Africa, Middle East and North Africa and the Offshore Region. The Bahamas is a member of the Offshore Region, which includes 11 Caribbean countries, the Channel Islands, Gibraltar and the Asia-Pacific international financial centers of Labuan, Samoa and Vanuatu.
