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The Insurance Commission of The Bahamas

The Insurance Commission of The Bahamas. Agenda. Purpose & Mandate Organizational Structure Insurance Industry Supervisory Strategy Domestic Insurance Supervisory Plans & Initiatives External Insurance Sector Developments External Insurance Supervisory Plans & Initiatives

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The Insurance Commission of The Bahamas

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  1. The Insurance Commission of The Bahamas

  2. Agenda • Purpose & Mandate • Organizational Structure • Insurance Industry • Supervisory Strategy • Domestic Insurance Supervisory Plans & Initiatives • External Insurance Sector Developments • External Insurance Supervisory Plans & Initiatives • Domestic & InternationalRelationships

  3. Mandate • Purpose: • Ensure sound and stable insurance marketplace • Ensure consumer confidence • Mandate: • Administration of the Insurance Act and the External Insurance Act • Insurance market surveillance • Promoting and encouraging sound and prudent insurance management and business practices • Advise Minister responsible for insurance matters • Compliance with FTRA and AML legislation.

  4. How ICB meets its mandate

  5. ICB Organization Board of Commissioners

  6. The Bahamas Insurance Industry

  7. Bahamas Insurance Industry

  8. Supervisory Strategy • Compliance with IAIS Insurance Core Principles • Promoting international best practices • Developing staff/ building capacity • Proportionality principle • Leveraging of governance and risk management practices • An integrated approach • Adapting not re-inventing • Risk Based Supervisory Methodology

  9. Overview of Risk Based Supervision • Identification of potential risks • Assessment of mitigating factors • Channels supervisory resources to high risk areas • Early Intervention/ Proactive/Forward Looking

  10. Principles of Risk Based Supervision Risk-based Supervision

  11. Supervisory Plans & Initiatives • Implementation of Risk-based Capital • 100 % completed for Life Insurers • Consultation Period to begin for General Insurers in 2017 • Consumer Awareness & Education • Use of online reporting system (ORIMS) • Continue to monitor progress of National Health Insurance • AML for General Insurers • CEO Forum • Continue to establish MOUs

  12. External Insurance Sector Developments • Segregated Account Companies used as a more cost efficient means of forming captives • Increased interest in long-term insurance as wealth management vehicles (i.e. variable life insurance business & unit-linked insurance) • Growth stemming largely from USA (legacy business throughout Europe, Asia and South America)

  13. Supervisory Plans & Initiatives for External Insurance • Schedule onsite prudential visits within 6 months to 1 year post-licensing • Fully implement Risk-based Supervision • Introduction of quarterly reporting • More frequent communication with other relevant international regulators • Implementation of Risk-based Capital

  14. Domestic Relationships

  15. International Relationships

  16. Questions or Comments Carl R. Culmer Jr. – Senior Analyst General & External Insurance Supervision Contacts: Telephone: (242) 397-4169 Email: carlculmer@icb.gov.bs THANK YOU!!

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