|
|
STRATEGIC GOALS
The Office of the Registrar of Insurance Companies is currently undergoing an institutional organizational structure change to become the insurance supervisory entity(Commission) for oversight of all insurance activities in The Bahamas, similar to that of the Central Bank of The Bahamas in the banking sector, and the Securities Commission in the Securities and Mutual Funds sector.
Enact a new Domestic Insurance Act to replace the 1969 Insurance Act.
Enact a new External Insurance Act to replace the 1983 External Insurance Act.
Enact a new Pensions Act.
Preparation of Annual Reports for years 1994 through 2005 are under review. The office is making a valiant effort to present these reports to Cabinet by June 2008. The last report produced by the office was for the year 1993. However, the existing Insurance Act stipulates that a report must be produced and presented to parliament each year. An effort is being made to become current and it is hoped that this exercise can be completed before the end of the year.
Training of present and soon to be acquired staff. Once additional and suitable persons are in place, an immediate and intensive training program will have to be developed. In the past, individuals from ORIC attended training courses offered by the National Association of Insurance Commissioners (NAIC) located in Kansas City in the U.S. However, as the office has only been able to send one or two persons to these courses in any one year, an approach has been made to the NAIC to try and bring in a consultant to run courses here in Nassau. The NAIC has responded favorably to the request.An approach has also been made to the Office of the Superintendent of Financial Institutions of Canada (OSFI) for assistance with the training of our staff.
If arrangements can be made with the NAIC and OSFI, it is also proposed to invite the regulatory agencies in the region to participate. In this way the costs can be kept to a minimum. Subsequently, a few of the technical staff have received some training from Savage & Associates of Toronto, Canada. The Office of the Registrar of Insurance Companies has already taken place
|