Background

The Insurance Commission of The Bahamas (“the Commission”) is the prudential regulator for the carrying on of insurance business in and from within The Bahamas. The framework for the regulation of insurance business can be found in the following legislation and subsequent amendments:

1. Insurance Act, 2005 and Insurance (General) Regulations, 2010
2. External Insurance Act, 2009 and Regulations

The Commission is undertaking a review of the insurance legislative regime, with the goal of ensuring that the relevant laws are current, modern, reflect international best practices and promote the development of the insurance industry in The Bahamas.

In this regard, the Commission is requesting proposals from a consultant for the purpose of drafting insurance legislation. The consultant will benchmark the global competitive landscape in order to recommend opportunities to improve the insurance legislative and regulatory infrastructure in The Bahamas, update the current legislative and regulatory infrastructure to be compliant with international standards and best practices and combine the Insurance and External Insurance Acts and regulations. The project will include review, analysis and consultation with the Commission and its project team at various phases to be agreed between the Commission and the selected consultant.

Requirements and Deliverables

It is expected that the assignment will be completed within a six (6) month period from the date that the consultancy contract is signed by the legal consultant (“the commencement date”). Deliverables of the consultancy include, but are not limited to:

1. a detailed work plan and time schedule for the consultancy,
2. progress reports within terms to be agreed with the Commission,
3. a first draft of insurance legislation,
4. a second draft of the insurance legislation, after having received comments from the Commission, and the industry, as necessary, and
5. a final draft.

Qualifications Overview

The consultant shall be a qualified legal practitioner (common law system) or industry professional with not less than ten (10) years practical experience in drafting and review of legislation. Candidates should have experience in drafting financial services legislation with the following specific qualifications:

• technical knowledge of subject-matter (i.e. insurance, reinsurance, captive insurance, accounting principles, actuarial principles) and knowledge of international standards with respect to the Insurance industry,
• strong drafting, analytical and communication skills, and
• familiarity with the English common law system.

Submission of proposal

Eligible candidates must submit a proposal, which will include a statement of relevant experience; an indication of availability to carry out the assignment during the period October 1, 2020 to March 31, 2021 and a fee and billing proposal. Complete Terms of Reference, which include full submission requirements for proposals by eligible candidates, are available on the Commission’s website at www.icb.gov.bs.

The submission deadline for proposals is September 11, 2020. Proposals must be submitted to the Commission via consultant@icb.gov.bs by 5 p.m. EST on the stated deadline.