2nd February 2012
Report of OGIS Training session in The Bahamas
The Offshore Group of Insurance Supervisors (OGIS) Training & Workshop was held at ATLANTIS, Paradise Island, The Bahamas November 7 - 9, 2011. In attendance were twenty seven (27) participants representing fifteen (15) insurance regulatory jurisdictions including: Anguilla, Aruba, Bahamas, Barbados, Belize, Bermuda, BVI, Cayman Islands, Curacao, Gibraltar, Jersey, Nevis, Samoa, Trinidad and Tobago and Turks & Caicos Islands.
The Training Program Analyzing Insurance Companies covered the following topics: Overview of Insurance; Capital Markets Indicators; External Risks Influence: Impact on Insurers; Management Performance: Risk Management & Detection; and Internal Risk Assessment: Business and Financial Indicators. The Program Presenter was Ms. Elise Brenneman, Executive Director of Insurance Analytics Training, Boston, Massachusetts USA.
In the aftermath of the global financial crisis regulatory challenges are emerging. It is more important than ever for Regulators to be vigilant and to promote the development of fair, safe and stable insurance markets. Enhancing analytical skills and developing cooperation amongst regulatory agencies will undoubtedly help offshore Regulators deal with the emerging regulatory challenges.
A welcome reception for participants, hosted by The Insurance Commission of The Bahamas, was held at the Grand Ballroom at ATLANTIS on the evening of Monday, November 7, 2011. The Honourable Zhivargo S. Laing, MP, Minister of State for Finance, Ministry of Finance, who is responsible for insurance matters in The Bahamas, welcomed the participants and guests on behalf of the Government and the people of The Commonwealth of The Bahamas. Mr. Lennox McCartney, Superintendent of Insurance also spoke at reception. In addition to welcoming the participants, he extended appreciation to the International Association of Insurance Supervisors (IAIS) and the Offshore Group of Insurance Supervisors, co-sponsors of the Regulator Training Program for their financial support, and commitment to the education of Insurance Supervisors. Further, he thanked the IAIS and OGIS for their confidence in choosing The Bahamas for the 2011 Training. The Royal Bahamas Defense Force Band provided musical entertainment at the reception.
The participants also attended the Superintendent's dinner on Tuesday, November 8, 2011 and a bus tour of New Providence including the city of Nassau on Wednesday, November 9, at the conclusion of the program.
Prepared By: Patrice Y. Astwood McDonald (Ms.)
Coordinator
OGIS Training Seminar
The Insurance Commission of The Bahamas
Nassau, Bahamas