Bahamas Planning US Trips To Promote Captives
by Mike Godfrey, Lowtax.net, Washington
17 March, 2014
The Bahamas Financial Services Board (BFSB) and the Insurance Commission of the Bahamas (ICB) are to promote the attractiveness of the Bahamas as a captive insurance domicile at the Captive Insurance Companies' Association's 2014 International Conference in Scottsdale, Arizona.
More than 560 representatives from the captive insurance industry will be at the November 9-11 conference – a record number for the event, being hosted under the theme "Captives: Global Opportunities and Solutions." CICA is to provide educational sessions designed to focus on subjects from emerging coverage trends to taxation issues and risk management strategies.
"We have made great headway in a short period of time in attracting the interest of captives," says BFSB CEO and Executive Director, Aliya Allen. "Attendance at CICA's annual international conference is quite simply mandatory to ensure the captive industry understands that we are serious and committed to working with them."
Representatives from a variety of competing US and international domiciles attend CICA, vying for the attention of captive and risk managers, regulatory and tax managers, credit ratings agencies, investment advisers, financial institutions, and actuarial consultants.
"It is a highly competitive sector but through the feedback and interest we are receiving at CICA and other initiatives we have underway, we are confident our captive business will grow," Allen said.
Michele Fields, ICB's Superintendent, said the ICB's key message for CICA delegates is that the regulatory environment awaiting new arrivals is proactive and recognizes the business needs of entities. "As more locations throw their weight into the captive sector, it is vital they understand that we have efficiency and flexibility to respond to the changing market demands," she said.
Representatives from the territory's captive insurance industry have already announced their attendance at RIMS, the Risk Management Society's annual conference, which will be held in Denver in April.
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