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Eastern Caribbean Tackles Inadequate Insurance Regulation

by Amanda Banks, Lowtax.net, London
12 March, 2014

The Eastern Caribbean Central Bank has continued negotiations with Caribbean regulators and government officials toward a new Eastern Caribbean Financial Services Regulatory Commission, and a draft uniform Insurance Law.

The ECCB held a workshop attended by insurance supervisors, financial secretaries, attorneys general, representatives from the ECCB and World Bank, and members of the Technical Core Committee on Insurance. Its aim was to review proposed uniform legislation to close regulatory gaps identified as a result of the collapse of Colonial Life Insurance Company (CLICO), a Trinidad and Tobago-based conglomerate, which was one of the largest corporations in the Caribbean, and one of CLICO's holdings, the British American Insurance Company (BAICO).

Consultations with industry stakeholders on the draft Insurance Law began in December 2013, and formal submissions were made by February 28, 2014. The views of the industry were considered in the preparation of the final draft Insurance law.

The recommendations from the workshop will be presented to the Ministerial Subcommittee on Insurance of the ECCB Monetary Council, chaired by Dr. Ralph Gonsalves, the Prime Minister and Minister of Finance of Saint Vincent and the Grenadines, and through him to the Monetary Council.

The ECCB-hosted workshop is part of a technical assistance grant provided by the UK Department for International Development (DFID), administered by The World Bank, to strengthen and harmonize the regulatory and supervisory framework for financial institutions operating in the Eastern Caribbean Currency Union, comprising Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

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