Thursday 13th February 2014 - Regulators and government officials from the insurance sector in the Eastern Caribbean Currency Union (ECCU) are meeting at the Eastern Caribbean Central Bank (ECCB) Headquarters in St Kitts and Nevis from 11 to 12 February to discuss the proposed ECCU Insurance Legislation and Regional Insurance Regulator.
Specifically, the participants will consider the draft uniform Insurance Law, the draft Agreement for the creation of the Eastern Caribbean Financial Services Regulatory Commission (the new regulator), and the report on implementation options for the Commission.
The workshop participants include: Insurance Supervisors, Financial Secretaries, Attorneys General, Representatives from the ECCB and World Bank, and members of the Technical Core Committee on Insurance.
The aim of the Workshop is to review proposed uniform legislation to close regulatory gaps identified from the collapse of the Colonial Life Insurance Company (CLICO) and the
British American Insurance Company (BAICO) and modernise the supervision of the insurance industry.
Consultations with the members of the industry stakeholders on the draft Insurance Law began in December 2013 and formal submissions are expected by 28 February 2014. The views of the industry will be 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 the Honourable Ralph Gonsalves,
Prime Minister of St Vincent and the Grenadines and through him to the Monetary Council.
The ECCB is hosting the workshop which is part of a technical assistance grant provided by the
UK Department for International Development (DFID) and administered by The World Bank, to strengthen and harmonise the regulatory and supervisory framework for financial institutions operating in the ECCU.
The Governments of the ECCU are committed to economic growth and financial stability and intend to safeguard the interests of policyholders by providing strong regulation of the insurance industry.
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