Insurance Commission Of The Bahamas

Insurance Commission of The Bahamas was established on July 2, 2009, under The Insurance Act 2005, Chapter 347, and is responsible for the regulation and control of all insurers and intermediaries. In its role as both the prudential and market conduct regulator, its purpose is to ensure a sound and stable insurance marketplace and consumer confidence in the insurance industry. The mandate of the Commission includes: •Administration of the 2005 Insurance Act and the 2009 External Insurance Act •Insurance market surveillance •Promotion and encouragement of sound and prudent insurance management and business practices •Advice to the Minister of Finance on insurance matters •Compliance with Financial Transactions Reporting Act and Anti- Money Laundering legislation Mission Statement Our mission is to protect the interests of stakeholders, through effective regulation and supervision of the insurance industry in The Bahamas. Vision Statement To ensure consumer confidence. Core Values & Beliefs • Trust is Our Cornerstone. • Integrity, Our Commitment. • Accountability, Our Promise Purpose To strengthen the protection given to policyholders under the existing act; to increase the capital and solvency requirements of insurance companies; to expand the existing regulatory framework; to provide for the establishment of a supervisory authority; to include the regulating of all insurance intermediaries; and to give effect to matters related thereto.