|Minister of Finance, Christopher Sinckler (left), listening to a presentation at the launch. Also pictured are Group President – Life, Health and Pensions of Guardian Life of the Caribbean, Ravi Tewari (centre, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, NULL, NULL, 0); and Chairman of COB Financial Services Inc., Lindell Earle. (A. Miller/BGIS)|
The Financial Services Commission has developed a suite of new guidelines for the insurance industry which are expected to play a major role in the upgrade of the legislative framework.
Minister of Finance and Economic Affairs, Christopher Sinckler, made this disclosure recently while addressing the launch of Guardian Life and the COB Financial Services Incorporated Life Insurance Agency.?? The event was held at Hilton Barbados.
He said the issuing of new and updated guidelines was now in the consultation phase and the draft guidelines had already been circulated to stakeholders for comment.
"The FSC recognises industry stakeholders as having a significant contribution to the regulatory process and the aim is to ensure that while enhancing the regulatory framework, consideration is given to the best fit for regulation in the context of Barbados’ insurance environment.?? Therefore, the issuance of these guidelines will represent material compliance with many of the recommendations highlighted in the 2008 Financial Sector Assessment Programme (FSAP) Review.
Mr. Sinckler further stated: "As Barbados prepares for the 2013 FSAP Review, having well written and applicable guidelines in place will not only improve the regulatory framework of insurance companies in Barbados, but also improve the FSAP report released by the International Monetary Fund on the regulation of insurance entities in the island after completion of the 2013 review."
The Minister of Finance underscored the importance of a strong regulatory framework as a key element in protecting policyholders’ interests, maintaining stability in the operations of the insurance industry and confidence in the Barbados Insurance market.
"These factors can all lead to growth and development in the insurance sector in Barbados which will be a positive to policyholders who will have access to insurance products from well-regulated insurance companies," Mr. Sinkler emphasised.????