The Tribune

THE Bahamas Financial Services Board (BFSB) and the Insurance Commission of the Bahamas (ICB) are in Philadelphia this week attending a major global insurance conferencem, RIMS 2012.

More than 10,000 delegates are attending the annual Conference and Exhibition of the Risk Management Society, which runs from April 15 to 18, 2012.

"It is critical that we have a presence at events such as RIMS" said Aliya Allen, the BFSB's chief executive and executive director, "since our evolving insurance sector requires exposure to global insurance decision makers.

"By partnering with ICB we are not only able to showcase the insurance opportunities in the Bahamas, but also present the broader financial services and business landscape that exists. It is in keeping with the integrated approach that we have adopted for the industry."

Arvind Baghel, head of insurance supervision at the ICB, said RIMS provides the Commission with an opportunity to hear first-hand about global developments and trends in the insurance industry.

"We are here to stay abreast of international developments in insurance and to support BFSB's efforts to promote the Bahamas' insurance sector," he said.

The Bahamas is exhibiting at the RIMS conference to promote the advantages of this jurisdiction as an insurance domicile. Joining Ms Allen at RIMS as part of the delegation are Venetia Gibson, of the BFSB, and Carl Culmer of the ICB.

In March, the BFSB and ICB also jointly attended the annual International Conference of the Captive Insurance Companies Association (CICA) in Scottsdale, Arizona.