The Tribune

The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) attended the Captive Insurance Companies Association (CICA) 2014 International Conference in Scottsdale on November 9-11, as part of their development programme to attract such business to the Bahamas.

More than 560 representatives from the captive insurance industry attended the conference, a record number for the event, hosted under the theme ‘Captives: Global Opportunities and Solutions’.

“We have made great headway in a short period of time in attracting the interest of captives in te Bahamas,” said BFSB chief executive and executive director, Aliya Allen. “Attendance at CICA’s annual international conference is quite simply mandatory to ensure the captive industry understands that we are serious and committed to working with them.” Representatives from a variety of competing US and international domiciles attend CICA, vying for the attention of captive and risk managers, regulatory and tax management, credit ratings, investment advisors, financial institutions and actuarial consultants.

“It is a highly competitive sector, said Ms Allen, “but through the feedback and interest we are receiving at CICA and other initiatives we have underway, we are confident our captive business will grow.”

Michele Fields, ICB’s superintendent, said the ICB’s key message to CICA delegates is that the regulatory environment awaiting new arrivals is proactive and recognises the business needs of entities.

“As more locations throw their weight into the captive sector, it is vital they understand that we have efficiency and flexibility to respond to the changing market demands,” she said.

The Bahamas’ captive insurance message will be heard next at the RIMS 2014 Annual Conference & Exhibition on April 27-30 in Denver.