The Tribune

THE Bahamas Insurance Association (BIA) and its executives recently met attorney general, Carl Bethel, to discuss issues impacting the industry.

The BIA team, led by its chairman, Emmanuel Komolafe, introduced Mr Bethel to the BIA and its objectives while highlighting the insurance industry's stability and consistent contribution to the economy.

They stressed the need for a liberalised exchange control regime, and identified other legal concerns affecting the industry's future growth potential and ongoing operations.

The meeting also enabled the two sides to discuss the proposed amendments to the anti-money laundering/counter terror financing framework for the industry via the Financial Transactions Reporting Bill, a priority for both the Attorney General's Office and the industry. Both parties committed to further dialogue on this matter.

Mr Bethel acknowledged the significant role the insurance industry plays, and committed to addressing the concerns of the BIA and its members.