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
The functions of the Commission are:
- To maintain surveillance over the insurance market.
- To promote and encourage sound and prudent insurance management and business practices.
- To advise the Minister responsible for insurance matters regarding the insurance market.
- To ensure that the provisions of the Financial Transactions Reporting Act, and other anti-money laundering legislation are being complied with.
- To do such other things as may be prescribed by this Act or any other written law.
Under the 2005 Insurance Act, The Commission shall consist of a maximum of seven commissioners, including The Superintendent of Insurance, the Deputy Superintendent of Insurance and three to five other members, comprised of persons with a wide experience in the areas of insurance, finance, commerce, law or administration; and are appointed by the Governor-General after consultation with the Minister of Finance.
Keith Major Sr. is the Chairman of the Board of the Commissioners. Dana Munnings-Gray, Acting Superintendent of Insurance, is the Chief Executive Officer of the Commission and is charged with the day-to-day management and operation of the office.
The Commissioners meet at least once per month, and are responsible for the overall governance of the Office of the Commission and for the establishment of related policies.
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
The Insurance Commission of The Bahamas is dedicated to promoting a thriving insurance industry that operates with integrity, innovation, and consumer protection. As a regulatory authority, we strive to attract talented professionals who are passionate about making a positive impact on the financial sector. Joining our team means being part of a dynamic organization committed to upholding the highest standards of transparency and efficiency in insurance regulation. Here, you will have the opportunity to work alongside industry experts, contribute to shaping regulatory policies, and play a crucial role in ensuring a robust and sustainable insurance market. Whether you’re an experienced professional or a recent graduate looking to kick-start your career, explore our diverse range of rewarding positions and embark on a fulfilling journey with the Insurance Commission of The Bahamas. Together, let’s drive growth, innovation, and stability in the Bahamian insurance sector.
Our Mission
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
- Promoting Sound And Prudent Insurance Regulation