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
POLICIES, RESEARCH AND PRACTICES UNIT
ADMINISTRATION UNIT
COMMUNICATIONS, BUSINESS INTELLIGENCE
& CONSUMER AWARENESS UNIT
& CONSUMER AWARENESS UNIT
EXAMINATION UNIT
FINANCE UNIT
HUMAN RESOURCES UNIT
INTERNAL AUDIT UNIT
LEGAL & REGULATORY ENFORCEMENT DEPARTMENT
SUPERVISION DEPARTMENT
ACTUARIAL & FINANCIAL ANALYTICS
- Promoting Sound And Prudent Insurance Regulation