The Eastern Caribbean Central Bank (ECCB), in collaboration with FIRST Initiative and the World Bank, will host a workshop for stakeholders in the insurance sector from 18 to 19 October in St Kitts and Nevis to review the existing regulatory systems and models governing the insurance sector.
The objective of the workshop is to harness the views and recommendations of stakeholders in constructing a regulatory framework for regulation and supervision of the insurance sector in the Eastern Caribbean Currency Union (ECCU) with a view to making the necessary changes that will assist with offering increased protection to policy holders.
The participants will include members of the Core Committee on Insurance, Insurance Regulators, Insurance Association Representatives and policy makers including: Financial Secretaries, representatives from the International Monetary Fund (IMF), the Caribbean Regional Technical Assistance Centre (CARTAC) and the Caribbean Development Bank (CDB).
During the sessions participants will also discuss two papers prepared by consultants from the World Bank: (i) Road Map for Insurance Supervision in the ECCU and (ii) International Models of Multi-jurisdictional Insurance regulation and supervision.
The workshop is part of the technical assistance provided by The World Bank through the FIRST Initiative Project, which was initiated after the CLICO/BAICO failure. The FIRST Initiative Project includes strengthening and harmonising the regulatory and supervisory framework for insurance companies operating in the Eastern Caribbean Currency Union (ECCU).
The findings of the workshop will be presented to the Ministerial Subcommittee on Insurance of the ECCB Monetary Council, chaired by Dr the Honourable Ralph Gonsalves, Prime Minister of St Vincent and the Grenadines.
I welcome this initiative. But more has to be done. We need to incease the number and capacity of insurance regulators to monitor and assess investments in complex financial instruments.
It was about time!!! some people feel that Social security and Clico is their personal piggy bank…It was about time if you ask me….I hope social security falls under that umbrella.