The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) are attending the Captive Insurance Companies Association (CICA) 2014 International Conference in Scottsdale, AZ as part of their development programme to attract captive insurance business to The Bahamas.
More than 560 representatives from the captive insurance industry are at the November 9-11 conference, a record number for the event, being hosted under the theme “Captives: Global Opportunities and Solutions”. CICA provides educational sessions designed to focus on subjects from emerging coverage trends to taxation issues and risk management strategies.
*“We have made great headway in a short period of time in attracting the interest of captives in The Bahamas,”* says BFSB CEO 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 U.S. 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”*, says 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 for 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 says.
The Bahamas’ captive insurance message will be heard next at RIMS, the risk management society’s annual conference which will be held in Denver in April.
*Photo Caption: Carl Culmer, Analyst, ICB; Aliya Allen, CEO, BFSB; and Patrice McDonald, Senior Analyst, ICB.*