Pictured Left to Right are: Candice Bain (Bahamas Cooperative League), Indira Munroe-Farrington (BFSB), Sinead Bethel (ICB), Santia Dean (BFSB) and Phelice Jones (ICB)  

On March 12th and 13th the Captive Insurance Companies Association (CICA) held its annual International Conference in Scottsdale, Arizona under the theme “The Challenge Of Change”. Captive Insurance continues to be a popular licensed regulated form of self-insurance globally as it allows companies dynamic ways to finance their risks.

CICA 2018 was well attended with over 300 delegates from all around the world. The Bahamas Financial Services Board was joined by members of the Insurance Commission of the Bahamas and the Bahamas Cooperative League. Topics covered at this year’s CICA Conference were International Captives-taming the Beast, Latin America and Emerging Captive Markets, Spicing Up Your Captive and Captive Basics to Address the Challenge of Change.

There are a variety of captives operating in the Bahamas. BFSB’s attendance at CICA was aimed at showcasing the ‘captivating’ advantages of the Bahamas for external insurance. The aim was to attract more prospective captives to our jurisdiction. Our legislative and regulatory regime establishes a clear and efficient structure whereby a captive insurance company covering risks outside of the Bahamas may be established in the Bahamas.

BFSB continues to invest in ensuring that there is a greater awareness of The Bahamas as an international financial center committed to international best practices.