Training and Motivating Teams to implement Risk Based Supervision

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Presentation transcript:

Training and Motivating Teams to implement Risk Based Supervision 2016 IAIS Conference – Asuncion, Paraguay Kimberly Rolle

Outline Overview of ICB Bahamas Domestic Insurance Industry Risk Based Supervisory Framework Training Program

Overview - ICB Independent Authority created by statute in July 2009 Risk Based Supervisory Program developed through a “phased approach”

The Bahamas Insurance Industry (Domestic) Type of Licence 2015 Insurers Property & Casualty/General 16 Long-Term/Life & Health 12 Association of Underwriters 1 Total Domestic Insurers 29 Intermediaries Agents & Brokers 56 Sub-agents 21 Salespersons 686 Total Intermediaries 763 Property & Casualty/General (USD$ millions) Gross Premiums $315 Net Premiums $100 Long-Term/Life & Health (USD$ millions) $454 $403

Capacity Building Hired Qualified Staff Accountants Industry Professionals Regulators Extensive use of external consultants

RBS – Implementation Phase 1 - 4Q 2010/2011 Phase 2 – 2012/2013 Focused on enhancing off-site monitoring Phase 2 – 2012/2013 Documented RBS Framework/Methodology Commenced on-site examinations Phase 3 – 2014 Full Implementation

Training Program External Consultants FSI Connect Insurance Exams/Qualifications Insurance Conferences Internal Training Peer Reviews Quality Assurance Coaching Soft Skills

Thank you