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

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

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

4. 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

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

6. 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

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

8. Thank you