Guy wants updated insurance laws

Acting Chief Executive Officer of the Financial Services Commission (FSC) Kester Guy is calling for updated legislation to govern the insurance industry here.

Though not saying if the sector were at risk due to outdated legislation, Guy said it was important to update laws governing the sector regularly in order to strengthen some aspects of the industry, maintain stability and keep up with international and innovative changes.

“The FSC recognizes that the insurance industry is a key pillar in the stability of our financial market and will therefore ensure that the regulatory framework is able to maintain the industry now and well into the future,” Guy told this week’s 31st annual Sales Congress for the Caribbean Association of Insurance and Financial Advisors held here and which focused on, The Regulatory Framework in Which You Operate.

“There are some ways forward and some strides that still have to be made. Our legislative framework, there still needs to be very many fine-tuning, some of our legislation are a bit dated and needs to be adjusted and there is review for reporting forms and data requirements, which is intended to strengthen risk assessment and trace contagion effects across the financial sector, both within its domestic jurisdiction and various other jurisdictions,” he added.

His comments came as the region continues to face mounting pressure from international sources on various risks including money laundering and other forms of financial crimes.

The former Central Bank senior economist told the insurance industry officials the region was still recovering from the fallout of the 2008/2009 economic crisis, adding that the regulatory body was now challenged to find the right balance of market demands, its function of ensuring financial stability and the “new and ever increasing requirements and demands from global standards”.

“The regulatory framework, particularly in small open economies like ours, is constantly being scrutinized by these international bodies and if not up to par it is likely to receive negative reviews, which are debilitating to our reputation, of our jurisdiction and can very well undermine the confidence of the population in the financial system,” Guy said.

However, the FSC boss gave the assurance that the regulatory agency here would continue to “promote the maintenance of sound, viable and well-managed institutions; consumer confidence and public respect; appropriate mitigation strategies to protect all stakeholders and fairness in the marketplace; support and ensure compliance with all appropriate standards and legal framework”.

He stressed that regulators needed to be innovative and not be barriers to progress.

“Good regulation is a facilitator of progress, and spur growth, investment and confidence within our system. We live in a dynamic environment, which is ever changing and invariably the way we do business will change. You must be flexible and proactive in order to manage this change and stay at least in line with the curve,” he told the financial advisors and life underwriters from Barbados and the region.

“A stable and reliable framework is critical to the activities in which you engage and it is recognized that the insurance industry requires regulatory framework that supports you in fulfilling your role in the economy,” Guy insisted.

6 Responses to Guy wants updated insurance laws

  1. Jennifer May 25, 2017 at 4:23 am

    The noose gets tighter as the string gets shorter. Wooooowwww

  2. jrsmith May 25, 2017 at 6:17 am

    Where were these people hiding , see the excuse the region was or is , or still trying to recover from the fall out of the 2008/2009 economic crisis thats 8 years ago, but the 1% of our nation is not complaining , but the black masses are all still standing at the cross roads with tin cup in hand waiting for a hand out , or for planes flying over dropping bags of flour and money……………

    An opportunity has been missed that we should have forcibly send our politicians/government on a (3 -4 ) year course, on economics and management , because they then would have had the type of education on how to run the government and we wouldn’t have missed them at all, but they then would have the chance to do something for our nation ………..

    Over the years our black politicians have risen to new heights , through the region , they have all become more crooked , more corrupt , with the world helping them to stay ahead of the game,with the varying excuses………………………………
    Terms of our honest politicians they love ………
    Reparation …….
    Climate change………………
    Renewable energy ….
    We will do this and that but when……….
    The economic down-tern…..
    And anything which help them, as using religion as like the white man to control the black masses……………….

    • Jennifer May 25, 2017 at 8:54 pm

      jrsmith – but that is all that the politicians can do and regurgitate while being strangulated by that 1%. Mind you its the same rubbish that they tell them to regurgitate.

  3. Zeus May 25, 2017 at 7:35 am

    Mr smith I was looking for you a couple days now …..what’s your take on the Manchester bombing as it relates to English politicians and English top security

  4. jrsmith May 25, 2017 at 11:02 am

    @, Zeus , hail, hail, our government and what security we have should stay close and learn from , the enforcers of the security services in the (UK)…………………………
    On the bombing itself every time this happen we hear the same chants from people who is not effected, and the politicians does and says the same.. but if a car back fires people all run for cover.

    I blame the politicians , they are cowards , we need them to stop thinking by blowing the hot air of freedom of speech and democracy and way of life is going to stop the ,,,,,,,,,,,,,,,,,, terrible attacks, no,…………………………………………………….
    When our West Indian people arrived in (England ) we were asked to come to help build the mother country , we didn’t arrive as refugees , or migrants , on rubber dinghys we were immigrants from the commonwealth , on arriving in the early years we were insulted , our kids in school were insulted, politicians said anything rude and nasty in the (British Parliament) when we complain ,we were told if we didn’t like it ,go back from whence we came……….

    Now we see and have this different approach , by (British people and the politicians) to the (Muslim ) arrivals, also how they are treated you cannot say anything against them , they must have they own way which is granted to them ………………………..
    A for instance, a white school dinner lady who was in her job for years , made a mistake by giving a (Ham sandwich ) to a (Muslim ) school kid and was sacked………..from her job, must further add you cannot say anything against the said (Muslims) (Jews) and (Gay people, but you can say anything about black people, make a a quick excuse and thats okay,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
    One thing about white people, when they dont understand anything foreign, they will find words or something to make the issue suits them……..( Radicalization ) ( Muslim ) kids from the time they can read they learning the (Quoran) I have (Muslim friends and lots of work colleges , I go to they homes for years now, what you see kids 8,9 , 10 can recite most of the (Quoran) how could you teach some to count to 5 , when they can already count to 100 , the issue to teach them an extension of what they know to reset they minds………………………………………….
    If the bible was like the (Quoran) black people wouldn’t have 3- 4 hundred different religions , we would be so much better off we wouldn’t have crooked pastors making themselves billionaires off the back of hard working black people………
    My final though, (Muslim ) families and other foreigners entering the (UK) by what ever means, for as they say a better way of life , my thought you should respect the laws of the country you are living in, a (Muslim ) child born in the (UK) has reached 15 plus years of age and have the mindset to be a bomber because he is doing this in the name of (Allah)…through his faith..I was told a (Muslim, is a (Muslim ) is a (Muslim ) ………………………………..

    Our politicians in the (UK) needs to stop being afraid as they claim their not , and make it clear to (Muslim ) families they need to be more accountable for they kids , I would say the (Muslim ) families what I have seen have a lot more control over their kids than west Indian parents do, which means they know what is going on most of the time in they house holds…….

    The question to ask why (Muslim ) families seems not to ever report they kids to the police if there is a hint of this so call (radicalization ) or a change in the kids behaviour, have we any records as to how many calls the police get from parents……
    How many christian families know they kids is carrying a gun and wouldn’t report this to the in the name of (Allah) and the other in the name of (God)…………………..

    I would think if they are (Radicalize ) so can our politicians be, for me which should be made clear , if (Muslim) kids who are born in the (UK) carry out anymore bombings, the families of these bombers should be all collected put on a plane back from whence they came, apples dont fall too far from the tree…………………..

    • Jennifer May 25, 2017 at 8:44 pm

      jrsmith – I would say in a nutshell that you reap what you have sown. Keep watching>>>>>>>>>>>> black people do not have a fighting spirit only one for usury.


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