Who’s Partnering 2

BACO

Winston & Strawn LLP

Insurance Commission of The Bahamas

The Insurance Commission of The Bahamas was established on July 2, 2009, under The Insurance Act 2005, Chapter 347. It is responsible for the regulation and control of all insurers and intermediaries in The Bahamas. As both the prudential and market conduct regulator, the purpose of the Commission is to ensure a sound and stable insurance marketplace and maintain consumer confidence in the industry.

The Commission's mandate includes the administration of the 2005 Insurance Act and the 2009 External Insurance Act, insurance market surveillance, promotion and encouragement of sound and prudent insurance management and business practices, providing advice to the Minister of Finance on insurance matters, and ensuring compliance with the Financial Transactions Reporting Act and Anti-Money Laundering legislation.

The mission of the Commission is to protect the interests of stakeholders, through effective regulation and supervision of the insurance industry in The Bahamas. The vision of the Commission is to ensure consumer confidence. The core values and beliefs of the Commission are:

Trust is Our Cornerstone. Integrity, Our Commitment. Accountability, Our Promise.

The purpose of the Commission is to strengthen the protection given to policyholders under the existing act, to increase the capital and solvency requirements of insurance companies, to expand the existing regulatory framework, to provide for the establishment of a supervisory authority, to include the regulation of all insurance intermediaries, and to give effect to related matters.

Compliance Acumen

We are a firm of highly qualified, licensed, and certified experts with decades of international experience and specialisation in Caribbean jurisdictions. Whether you're a financial institution, law firm, or other regulated entity, we understand the nuances of your industry and tailor our approach to meet your unique needs.

Your business can benefit from customised solutions for Internal Audit, Financial Crimes Compliance or other Regulatory Compliance.

Supplement:

We temporarily fill a position during extended leaves, regulatory inspections, or audits, where our trained specialists ensure compliance functions continue without disruption, unnecessary overheads or permanent staffing.

Co-source:

We partner with businesses to customise a solution, taking into account your business' current situation, regulatory requirements and need for services.

Our goal is to provide seamless support to complement your in-house team and ensure your organization remains compliant in a cost-effective way. And, we do so while remaining flexible to your needs. Compliance Acumen is here to help and ready to support your business.