2024 ICB Annual Report Final

2024

ANNUAL REPORT

This print copy of the Annual Report is printed in limited quanity for limited distribution.

An electronic version of this Annual Report can be viewed and downloaded on the ICB website (www.icb.gov.bs).

ABOUT THE ICB Insurance Commission of The Bahamas (ICB) The Insurance Commission of The Bahamas (ICB) is the independent statutory authority responsible for supervising and regulating the insurance industry in The Bahamas. Established under the Insurance Act, 2005, the Commission promotes the growth, integrity, and stability of the sector by ensuring sound business practices, protecting policyholders, and enforcing legislative compliance.

The Commission oversees the registration, licensing and regulation of domestic and international insurance companies and intermediaries, administering both the Insurance Act, Ch. 347 and the External Insurance Act, Ch. 348, and accompanying regulations. The Commission enforces standards in areas such as solvency, corporate governance, anti-money laundering, and market conduct.

The Commission is led by Superintendent of Insurance Dana MunningsGray, under the direction of the Board of Commissioners appointed by the Governor General on the advice of the Minister. Dr. Keith Major, Sr. and Dwayne Mortimer are the Chairman and Deputy Chairman of the Board of Commissioners, respectively. The leadership team brings decades of experience in insurance supervision, financial regulation, and law. The Commission is committed to advancing regulatory excellence and innovation.

As an active member of the International Association of Insurance Supervisors (IAIS) and other key international and regional regulatory bodies, the Commission works to ensure that The Bahamas remains aligned with evolving global best practices. Through principled regulation, industry engagement, and a forward-looking approach, the Commission supports the continued development of a resilient and competitive insurance market.

Mission, Vision and Core Values Mission Our mission is to protect the interests of stakeholders, through effective regulation and supervision of the insurance industry in The Bahamas.

Vision To ensure consumer confidence.

Core Values Trust: Our Cornerstone.

Integrity: Our Commitment.

Accountability: Our Promise.

Our success depends on: Our meaningful engagement with our stakeholders.

Our willingness to innovate as we grow.

Our enduring commitment to the professional development of our team.

June 25, 2025 Senator the Hon. Michael Halkitis Minister of Economic Affairs Ministry of Finance Cecil V. Wallace-Whitfield Centre Cable Beach Nassau, N.P., Bahamas Dear Honourable Minister, In accordance with Section 18(1) of the Insurance Act, 2005, and on behalf of the Members of the Insurance Commission of The Bahamas, I am pleased to submit the Annual Report for the year ended December 31, 2024. Included with this report are the Audited Financial Statements for the same period.

Yours sincerely, Insurance Commission of The Bahamas

Dana Munnings-Gray Superintendent of Insurance

FOLLOW US Silk Cotton House, Prospect Ridge Road - P.O. Box N-4844 - New Providence, The Bahamas Tel: (242) 603-4183 - Email: info@icb.gov.bs - Website: www.icb.gov.bs @INSURANCECOMMISSIONBAH

TABLE OF CONTENTS Executive Summary

07

Our History

09

Chairman’s Message

10

Superintendent’s Message

11

Strategic Pillars and Vision 2025

13

Celebrating 15 Years of the Commission

17

Company Overview

22

Market Snapshot as at December 31, 2024

35

Regulatory Review

36

Industry and Stakeholder Engagement

101

Financial Statements

129

Insurance Commission of The Bahamas

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Executive Summary The Insurance Commission of The Bahamas (ICB) remains steadfast in its mandate to maintain a sound insurance market that is fair, transparent, and resilient. In 2024, the Commission strengthened its role as a trusted regulatory authority through strategic initiatives focused on market stability, consumer protection, legislative reform, and international collaboration.

Market Oversight and Performance The domestic insurance market remained stable, with life and general insurers reporting modest growth in gross written premiums and improved capital adequacy.

The Commission conducted focused and thematic on-site inspections, enhanced offsite monitoring, and updated prudential guidance to support sound risk management and solvency standards across the industry.

Insurance Commission of The Bahamas

Captive Insurance and International Business International business remains a vital part of The Bahamas’ financial services landscape.

Interest in captive insurance, particularly from Latin America and North America, continues to emerge. The Commission conducted research to support enhancements to its supervisory approach for captives and protected cell structures, with initiatives planned to strengthen alignment with international regulatory expectations.

Legislative and Regulatory Reforms The Commission conducted several initiatives to strengthen its supervisory powers and align the insurance regulatory framework with global standards.

Consideration for key reforms included enhancements to the Insurance Act, Ch. 347, and External Insurance Act, Ch. 348, with supporting regulations, and introducing provisions to address innovation and InsurTech. These reforms are intended to safeguard policyholder interests, support responsible innovation, and promote sector resilience.

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It held its second annual Salesperson Training Course as part of its broader efforts to strengthen frontline industry knowledge and professional standards. These initiatives continue to foster industry dialogue, build capacity, and deepen regulatory understanding.

Innovation and Technology In line with its digital transformation goals, the Commission launched its online complaints management portal, expanded its data analytics capabilities, and began developing a regulatory sandbox framework to foster innovation. These initiatives will improve service delivery, enhance regulatory efficiency, and support responsible technology adoption within the insurance sector.

The Commission remains committed to fostering a dynamic insurance sector that serves the needs of Bahamian consumers and global investors. It will continue to strengthen its regulatory framework, support innovation, and uphold The Bahamas’ reputation as a well-regulated and internationally respected insurance jurisdiction.

AML/CFT/CPF Supervision The Commission maintained a robust supervisory regime for anti-money laundering, countering the financing of terrorism, and proliferation financing (AML/CFT/PF). Risk-based inspections and industry outreach activities were conducted to ensure national and international standards compliance.

The Commission also contributed to the country’s national AML/CFT strategy and supported the insurance sector’s preparedness for ongoing evaluations.

Stakeholder Engagement and Capacity Building: The Commission reintroduced its CEO forums for insurance companies and intermediaries. The Commission also held its inaugural compliance officers’ forum.

Insurance Commission of The Bahamas

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Insurance Commission of The Bahamas

OUR HISTORY The story of Colonial Life Insurance Company (CLICO) and its financial collapse and impact on regulatory reforms in the country directly led to the formation of the Insurance Commission of The Bahamas.

CLICO was a significant insurance company operating in the Caribbean, including The Bahamas. It offered a variety of insurance products such as life insurance, annuities, and other financial services. However, the company faced significant financial trouble due to mismanagement, poor investments, and an unsustainable business model.

In the mid-2000s, CLICO's parent company, CL Financial (based in Trinidad and Tobago), experienced severe financial distress, which led to the eventual collapse of CLICO in several Caribbean nations, including The Bahamas. This situation caused significant losses for policyholders and creditors and revealed major weaknesses in the regulatory framework overseeing the insurance industry in The Bahamas.

The fallout from CLICO's collapse was a wake-up call for the government and regulators.

There was a realization that there were gaps in the oversight of the insurance sector, particularly in the financial health of insurance companies and the protection of policyholders. In response to this crisis, the Bahamian government took steps to strengthen the regulation of the insurance industry.

One key outcome of the CLICO collapse was the creation of the Insurance Commission of The Bahamas (the Commission) in 2009. The Commission was established to regulate and supervise the insurance industry, ensuring that companies maintain financial solvency, operate transparently, and protect the interests of policyholders.

Through the establishment of the Insurance Commission of The Bahamas, an independently established statutory body, The Bahamas has adopted a robust regulatory framework to minimize inherent risks and ensure that insurance companies operating in and from within The Bahamas are financially sound, prudent, and well-managed.

Thus, we are happy to report that no such instances have since occurred within The Bahamas. This reaffirms the Commission’s allegiance to promoting a vibrant and competitive insurance marketplace and enhancing the overall stability of the sector while safeguarding the interests of policyholders.

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CHAIRMAN’S MESSAGE I am privileged to present the 2024 Annual Report of the Insurance Commission of The Bahamas. This report reflects a year of deliberate progress and strategic regulatory advancement, driven by a steadfast commitment to shaping a resilient, transparent, and integrity-led insurance sector.

During 2024, the Commission continued to execute its oversight mandate with consistency and strategic focus, advancing its priorities amid global economic uncertainty, ongoing technological transformation, and heightened expectations for governance and regulatory compliance. Notably, the Commission maintained strong, purposeful engagement with licensees on key regulatory priorities, including prudential supervision, anti-money laundering, and developing an InsurTech programme to sit at the intersection of innovation and regulatory compliance. Our contributions at regional and international forums continued to affirm The Bahamas’ reputation as a well-regulated jurisdiction and an engaged participant in global financial sector dialogue.

During the year, the Commission deepened its engagement with stakeholders through a range of impactful initiatives, including the industry forums, expanded outreach and training programmes, and active support for legislative reform efforts. Notably, the Commission utilised the ORBS platform to conduct its AML/CFT Risk Assessment of registrants and licensees, enhancing the efficiency and consistency of its supervisory processes. It also strengthened partnerships with domestic institutions and international regulatory counterparts, while prioritising staff development and cross-sector learning to support for the evolving demands of insurance supervision.

On behalf of the Board, I extend sincere appreciation to Superintendent Dana Munnings-Gray for her visionary leadership, and to the entire team at the Commission for their professionalism, dedication, and unwavering commitment to regulatory excellence. I also wish to acknowledge our licensees, registrants and stakeholders, whose ongoing cooperation and shared commitment remain vital to shaping a resilient, well-regulated, and forward-looking insurance industry.

Warm regards, Dr. Keith Major, Sr. Chairman, Insurance Commission of The Bahamas Insurance Commission of The Bahamas

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SUPERINTENDENT’S MESSAGE The year 2024 was marked by purposeful action, sustained dialogue, and measurable progress. It called on us to regulate, and to anticipate—guiding the insurance sector through evolving challenges while remaining firmly committed to our core mandate: protecting policyholders by promoting insurer soundness, fair conduct, and market integrity. In doing so, we continued to strengthen public confidence in the sector and uphold the standards that anchor a resilient, trusted insurance framework in The Bahamas.

I remain deeply committed to the Commission’s mandate of providing effective supervision across both the domestic and external insurance sectors. Our regulatory and policy decisions were shaped by relevant data, aligned with international standards, and strengthened through consistent, meaningful engagement with stakeholders at every level. Throughout the year, we maintained a strong focus on monitoring financial soundness, ensuring compliance with AML/CFT/CPF obligations, and fostering innovation within the industry—with particular attention to the development of an InsurTech programme and the continued expansion of our outreach through strategic communications, such as speaking engagements, and an enhanced digital presence.

Among the key milestones of the year was the deepening of our engagement with international and regional bodies, including the International Association of Insurance Supervisors (IAIS), the Caribbean Regional Compliance Association (CRCA), the Caribbean Financial Action Task Force (CFATF), and the Caribbean Association of Insurance Regulators (CAIR). The Caribbean insurance regulatory landscape is shaped by an evolving network of national authorities, regional bodies, and cross-border legislative frameworks—requiring close collaboration to ensure consistent and effective oversight. The Commission recognises the importance of its role within this network and remains committed to active participation in shaping regional standards and dialogue. At the same time, we advanced key domestic priorities, including support for legislative reform, the expansion of supervisory training, and meaningful engagement with industry stakeholders through initiatives such as the Compliance Blue Table Talk and the Insurance Professional Refresher Training Seminar.

DANA MUNNINGS-GRAY DANA MUNNINGS-GRAY

SUPERINTENDENT OF INSURANCE INSURANCE COMMISSION OF THE BAHAMAS

Insurance Commission of The Bahamas

One of the year’s most significant accomplishments was the development of the InsurTech framework in collaboration with the Cambridge Centre for Alternative Finance at the University of Cambridge and The Bahamas Institute of Financial Services.

The six-week programme will be the first of its kind in the region, reflecting our continued commitment to capacity building and regulatory readiness in a rapidly evolving financial and technological landscape. The course will bring together professionals from across the insurance, and broader financial services sector, as well as experts in financial crime, compliance, law, and regulation.

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SUPERINTENDENT’S MESSAGE CONT’D This year, the Commission deepened its investment in staff development, strengthened its digital infrastructure, and advanced public education efforts, particularly around the critical role insurance plays in safeguarding life and property. We also proudly marked the 15th anniversary of the Commission’s establishment, a meaningful milestone that not only reflects the passage of time, but affirms our continued commitment to building a resilient, transparent, and effective regulatory authority. This anniversary stands as a powerful reaffirmation of the values that define our leadership, integrity, accountability, and resilience. It also supported our unwavering responsibility to uphold public trust and regulatory excellence.

It also reflects the Commission’s growth as a regional leader in insurance supervision and our continued commitment to embracing innovation, leading with integrity, and remaining responsive to the evolving needs of the market.

I am deeply grateful to the Board of Commissioners, under the leadership of Chairman Dr. Keith Major, Sr., for its steady guidance and principled oversight. I also thank the management team and staff of the Commission, whose commitment, discipline, and daily efforts continue to advance our mandate in tangible and meaningful ways. Their work remains the foundation of our progress and the reason we are able to meet the evolving demands of insurance regulation with confidence and clarity.

As we turn the page to 2025, the path ahead is defined by both challenge and opportunity. We remain steadfast in our mission, to safeguard policyholders, uphold rigorous standards, and foster an insurance sector that is not only resilient but forward-thinking. Our success depends on continuous vigilance, collaboration, and innovation. With the dedication of our Board, staff, and partners, I am confident that the Insurance Commission of The Bahamas will continue to lead with integrity and purpose, further strengthening the foundation that enables our industry to thrive.

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STRATEGIC PILLARS AND VISION 2025

Insurance Commission of The Bahamas

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THE COMMISSION MOVING FOWARD MANDATE To uphold and ensure adherence to the Commission’s regulatory framework by strengthening the Commission’s regulatory oversight.

VISION To promote an innovative insurance marketplace while ensuring consumer protection stability through prudent, responsible and collaborative regulation.

MISSION The Commission’s Strategic Mission for the period of 2025 – 2029 is to encourage market entry and innovation, support product diversity, and foster competition while strengthening consumer protection by enhancing consumer education and awareness, ensuring fair claims handling, prudential regulation, examinations and solvency monitoring.

CORE VALUES The Core Values that will underpin the initiatives and efforts of the Commission Pursuant to the 2025 – 2029 Strategic Plan are: Integrity Consumer Protection Accountability Innovation Sustainability Collaboration Excellence

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Strategic Plan Overview STRATEGIC PLAN, 2025 – 2029 Legislative Reform and Regulatory Policy

Relevant and Effective Supervision & Prudential Regulation

Regulatory Collaboration & Stakeholder Engagement

(Reform, Develop and Implement)

(Monitor, Assess and Enforce)

(Educate, Communicate and Engage)

To promote and ensure a vibrant and attractive insurance marketplace while enhancing consumer protection in alignment with best practices and international standards.

To increase regulatory efficiency and outcomes through cooperative supervision, examinations and relevant investigations and enforcement.

To strengthen regulatory outcomes through education, collaboration and stakeholder engagement.

Reform Legislative Framework Enhance Regulatory Policy Enhance Standard Operating Procedures Foster Innovation Adopt InsurTech Solutions Support Product Diversity Harmonize with International Standards/International Best Practices

Cooperative/Internal Supervision Enhance Operational efficiency and Risk Management Enhance Offsite and Onsite Supervision Enhance mandates of the Investigations and Enforcement Unit Periodic Stress Testing (i.e. conduct regular stress tests on insurance companies to evaluate their ability to withstand economic shocks or largescale events such natural disasters Enhanced Solvency Monitoring

Insurance Commission of The Bahamas

Regulatory Partnerships/PublicPrivate Partnerships Strengthen external relations via communications and engagement Educational Programs and ongoing training for Licensees/Registrants Stakeholder Engagement (i.e. quarterly Fireside chats, industry briefings and establishment of insurance day/week) CEO Forum Effective and Transparent Communications

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Key Issues and Emerging Trends Climate Change and Environmental Risks Increasing frequency and severity of natural disasters, such as hurricanes, floods, and wildfires, have heightened the risk profile for insurers, particularly in regions prone to these events.

Technological Innovation (InsurTech) The rapid pace of technological innovation in areas like artificial intelligence (AI), machine learning, and blockchain presents challenges in terms of regulation, cybersecurity, and ensuring fairness.

Cybersecurity and Data Privacy The increasing reliance on digital platforms exposes insurers and consumers to higher risks of cyber threats, data breaches, and fraud.

Economic Pressures and Affordability Economic uncertainty, inflation, and changing economic conditions are leading to higher costs for consumers and pressures on insurers to maintain profitability while keeping premiums affordable.

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CELEBRATING 15 YEARS OF THE COMMISSION

Insurance Commission of The Bahamas

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Fifteen Years of Purpose, One Future of Progress

The Commission also invested in building institutional capacity and forming partnerships with regional and international regulatory bodies.

These efforts ensured that Bahamian insurance regulation met international standards and prepared the sector to withstand emerging risks.

Celebrating the 15th Anniversary of the Insurance Commission of The Bahamas 2009–2024 For 15 years, the Insurance Commission of The Bahamas has operated with a clear purpose: to protect policyholders, promote sound insurance practices, and uphold the integrity of the Bahamian financial sector. Established on July 2nd, 2009, the Commission succeeded the Office of the Registrar of Insurance Companies (ORIC) under the Insurance Act, 2005, and the External Insurance Act, 2009, with an expanded mandate to regulate, enforce, and supervise both domestic and external insurance markets.

The theme of this milestone, “Fifteen Years of Purpose, One Future of Progress”, captures the arc of the Commission’s work: rooted in mission, committed to evolution, and firmly focused on leading the insurance sector toward a modern, resilient, and internationally aligned future.

A Foundation of Purpose From its inception, the Commission prioritized building a risk-based regulatory framework to ensure that insurance companies operating in The Bahamas remained financially sound and responsibly managed. Early years saw the development of the Risk-Based Supervision (RBS) Framework, the re-registration of all licensees, and the introduction of tools like the Supervisory Ladder of Intervention and RiskBased Capital assessments.

Insurance Commission of The Bahamas

Leadership Renewal On July 1st, 2023, Dr. Keith Major, Sr. was appointed as Chairman of the Board of Commissioners, strengthening the Commission’s connection to broader economic and policy development efforts. Dr. Major is the first NonExecutive Chairman of the Commission.

In 2023, the Commission also bid farewell to its longest-serving Superintendent, Mrs. Michele Fields, whose leadership had helped shape the organization’s strong regulatory foundation.

Shortly thereafter, in December 2023, Mrs. Dana Munnings-Gray assumed the chair as Acting Superintendent of Insurance. On July 1st, 2024, Mrs. Munnings-Gray was officially appointed as the Superintendent of Insurance, ushering in a new era marked by a strategic focus on digital transformation, innovation, and institutional modernization.

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Legislative Modernization Work began on modernizing the Insurance Act and the External Insurance Act. This initiative will enhance regulatory clarity, streamline supervision, and reflect current global standards, ensuring that the regulatory structure supports progress across all segments of the insurance market.

Digital and Operational Innovation In response to the pandemic and the wider digitization of financial services, the Commission modernized its internal systems by: Introducing electronic filing and remote submissions for licensees Launching a public-facing Complaints Portal to improve consumer access and internal case tracking Advancing IT infrastructure to support hybrid work models and secure digital communication Focus on Climate and Systemic Risk In 2024, the Commission launched its first climate risk survey across the insurance sector, assessing preparedness, exposure, and the role of regulation in building long-term resilience. A follow-up climate risk webinar brought licensees and industry experts together to discuss adaptation strategies in a region facing rising climate volatility.

Strengthening the Foundation for Progress During 2024, the Commission expanded its internal structure through the establishment of specialized departments designed to enhance its operational capacity and regulatory effectiveness. These include the Actuarial and Financial Analytics Unit, which supports riskbased supervision through deeper financial analysis and stress testing; the IT Unit, which strengthens digital infrastructure and cybersecurity; and the Registry and Document Management Unit, which ensures secure and organized handling of regulatory records. The creation of the Communications, Business Intelligence, and Consumer Awareness Unit has broadened the Commission’s ability to engage the public, monitor market conduct, and advance financial literacy. The On-site Examination Unit provides focused, in-depth reviews of licensees to support proactive supervision. At the same time, the Finance and Human Resources Units have been instrumental in improving internal accountability, staff development, and resource planning. The establishment of an Internal Audit function reinforces governance and internal controls across all areas of the Commission’s work.

Together, these departments reflect the Commission’s commitment to continuous improvement and position it to fulfil its mandate with greater agility, transparency, and foresight.

Raising the Bar for Partnership In partnership with GAMA Bahamas, Bahamas Insurance Brokers Association (BIBA), Insurance Institute of the Bahamas (IIB), and the Bahamas Insurance Association (BIA), the Commission supported the revamp of the salespersons examination, promoting consistent professional standards for insurance intermediaries.

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The Road Ahead: One Future of Progress As the Commission celebrates this milestone, its focus remains fixed on the future—one shaped by resilience, innovation, and global alignment.

Strategic priorities moving forward include: Finalizing the modernization of the Insurance Act and the External Insurance Act to align with evolving industry needs Expanding the use of data analytics to enhance supervisory effectiveness Assisting domestic and external insurers in addressing climate-related and technological risks Strengthening the Commission’s regional leadership through active international collaboration Building consumer trust and market confidence by promoting transparency and delivering targeted education Conclusion For fifteen years, the Insurance Commission of The Bahamas has served with purpose. Today, as it stands at the threshold of a new chapter, it is poised to lead the insurance sector toward a future defined by progress, accountability, and innovation.

Through sound regulation, meaningful engagement, and unwavering focus as a part of its mandate, the Commission continues to ensure that the insurance industry remains strong, trusted, and responsive to the needs of the Bahamian people.

Insurance Commission of The Bahamas

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FORMER REGISTRARS AND

Superintendents of Insurance CHARLES A.

OCTAVIA

1969 - 1976

1976 - 1994

Donaldson

Johnson

TELZENA G.

KENDAL C.

Coakley

Munnings

1994 - 1997

DR. ROGER G.

Brown 2000 - 2007

1997 - 2000

LENNOX A.

McCartney 2008 - 2011

MICHELE C.E.

Fields 2012 - 2023

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COMPANY OVERVIEW

As of December 31, 2024

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CORPORATE GOVERNANCE Under the Insurance Act, 2005, the Commission shall consist of a maximum of seven commissioners, including the Superintendent of Insurance, the Deputy Superintendent of Insurance and three to five other members, comprised of persons with wide expertise in areas of insurance, finance, commerce, law or administration. Members of the Board of Commissioners are appointed by the Governor-General, after consultation with the Minister of Finance.

The Chairman, or in his absence the Deputy Chairman, in the absence of both of them, such other person as authorised by the Chairman, shall preside at all meetings of the Commission. The Superintendent of Insurance shall be the Chief Executive Officer of the Commission and shall have charge of the day-to-day management and operation of the office.

The Deputy Superintendent of Insurance shall have and may exercise the function of the Superintendent, in the event of the Superintendent’s inability to act or a vacancy in the office exists. ​ he Commissioners meet at least once per month and are responsible for T the overall governance of the Office of the Commission and for the establishment of related policies.

As of July 2024, the Chairman established five (5) committees of the Board of the Commissioners chaired by the following Commissioners: Human Resources Committee - Dr. Keith Major Internal Audit and Strategic Planning Committee - Dwayne Mortimer Audit and Finance Committee - Ansel Watson Market Surveillance and Conduct - Janique Wilson Legal and Compliance - Lourey Smith

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CORPORATE GOVERNANCE Chairman Dr. Keith Major, Sr.

Deputy Chairman Dwayne Mortimer

Board of Commissioners Ansell Watson, Janique Wilson, Lourey Smith

Superintendent of Insurance Dana Munnings-Gray

Deputy Superintendent of Insurance Vacant

Audit and Finance Committee Ansel Watson

Human Resources Committee Dr. Keith Major

Insurance Commission of The Bahamas

Internal Audit and Strategic Planning Committee Dwayne Mortimer

Legal and Compliance Committee Lourey Smith

Market Surveillance and Conduct Committee Janique Wilson

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MEMBERS OF THE BOARD OF

Commissioners

DR. KEITH MAJOR, SR.

Chairman

Dr. Keith Major, Sr. was appointed as the Non-Executive Chairman of the Commission effective July 1, 2023. Dr. Major is an accomplished professional with 45 years of experience in the insurance industry. He is enthusiastic about lecturing, training, motivating, counseling, and consulting businesses. His passion further extends to mentoring upcoming insurance professionals to embrace comprehensive training programs available to them both locally and internationally.

Dr. Major's keen business acumen and exceptional leadership in the insurance industry are undisputed amongst his peers and in the financial services sector. In addition to his many accomplishments, Dr. Major received a prestigious lifetime achievement award from GAMA International in 2022 and a Luminary Award from GAMA Global in 2023. GAMA International is the largest financial services management organisation in the Western Hemisphere. Dr. Major graduated from West Indies College. He earned a Bachelor of Arts at Oakwood University in Alabama and was awarded an Honorary Doctorate from Sojourner-Douglass College, Maryland. Dr. Major was chairman of the Bahamas Electricity Corporation from 2005 to 2007. He is also a lecturer at The Bahamas Institute of Financial Services, where he imparts essential business skills, supervision techniques, effective presentations, and English language proficiency. Dr. Major received the Paul Harris Fellow award from Rotary International in 2001.

ANNA KATRINA MARCHESI

Dr. Major has served many houses of worship as an organist from an early age and hosted the television program VOICES. He has also served Toastmasters International in various capacities as Club President and Division Governor of The Bahamas and has attained the highest designation of Distinguished Toastmaster (DTM). Further, he served as a member of the Board of Governors of Northern Caribbean University and also on the Executive Committee for The Atlantic Caribbean Union of Seventh-day Adventists from 2010-2015.

Student Class A1 - 20 Dr. Keith Major is the Founder and President of KITS International, a knowledge interface training service specialising in business consulting, seminars, sales training, management training, and leadership exercises.

DANA MUNNINGS-GRAY

Superintendent of Insurance

Dana L. Munnings-Gray was appointed as the Acting Superintendent of Insurance at the Insurance Commission of The Bahamas effective December 5, 2023. She has both regulatory experience and extensive industry knowledge in the financial services sector. A former Manager of the Supervision Department at the Securities Commission of The Bahamas, Mrs. Munnings-Gray has held various senior managerial positions with financial institutions in The Bahamas and The Cayman Islands, including head of risk and compliance and money laundering reporting officer.

Mrs. Munnings-Gray was called to the Bar of England and Wales as a member of the Honourable Society of Gray’s Inn, and to the Bahamas Bar as an Attorney in 2014. Mrs. Munnings-Gray holds both a Bachelor of Science and Arts in Political Science and Business Management from the College of Saint Benedict in Minnesota, United States, and obtained a Bachelor of Laws – LL.B (Hons.) from The University of Buckingham in England, while completing her Bar Professional Training Course at City University in London, England.

Mrs. Munnings-Gray recently served as a Financial Expert on the assessment team of the Caribbean Financial Action Task Force (CFATF), is a Member of the Bahamas Bar Association, Association of Certified Fraud Examiners, Association of Certified Financial Crime Specialist, Association of Certified Anti-Money Laundering Specialist, and the International Compliance Association where she holds the designation of CFCS, CCCS, CAMS and FICA respectively. She also acquired a designation as a Trust Estate Practitioner (TEP), Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I, Certified International Risk Manager (CIRM), a Specialist Certification in Financial Crime Risk in Global Banking and Markets, Crypto Crime Compliance and currently occupies an observer status with The Bahamas Association of Compliance Officers (BACO). Mrs. Munnings-Gray has also completed regulatory and management training and certification with the International Organisation of Securities Commissions (IOSCO) and Harvard Law School, as well as with the London School of Economics.

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MEMBERS OF THE BOARD OF

Commissioners

DWAYNE MORTIMER

Deputy Chairman

Dwayne Mortimer was appointed as the Non-Executive Deputy Chairman of the Commission effective July 1, 2023.

Mr. Mortimer was educated in The Bahamas and Ireland, earning a Bachelor's Degree in Hotel Management from Shannon College of Hotel Management, Ireland. After holding several managerial positions in the hotel industry in the UK and The Bahamas, he left the hotel industry in 1993 to join the finance department of a major insurance company in The Bahamas. He qualified as a Certified Public Accountant in the State of Georgia and has held senior executive positions in various industries including healthcare, insurance, real estate development, maritime and hospitality.

He currently serves as the President of Balmoral Club, a position he has held from 2010.

Student Class A1 - 20

LOUREY SMITH Commissioner

Lourey Smith was educated at The University of the West Indies (Mona Campus) in Jamaica, where she achieved a Bachelor of Arts Degree with Honors and a Master of Science Degree in Economics before returning to The Bahamas where she worked with the Government prior to transitioning into Law under the pupillage of the late Winston Saunders. She was admitted to the Bahamas Bar in October 1986 and has extensive experience in transactional law involving conveyancing, mortgages, contracts, commercial and corporate structures, business ventures, estate planning and administration and intellectual property. She is a past Deputy Chairman of The Bank of The Bahamas, past Director of the Airport Authority and past Director of the Bahamas Protected Area Fund. She is presently the President/Director of The Exuma Foundation (Bahamas) Limited and a member of the Advisory Committee of The Moriah Harbour Cay National Park in Exuma.

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MEMBERS OF THE BOARD OF

Commissioners ANSEL WATSON Commissioner

Ansel Watson is a Chartered Accountant and Chartered Financial Analyst charter holder. As a professional accountant, he has a broad range of knowledge and experience in finance, banking, operations, investments, investment funds, insurance, accounting and audits. Mr. Watson is President and CEO of Investar Securities Ltd. and Brickell Management Group Ltd. Mr. Watson began his career in accounting with Deloitte and over the past thirty years he has worked with several financial and international institutions.

He was strategically involved in the transition of an offshore bank and trust company to Bahamian ownership and the expansion and acquisition of investment fund operations. Mr. Watson served on the Bahamas Institute of Chartered Accountant's (BICA) Council for several years and was Chairman of the Continuing Professional Student Class A1 - 20 Education Committee. A past President and Treasurer of the Rotary Club of New Providence and a former Deputy Chairman on the Board of Directors of the Bahamas Electricity Corporation/BPL. Mr. Watson currently serves on the Catholic Board of Education.

JANIQUE WILSON Commissioner

Janique Wilson is an established and experienced senior executive with nearly 20 years in the financial services industry. She is a graduate of St. Mary's University, Canada, earning Bachelor of Commerce degree in Finance. Mrs. Wilson's professional qualifications include certifications from the Canadian Securities Institute, the International Compliance Association and the Association of Certified Anti-Money Laundering Specialists.

Along with her many years in financial services, she began her career in accounting, working in both the technology and insurance industries. Mrs. Wilson is currently employed at a leading private wealth management company as the Head of Risk and Compliance as well as the Money Laundering Reporting Officer. She is also a member of the company’s Executive Committee.

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Insurance Commission of The Bahamas

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Manager Senior Analyst Senior Analyst Analyst

ONSITE

Manager Deputy Manager Senior Analyst Senior Analyst Analyst Administrative Assistant

INSURANCE COMPANIES

System Support Engineer

Manager

IT

LEGAL AND COMPLIANCE

Manager Deputy Manager Assistant Manager Senior Analyst Senior Analyst Senior Analyst Senior Analyst

ACTUARIAL & FINANCIAL ANALYTICS

Manager Senior Analyst Analyst Analyst Senior Officer Administrative Assistant

INTERMEDIARIES

SUPERVISION

HUMAN RESOURCE COMMITTEE

OPERATIONS Project Officer Inventory Control Officer Custodian Custodian Security Officer Supervisor Security Officer Security Officer Handyman

Manager

Deputy Manager Supervisor Registry Officer Registry Officer Registry Clerk

REGISTRY/DOCUMENT MANAGEMENT

OPERATIONS

Manager Assistant Manager Senior Policy Analyst Senior AML Analyst Analyst

POLICIES, RESEARCH & PRACTICES

Manager Senior Communications Analyst Senior Business Intelligence Analyst Senior Business Intelligence Analyst

COMMUNICATION, BUSINESS INTELLIGENCE, & CONSUMER AWARENESS

Superintendent Executive Administrative Assistant Logistics Officer Front Desk Ambassador Assistant Manager

OFFICE OF THE SUPERINTENDENT

AUDIT AND FINANCE

Dr. Keith Major, Sr. (Chairman) Dwayne Mortimer (Deputy Chairman) Dana Munnings-Gray (Acting Superintendent) Lourey Smith (Commissioner) Ansel Watson (Commissioner) Janique Wilson (Commissioner)

MEMBERS OF THE COMMISSION

HR

Senior HR Officer HR Officer HR Associate

Manager

Enforcement Specialist Senior Regulatory & Compliance Officer Investigation Officer Administrative Assistant

Enforcement Manager (VACANT)

MARKET SURVEILLANCE AND CONDUCT

ORGANIZATIONAL CHART

Assistant Legal Counsel Administrative Officer

LEGAL Manager

Internal Auditor Senior Officer

INTERNAL AUDIT

INTERNAL AUDIT AND STRATEGIC PLANNING

FINANCE

Senior Accounts Officer (Receivables) Accounts Officer (Payables)

ACCOUNTS PAYABLE/ RECEIVABLES

Financial Controller

MANAGEMENT TEAM OF THE

Insurance Commission

Rodney D. Bain

Arthur Barnett, Jr.

Ronique Bastian

Jamell Bodie

SUPERVISOR, COMMUNICATION, BUSINESS INTELLIGENCE AND CONSUMER AWARENESS

MANAGER, ADMINISTRATION

SUPERVISOR, EXAMINATION UNIT

MANAGER INSURANCE COMPANIES UNIT

Jonathan Carey

Odecca Gibson

Osriea Gordon

Darrin Rodgers

SUPERVISOR, INFORMATION TECHNOLOGY

LEGAL COUNSEL, LEGAL UNIT

FINANCIAL CONTROLLER, FINANCE UNIT

MANAGER, INTERMEDIARIES AND MARKET CONDUCT UNIT

Yolande Rolle

Aaniça Scavella

Janairo Turnquest

MANAGER, POLICIES, RESEARCH AND PRACTICES

MANAGER, HUMAN RESOURCES AND EMPLOYEE RELATIONS

INTERNAL AUDITOR, INTERNAL AUDIT UNIT

Insurance Commission of The Bahamas

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STAFF OF THE INSURANCE

Commission

ADMINISTRATION

Rochelle Adderley

Steine Campbell

Phelice Jones

Deshae Key

CUSTODIAN

DEPUTY MANAGER, REGISTRY & DOCUMENT MANAGEMENT

DEPUTY MANAGER, OPERATIONS

REGISTRY ADMINISTRATIVE CLERK

Tarah McDonald

Graylon Roberts Jr.

Venesser Virgil

Raynell Wilson

SUPERVISOR, REGISTRY & DOCUMENT MANAGEMENT

PROJECT OFFICER

REGISTRY OFFICER

REGISTRY OFFICER

OFFICE OF THE SUPERINTENDENT

Felecia Darville

Dwynette Smith

Deniro Thompson

FRONT DESK AMBASSADOR

EXECUTIVE ADMINISTRATIVE ASSISTANT

LOGISTICS OFFICER

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STAFF OF THE INSURANCE

Commission

COMMUNICATIONS, BUSINESS INTELLIGENCE AND CONSUMER AWARENESS

Dominique Shepherd SENIOR BUSINESS INTELLIGENCE ANALYST

HUMAN RESOURCES

INFORMATION TECHNOLOGY

Lakisca Thurston

Troy Bastian Jr.

SENIOR HUMAN RESOURCES ADMINISTRATIVE ASSISTANT

SYSTEM SUPPORT ENGINEER

EXAMINATION DEPARTMENT

Sasha Albury

Trishawna Kelly

Ryshanda Miller

SENIOR ANALYST

ANALYST

ANALYST

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STAFF OF THE INSURANCE

Commission

ENFORCEMENT

Anthastasia Bonaby

Latroy Bodie Scott

Marinette Charleus

ADMINISTRATIVE OFFICER

INVESTIGATION OFFICER

ADMINISTRATIVE ASSISTANT

LEGAL UNIT

Desdemona Gibbs

Bionca Fountain

Krisspin Sands

ADMINISTRATIVE ASSISTANT

ASSISTANT LEGAL COUNSEL

ASSISTANT LEGAL COUNSEL

FINANCE UNIT

Trillo Edgecombe

Keri Josey

FINANCE OFFICER

SENIOR FINANCE OFFICER

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STAFF OF THE INSURANCE

Commission

INTERNAL AUDIT UNIT

Taryll Thompson SENIOR ANALYST

INSURANCE COMPANIES UNIT

Decoda Bethell

Marciano Darling

Lamond Dorsett

Gerard Lightfoot

ADMINISTRATIVE ASSISTANT

ANALYST

ANALYST

SENIOR ANALYST

Patrick Greensade

Nival Miller

Marcia Meeres

Le'Annka Rigby

SENIOR ANALYST

ANALYST

LEAD SUPERVISOR

SENIOR ANALYST

D'Kamaron Swann ANALYST

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STAFF OF THE INSURANCE

Commission

INTERMEDIARIES AND MARKET CONDUCT UNIT

Antonice Bethel-Blyden

Lorraine Munnings

Danielle Roberts

ANALYST

ANALYST

SENIOR OFFICER

Raven Storr

Anita Thelamour

Joshua Thompson

ADMINISTRATIVE ASSISTANT

ANALYST

LEAD SUPERVISOR

POLICIES, RESEARCH AND PRACTICES

Norman Haven

Dominique Toote

SENIOR POLICY ANALYST

SENIOR ANTI-MONEY LAUNDERING ANALYST

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MARKET SNAPSHOT

AS AT DECEMBER 31, 2024

DOMESTIC INSURANCE COMPANIES

18 General Insurance Companies 11 Long-Term Insurance Companies 1 Association of Underwriters

EXTERNAL INSURANCE COMPANIES AND INTERMEDIARIES

8 Single Insurance Companies 1 Segregated Accounts Companies 11 Captive Cells 9 Other External Insurers 8 External Intermediaries 7 Insurance Managers 1 Brokers

DOMESTIC INTERMEDIARIES

58 Agents and Brokers 17 Sub-Agents 9 Adjusters 690 Salespersons

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REGULATORY REVIEW

Data as of December 31, 2024

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INSURANCE COMPANIES UNIT The Insurance Companies Unit plays a pivotal role in ensuring that the Commission achieves its mandate to safeguard the integrity and stability of The Bahamas’ insurance sector. The Unit ensures that insurance companies operating in and from within The Bahamas, as well as external intermediaries, comply with insurance legislation and other relevant laws. This mandate is carried out through proactive oversight of insurers and external intermediaries operations.

INSURANCE MARKET STRUCTURE The insurance industry in The Bahamas comprises of both a Domestic and an External market. The Domestic Market consists of insurance companies and intermediaries that offer insurance services and products locally and are registered in accordance with the Insurance Act, Chapter 347. Insurance companies and intermediaries offering products and services exclusively to the international market are licensed under the External Insurance Act, Chapter 348.

Insurers registered under the Insurance Act and those licensed under the External Insurance Act are authorized to conduct either long-term (life and health) or general (property and casualty) insurance business. Additionally, insurers licensed under the External Insurance Act are classified as either restricted or unrestricted. Restricted insurers are captive insurance companies that are only authorized to conduct insurance business with the parent company or other affiliates.

EXTERNAL INSURERS DOMESTIC INSURERS

Insurance Commission of The Bahamas

OTHER EXTERNAL INSURERS

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During 2024, there was minimal movement in the number of companies in the domestic insurance market, while there was a moderate decline in the number of companies in the external insurance market. The licences of four segregated accounts companies and one intermediary licensed under the External Insurance Act were revoked during 2024.

PRUDENTIAL SUPERVISION AND REGULATION The Unit supports the Commission’s Prudential Framework by assessing insurers and intermediaries adherence to international best practices embodied in the insurance legislation and the Commission’s guidelines. The Framework includes, but is not limited to, the following:

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Risk-Based Supervision: Tailoring supervisory oversight to the size, complexity, and risk profile of each insurer.

Risk-Based Capital and Financial Soundness: Ensuring companies operate and in financial sound manner and meet or exceed capital requirements based on their risk profile and other key financial metrics.

Corporate Governance: Ensuring that the Board and senior management are fit and proper and effectively carry out their respective responsibilities for oversight and management of the insurer.

Enterprise Risk Management: Ensuring that insurers establish and operate within a sound Enterprise Risk Management framework appropriate to the nature, scale, and complexity of their business and risks.

Common Reporting Standards: Ensuring mechanisms to comply with the standards.

insurers

institute

controls

and

Supervisory Colleges: Collaboration with fellow regulators of internationally or regionally active insurers to ensure that the risks of the entity or group are considered in the supervisory process.

Authorization of Market Entrants: Assessing the financial soundness and operational capacity of entities proposing to conduct insurance business in the market.

Approval of Insurance Products: Assessing the suitability of products for the market and the insurers' financial and operational capacity to support the proposed products and services.

RISK BASED CAPITAL The fourth and final Quantitative Impact Study (QIS) on the Commission’s Risk-Based Capital Framework was conducted during the year. This iteration of the QIS included amendments to consider the impact of IFRS 17. It garnered significant participation from the general insurance market, providing valuable information to assist in finalizing the RBC Framework during early Q4 2025.

APPROVAL OF KEY FUNCTIONS Material changes to insurers and intermediaries’ operations, including the individuals responsible for key functions require the approval of the Commission in accordance with sections 30(1) and 30(4)(b) of the Insurance Act and section 10(3) of the External Insurance Act. Once such applications are submitted to the Commission, the individuals proposed to serve in key roles including senior management, directors, compliance officers and money laundering officers are assessed to determine the fitness of propriety of these individuals in accordance with the Commission’s Guidelines for Assessing Fitness and Propriety and other relevant guidelines. During 2024 the Commission approved 33 applicants to serve in key functions as follows:

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OECD COMMON REPORTING STANDARD (“CRS”) INITIATIVES During the period, insurers registered under the Insurance Act, Ch. 347, or licensed under the External Insurance Act, Ch. 348, to conduct long-term insurance business— specifically classes of life insurance (whole, universal, and variable life insurance, and/or annuities)—were required to complete two questionnaires assessing the insurer’s compliance with CRS requirements. These questionnaires outlined the CRS policies and procedures that the Commission mandates its registrants/licensees to adopt to strengthen their CRS internal control framework.

The first questionnaire informed the Commission’s understanding of the risks associated with insurers' CRS compliance. The second questionnaire, a CRS Self-Risk Assessment, served dual purposes: it outlined the CRS policies and procedures that the Commission requires its registrants/licensees to adopt to strengthen CRS internal controls, and it allowed the Commission to assess the insurers' CRS risk appetite, along with their systems and controls, and evaluate the effectiveness of managing and mitigating those risks.

To ensure continuous compliance with CRS requirements, the Commission has drafted guidelines to assist its registrants/licensees in navigating the complexity of CRS reporting.

These guidelines are expected to be issued for public consultation during the first quarter of 2025.

NEW PRODUCT APPLICATIONS The introduction of new products to both local and external markets, as well as changes to existing products, must be approved by the Commission pursuant to Section 42(1) of the Insurance Act. These products must be suitable for the market, and the insurer must have the financial capacity to support them. During the year, the Unit processed six applications for new products, all of which were approved. These products included variable life, whole life and property insurance policies.

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SUPERVISORY COLLEGES During 2024, the Commission participated in supervisory colleges for two regionally active insurance groups, encompassing four insurance companies. These colleges served as a collaborative platform with regional regulators, providing a comprehensive overview of the groups' operations. This included detailed insights into risks and exposures, risk management strategies, strategic plans, financial health, corporate governance, and compliance levels. The extensive information gathered significantly improved the effectiveness of group-wide supervision and the regulation of locally registered insurers.

APPLICATIONS TO ESTABLISH NEW INSURANCE COMPANIES A pre-application meeting is required before an application for registration or licensing can be considered. During these meetings, the Commission reviews the business plan with the prospective applicant, identifying any areas that may not comply with legislative requirements or may be unsuited for the market. Once an application is submitted, the fitness of the proposed directors, senior management, risk management processes as well as the financial viability, among other aspects of the application, are assessed. Not all pre-application meetings result in an application being submitted to the Commission.

Throughout the year, the Commission received and approved four applications, including two long-term cell applications. These applications have been approved in principle and are pending the applicants' fulfillment of the conditions of approval prior to licensing or registration. All approved applications pertain to companies to be licensed under the External Insurance Act once the conditions of approval are satisfied.

IMPLEMENTATION OF IFRS 17 The implementation of IFRS 17 continued to challenge the insurance industry. The Commission engaged with insurers and their auditors to understand these challenges, which include addressing negative reserves, balancing issues, and working with consultants to grasp the nuances of the standards. The Unit processed an unusually high volume of extension requests from the industry for the submission of quarterly financial returns and annual audited financial statements. Approximately 70% of insurers across the domestic market requested extensions to the deadline for submitting audited financial statements for the 2023 financial year-end, with several requesting multiple extensions primarily due to the challenges related to the implementation of IFRS 17.

There were similar experiences with Quarterly Financial Returns for the first quarter of 2024, with requests for extensions diminishing for the second and third quarters as the industry continued to resolve implementation issues. Based on dialogue with regulators around the region that have implemented IFRS 17, the implementation experience in The Bahamas has been similar to other jurisdictions. The industry and the Commission will continue training regarding this new standard during 2025 and beyond.

The Commission also drafted and disseminated for consultation, Guidelines for Assessing Insurers' IFRS 17 Discount Curve. The Guidelines detail the model the Commission proposes to utilize to generate the reference IFRS 17 discount rate curves for liquid and illiquid insurance contracts.

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These Guidelines inform insurers of the information that actuaries should disclose regarding how the insurer’s discount rates have been derived. By publishing reference curves, the Commission supports insurers who may face challenges developing the discount rates. It is also anticipated that the reference curves will drive convergence of practice in the market over time. The aim of these Guidelines is to allow the Commission to assess the reasonableness of the discount curves used by insurers.

These Guidelines are being adjusted as necessary based on feedback from the industry, auditors, and other stakeholders. The Commission intends to publish the guidelines during Q1 2025.

INSURANCE INDUSTRY OVERVIEW GENERAL INSURANCE MARKET AGGREGATE UNAUDITED FINANCIAL STATEMENTS DOMESTIC INSURERS

Investments, including Investment Property and Other Investments

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During 2024, the general insurance sector demonstrated strong growth, underpinned by notable increases in revenue and asset accumulation. The sector’s total assets expanded by 9.9% to $569.6 million, up from $518.3 million in 2023. This performance was primarily driven by a 24.6% increase in reinsurance contract held assets, which rose from $138.5 million to $172.6 million, as insurers strengthened their risk mitigation strategies. Further, cash and cash equivalents rose by 6.9% to $158.5 million, reflecting improved liquidity positions across the sector. Investment portfolios also grew by 11.5% to $135.2 million, amid efforts to optimize returns in a higher interest rate environment. Moreover, insurance contract assets increased by 18.9% to $33.2 million, indicative of growth in unearned premiums tied to business expansion. However, fixed assets and intangibles reduced by 13.9% and 21.6%, respectively, to $24.6 million and $2.7 million. Similarly, other assets contracted 14.9% to $42.8 million.

GENERAL INSURERS INVESTMENTS

Total liabilities grew by 16.0% to $306.4 million, owing mainly to insurance contract liabilities expanding by 14.2% to $268.8 million, driven by higher policy volumes and reserve strengthening efforts. Provisions and other liabilities rose sharply by 66.5% to $30.9 million, on account of expense accruals and operational provisioning. Moreover, total equity stood at $263.2 million, a 3.5% increase relative to the prior year, underpinned by growth in retained earnings and additional capital reserves, which demonstrate continued financial strength and capital adequacy across the sector. Though notably, reinsurance contract liabilities decreased by 33.0% to $6.7 million, feasibly reflecting changes in treaty structures or the settlement of existing obligations.

The sector recorded revenue of $563.0 million, representing a 13.7% increase over the $495.2 million recorded in 2023. Commissions rose by 8.8% to $50.7 million, consistent with increased policy sales and intermediary activity. Reinsurance costs also saw a sharp increase, rising by 31.2% to $370.6 million, which aligns with the increase in reinsurance assets observed on the balance sheet and reflects licensees’ continued reliance on reinsurance to manage exposure and enhance solvency buffers.

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GENERAL INSURANCE LINE OF BUSINESS

An analysis of the income statement revealed claims and benefits declined markedly by 34.2% to $61.5 million, which can be attributed to a lower frequency of major insured events and more favorable loss ratios. Other insurance service expenses totaled $51.0 million, reflecting a slight decline of 6.2% from the prior year, indicative of ongoing efforts by general insurers to manage administrative and service-related costs amid rising premiums and reinsurance expenditures. Despite the elevated reinsurance costs, the insurance service result rose to $29.2 million, a 60.4% improvement over the prior year’s $18.2 million.

Operating expenses remained broadly stable, increasing by just 3.7% to $21.8 million.

Likewise, investment income held steady at $7.4 million, while other income rose by 21.2% to $3.0 million, providing a further boost to overall performance. As a result, net income more than doubled to $17.9 million in 2023, compared to $7.5 million in 2022.

For the year 2024, 31.25% of general insurers submitted Quantitative Impact Surveys (QIS) which measures the licensees’ Capital Adequacy Ratios (CAR) prepared under the IFRS 17 framework. These insurers’ reported CAR ranged from 134% to 531%, all of which are satisfactory for the Insurance Commission of The Bahamas’ Capital requirements as the participating insurers displayed a strong solvency position across the sector.

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LONG-TERM INSURANCE MARKET AGGREGATE UNAUDITED FINANCIAL STATEMENTS DOMESTIC INSURERS

Investments, including Investment Property and Other Investments

The long-term sector recorded steady expansion, with total assets increasing by 7.8% to $1.39 billion, up from $1.29 billion in 2023. This growth was led by a 5.0% increase in total investments, which reached $1.05 billion as licensees continued to build and diversify their investment portfolios in line with long-term obligations. Other assets also rose significantly by 19.7%, totaling $132.2 million, while cash and cash equivalents surged by 28.5% to $98.4 million, underscoring improved liquidity positions within the sector. Further, reinsurance contract held assets increased by 11.5% to $45.6 million, signaling continued reliance on reinsurance arrangements to mitigate underwriting risks and manage long-term exposure. Insurance contract assets, though a relatively minor component of the balance sheet, increased by 8.9% to $1.7 million. Likewise, fixed assets rose moderately by 2.8% to $42.0 million, and intangible assets edged up slightly by 1.6% to $13.5 million.

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LONG-TERM INSURERS’ INVESTMENTS

On the liabilities side, insurance contract liabilities climbed by 5.2% to $807.9 million, consistent with business growth and the accumulation of policyholder obligations.

Reinsurance contract liabilities, though still relatively small in volume, grew nearly sixfold to $0.7 million, reflecting expanded reinsurance activity or renewed treaty arrangements.

Total liabilities rose by 4.6% to $914.1 million, highlighting a prudent balance of liabilities to support future claims. The sector also experienced strong capital growth, with total equity rising by 14.4% to $473.1 million. This increase was driven largely by an 18.4% rise in retained earnings, which reached $352.6 million, demonstrating strong profit retention and ongoing commitment to financial stability.

Total insurance revenue within the long-term market increased by 9.5% to $412.4 million, compared to $376.7 million in 2023. This growth signals continued premium growth and a healthy appetite for long-term insurance products in the domestic market.

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LONG-TERM REVENUE BY LINE OF BUSINESS

Claims and benefits, however, declined by 7.9% to $312.7 million, reflecting lower maturities or death benefit payouts relative to the prior year. Commissions rose by 10.3% to $16.1 million, aligned with distribution incentives and increased policy issuance. A notable feature was the shift in other insurance service expenses, which reversed from a negative $23.7 million in 2023 to a positive $9.4 million in 2024. The negative figure in the prior year was the result of adjustments by licensees who prorated future service-related expenses in advance, leading to a temporary reversal of expenses. With those adjustments now normalized, the current year’s figures more accurately reflect standard operating levels. Reinsurance expenses increased by 8.8% to $15.4 million, as licensees continued to use reinsurance as a risk transfer tool. Despite the increase in total expenses, the insurance service result grew by 83.5% to $58.9 million, demonstrating firm gains across the sector. General and operating expenses, however, decreased slightly by 2.7% to $38.9 million. Investment income rose by 3.6% to $37.7 million, supported by a favorable interest rate environment. Likewise, other income climbed by 10.9% to $17.0 million, providing additional support for bottom-line results. As a result of these developments, net income for the long-term sector rose to $74.6 million in 2024, a 70.5% expansion over the $43.8 million earned in 2022.

During the year, 81.82% of long-term insurers submitted their QISs, with reported CARs ranging from 185% to 3,506% with an average of 829%. These participants demonstrated a strong solvency position across the sector.

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EXTERNAL INSURANCE MARKET EXTERNAL INSURERS DATA AGGREGATE AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDING DECEMBER 31, 2023

Net expense from reinsurance contracts

The information above represents 2023 and 2022 as the 2024 financials statements for external insurers were unavailable at the time of the annual report.

CAPTIVE INSURERS The captive insurance sector posted solid growth in 2023, with total assets rising by 12.5% to $171.9 million from $152.9 million. This expansion was largely supported by stronger investment activity and an increase in liquid assets. Investment holdings climbed to $34.9 million, reflecting a 35.7% increase over the prior year, while cash and deposit balances rose by 7.6% to $27.9 million. Other receivables experienced a significant surge, increasing nearly eightfold to $25.9 million from $2.9 million. This sharp rise may indicate a buildup in recoverables or intra-group financial activity. In contrast, insurance contract assets dropped dramatically by 99.9% to just $2,427, likely due to claim settlements or reclassification of expected recoveries. Reinsurance contract assets were marginally higher, increasing 4.1% to $30.2 million, while intangible assets rose by 35.1% to $3.8 million.

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Total liabilities increased by 10.1% to $60.4 million, driven by movements in several categories. Specifically, other liabilities rose by 57.8% to $20.9 million, followed by a 10.0% uptick in accounts payable and accruals to $4.7 million. Also, reinsurance contract liabilities saw a modest rise of 20.9% to $623,600. These gains offset a 5.7% decrease in insurance contract liabilities to $34.0 million, from $36.1 million last year.

On the income side, insurance revenue increased by 25.8% to $38.5 million, demonstrating enhanced underwriting activity. Insurance service results rose by 38.3% to $26.2 million, supported by a 27.9% decline in total insurance services expenses.

Investment income more than quadrupled to $6.6 million from $1.6 million, reflecting favorable market conditions and likely portfolio repositioning. As a result, net income reached $18.0 million, up 39.8% from $12.9 million in 2022, driven by gains across both core and investment operations.

It is important to note that for companies within the External Insurance sector, "Insurance Revenue" as reported under IFRS 17 does not necessarily equate to "Premiums Written."

The revenue figure incorporates service components and timing of earnings recognition, which may differ significantly from traditional premium-based metrics, especially in longduration contracts.

NON-CAPTIVE INSURERS The non-captive insurance sector recorded a modest expansion in 2023, with total assets increasing by 1.0% to reach $1.08 billion. This growth was led by an identical 1.0% increase in unit-linked investment contract assets. Other assets nearly doubled, climbing to $2.7 million, while other receivables grew by 4.3% to 1.8 million. However, cash and deposits declined by 6.9% to $13.8 million, similar to a 7.1% decrease in intangible assets to $322,306.

During the review period, total liabilities increased slightly by 0.9% to $1.07 billion. This was primarily attributable to a 1.1% edge up in unit-linked investment contract liabilities to $1.06 billion. Offsetting this was a 14.1% reduction in other liabilities to $9.3 million, and a slight decline in accounts payable and accruals by 1.8% to $812,906. Moreover, total equity grew by 11.0% to $6.7 million, underpinned by a 16.7% increase in retained earnings. Share capital and contribution surplus remained unchanged.

The non-captive sector’s insurance revenue grew by $2.1% to $6.5 million in 2023.

Specifically, investment income rebounded from a minor loss in 2022, increasing to $227,471. Consequently, net investment results shifted from a loss of $81.7 million to a gain of $48.6 million, reflecting a strong recovery in market performance. Unit-linked contract assets followed a similar path, rebounding by 147.5% to $41.8 million. As for expenses, general and operating expenses decreased by 8.0% to $4.5 million, while other income declined by 65.6% to $17,168. As a result, net income fell by 42.9% to $2.2 million, driven by reduced profitability despite improved investment results.

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CEO FORUM The Commission hosted its first CEO Forum since the pandemic. There were representatives of insurance companies in attendance. Key initiatives in progress impacting the insurance industry were discussed. Additionally, insurers were reminded of the statutory and regulatory obligations of the companies. The Commission took the opportunity to entertain questions and solicit feedback. Some of the topics addressed during the Forum were: Policy updates and development, AML Risk Assessment as well as upcoming surveys.

Data gathering Complaints Handling Insurers Responsibility for their intermediaries Legislative Amendments IFRS 17 Reporting Obligations and Deadlines Prudential Risk Assessment Risk Based Capital Onsite Examination The Commission hosted its second CEO Forum for insurance companies on September 12, 2024. During the Forum the results of the AML risk assessment were discussed as well of the major concerns identified emanating from the AML Exams. Insurers were reminded of their filing obligations and where needed, to request extensions in advance. The Commission also introduced other matters that were in the pipeline including legislative amendments, climate change and Business Continuity Guidelines. The topics covered included: The Implementation of IFRS 17 IFRS 17 Discount Rate Guidelines Introduction of Risk Based Capital for General Insurers and amendments to RBC framework for Life Insurers Introduction of Stress Test for General Insurers Filings including Audited and Unaudited Financial Statements Dividend Approval AML Risk Assessment Questionnaire The dialogue during both forums was meaningful and will continue to inform supervisory practices.

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INTERMEDIARIES AND MARKET CONDUCT UNIT The Insurance Act, 2005 (the Act) prohibits insurance companies from selling products directly to the public, which makes intermediaries essential to the Bahamian insurance industry. The Intermediaries and Market Conduct Unit is responsible for the monitoring and oversight of insurance intermediaries. This Unit oversees the activities of registered intermediaries including brokers, agents, sub-agents, adjusters and salespersons. The primary responsibility of the Unit is to ensure that intermediaries comply with the legislation, guidelines and policies and promote the equitable treatment of policyholders.

The Unit provides an offsite review of intermediaries’ bookkeeping and record-keeping processes, compliance with sponsor agreements, establishment of trust accounts, and the maintenance of prescribed capital during the annual renewal process.

REGISTRATION OF CORPORATE INTERMEDIARIES AGENTS AND BROKERS As of December 31, 2024, there were fifty-eight (58) registered agents and brokers and seventeen (17) sub-agents. During the year, the Commission conditionally approved one (1) new intermediary.

Insurance agents are sponsored by licensed insurance companies to market and sell their products, while policyholders engage brokers to identify suitable insurance products for their needs. Intermediaries are compensated in the form of commissions for premiums written on behalf of the registered insurer. In 2023, audited financial statements showed that the total commissions paid to intermediaries amounted to approximately $94 million, which was an increase from 2022.

ADJUSTERS The Commission is responsible for the registration and supervision of insurance adjusters in The Bahamas. These adjusters are required to fulfill the qualifications outlined in section 120(6) & (7) of the Insurance (General) Regulations, 2010. As of December 31, 2024, there were nine (9) individual adjusters, and five (5) independent adjusters.

The services of foreign insurance adjusters were not required as The Bahamas experienced a relatively uneventful hurricane season in 2024.

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SALESPERSONS Salespersons are the primary vehicle for the distribution of insurance products. These products must be approved by the Commission before they can be marketed and sold in The Bahamas. Salespersons represent registered insurers or corporate intermediaries to conduct insurance business. Each salesperson can be sponsored by only one insurer or intermediary at a time. Salespersons must seek the Commission’s formal approval to change sponsorship. As of December 31, 2024, the Commission had registered six hundred and ninety (690) salespersons, with five hundred seventeen (517) authorized to sell long-term insurance, one hundred (100) registered to sell general insurance, and seventy-three (73) authorized to sell both types of insurance.

An individual must meet registration requirements and pass a comprehensive examination to be registered as a Salesperson. The process includes a review of the applicant’s fitness and propriety to ensure that there are no inappropriate market participants. The Commission examines applicants for registration as salespersons monthly in New Providence and Grand Bahama (based on demand). Salespersons are required to operate with a high degree of integrity, demonstrate professionalism, attend industry training, and pay their annual fees to renew their registration with the Commission.

The Commission registered eighty (80) new salespersons in 2024. Seventy-five (75) salesperson registrations were cancelled during 2024. A salesperson’s registration may be cancelled if the individual has not conducted insurance business for a one-year period, if there is a request for cancellation, or if the Commission determines that the salesperson has breached the legislation and is rendered unfit & improper to be registered by the Commission.

SALESPERSONS

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CANCELLATION OF SALESPERSONS

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SALESPERSON EXAMINATION RESULTS

APPROVAL OF INSURANCE COVER WITH UNREGISTERED COMPANIES UNDER SECTION 41 Section 41 of the Insurance Act, 2005, states that no insurance cover can be obtained for: (a) property situated in The Bahamas; or (b) liabilities arising in The Bahamas With any unregistered Company (insurer) unless the insurance cover cannot be obtained from a locally registered insurer, or the insurance cover cannot be obtained at a comparable cost.

The exemption applies to the placement of insurance business with unregistered insurers.

The Commission understands that certain insurance covers or specialty risks are unavailable in the local market or can be obtained at a more affordable premium abroad.

Should any person, entity, insurance company or intermediary wish to obtain insurance coverage from an unlicensed entity, they are required to apply to the Commission for coverage to be placed. Pursuant to Section 41(2) of the Act, the Commission has the authority to grant permission for placement of insurance cover with an unlicensed entity. section 41(3) of the Act exempts the Commission from any liability toward the applicant in relation to the insurance contract concerned or its replacement.

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INSURANCE CONTRACTS WITH UNREGISTERED COMPANIES The following table and chart breakdown the business placed with unregistered insurers as at December 31, 2024:

MARKET CONDUCT The Unit oversees investigations into matters regarding the improper actions of intermediaries and insurers. A committee reviews each matter against a registered person to determine whether the individual or entity acted in good faith and to determine if there is evidence of impropriety. These investigations may result in the cancellation of registrations or the imposition of sanctions.

The Unit began to utilize Facebook and Instagram pages in August 2024 to assist with market surveillance. The pages are anonymous and are designed to review registered salespersons to ensure that their social media communications and marketing comply with the Act. Insurance Commission of The Bahamas

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In 2024, the Unit issued four (4) Advertisement Warning Letters to salespersons who incorrectly marketed themselves as agents or as unregistered companies. The letters identified breaches under Section 134 of the Act which prohibits salespersons from making misleading advertisements or representations to the public. The Unit also issued a cease & desist letter to an insurer that was advertising in a manner which was perceived as direct selling.

EXAMINATION FINDINGS The Insurance Commission of The Bahamas’s Examinations Unit conducted one onsite examination of an insurance intermediary pursuant to Section 69 of the Insurance Act, Ch. 347. The examination assessed the intermediary’s compliance with key areas such as Corporate Governance, Anti-Money Laundering, Counter Terrorism and Proliferation Financing (AML/CFT/CPF), Risk Management, and general Market Conduct. The Commission observed two AML/CFT/PF findings, six Corporate Governance findings, and four Market Conduct areas of concern, including unclear underwriting processes, claims management, complaints handling, timeliness of audits, and late regulatory filings.

The intermediary was assessed as high risk due to critical issues identified in its internal controls and risk management framework. The intermediary will be reassessed in 2026 to further assess its implementation of corrective actions plans, the effectiveness of its internal controls and risk management framework.

SALESPERSON EXAMINATION In October 2024, the Commission launched its revised Salesperson Examination recognizing that registered salespersons in the industry should be competent in compliance-related skills as well as have in-depth knowledge of insurance products. The exam currently includes a multiple-choice section, true & false, and fill-in-the-blanks questions. The scope of the study guide and the examination were updated to include anti-money laundering content. The integration of anti-money laundering and countering the financing of terrorism content, reinforces the Commission’s mandate by ensuring that qualified salespersons possess the necessary knowledge and can act as another line of defense in the industry’s AML/CFT regime.

The Commission’s revised guidebook and examination removed references to bonds products, which are considered outside of the scope of the examination requirements.

This change aligns with recent market & regulatory insights, ensuring the examination remains relevant and focused on products actively marketed in the local insurance market. Since the revisions in October, the Commission has not observed a significant impact in the examination results. Candidate success rates have remained consistent in comparison to previous years. The Commission continues to monitor examination performance to ensure that the guidebook and examination process remains fair, comprehensive, and aligned with industry standards.

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SECOND ANNUAL SALESPERSON REFRESHER TRAINING The Commission hosted its second annual Salesperson Refresher Training Course on December 10-11, 2024, and December 16, 2024. The training aims to update attendees on the Commission’s regulatory objectives, the legislative framework, and provide updates on anti-money laundering efforts in The Bahamas. Participants were provided with an overview of their functions as prescribed by legislation, information on active investigations, risk mitigation strategies, and guidance on reputable behavior and changes to the Salesperson Examination. The Commission liaised with the Financial Intelligence Unit, the Legal Department and the Policies & Practices Department to provide comprehensive updates on our legal & regulatory compliance framework.

This seminar was attended by industry professionals, including management and salespersons from insurers and intermediaries.

Key highlights of the training included: 1.Salespersons’ Responsibilities: The IMC Unit presented insights into regular processes to ensure that attendees understand their roles and responsibilities.

2.Active Salesperson Investigations: The training discussed ongoing investigations involving salespersons. This discussion provides lessons and best practices to enhance professional conduct.

3.Updated Salesperson Study Book: Attendees were advised of changes to the study guide, including the AML component.

4.Reputable Salesperson Behavior: Attendees received guidance on professional standards, ethics, and customer service to encourage them to uphold the insurance industry’s positive reputation.

The Commission invited attendees to complete a survey to provide feedback on the seminar. This allows the Commission to continuously improve the delivery of future training seminars and dynamically assess the needs of the industry.

ENHANCING SUPERVISION AND OVERSIGHT PARTNERSHIP WITH AML ANALYTICS The Commission engaged AML Analytics (AMLA), a leading risk analytics, testing, and validation firm to conduct an AML risk assessment of registered insurers and intermediaries. AML Analytics recently introduced its Online Risk Based Systems (ORBS) which provides innovative risk analytics for reporting and supervision. AMLA surveyed all registered corporate intermediaries and is preparing a report which will contribute to the enhancement of the Commission’s regulatory frameworks and supervisory functions. The Intermediaries and Market Conduct Unit has incorporated the initial findings in its offsite risk assessments.

PENSION FUND MANAGEMENT FIRMS AND MEDICAL SERVICE PLANS Pursuant to Section 3(1)(b)(v) of the Insurance Act, 2005 (the Act) defines long-term insurance business and includes companies in the business of pension fund management.

Section 3(1)(c) of the Act states “all other classes of insurance not specified in (a) and (b) above and including but not limited to medical service plans, hospital service plans, health maintenance organizations, prepaid limited health care service plans, dental, optometry and other similar health service plans.”

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There are several pension fund management companies in the jurisdiction, none are registered or licensed by the Insurance Commission as long-term insurance businesses. In accordance with 2007 findings from the International Organization of Pension Supervisors, the Commission understands that the implementation of a risk-based supervisory framework can be challenging.

The regulation of pension fund management has the following advantages for the local industry and consumers: Protection of Beneficiaries – The establishment and supervision of clear, measurable standards governing investment strategies, risk management, audits can drive compliance and increase confidence and preserve the benefits to beneficiaries.

Deterrence of mismanagement - Effective regulations can provide a safeguard against the misuse of pension contributions.

Promotion of transparency – Information disclosures to the Commission and to beneficiaries will enhance the awareness and decision making and provide an accountability mechanism for fund managers.

Reduced potential for excessive risk-taking behaviors.

Improved stability – Rules regarding asset allocation and capital requirements will ensure that pension funds retain sufficient money to meet their obligations to retirees.

Building confidence through standardization of rules and guidelines – A common set of rules, principles and guidelines will ensure that beneficiaries are familiar with their rights and all pension funds will be monitored and assessed against the same standards.

TECHNICAL REPRESENTATIVES Section 121(8) of the Act addresses the registration of responsible officers, technical representatives and salespersons. The Commission is responsible for registering personnel to ensure that industry participants possess the minimum qualifications established by the Commission. There are currently no technical representatives registered by the Commission.

The registration of technical representatives is an important regulatory objective for the following reasons: Consumer Protection – as insurance products can be difficult to understand, customers rely on technical representatives to understand the policies and act in their best interests.

Market Integrity – Regulations can help to reduce instances of mis-selling, fraud and other unethical practices.

Ensuring Competence – Enforcing the minimum standards for education, training, and professional development will ensure that the industry is resilient and all participants in the insurance business possess sufficient knowledge to provide related services.

Addressing Information Asymmetry – Regulating technical representatives is advantageous for consumers due to information asymmetry. Through regulation, the Commission can ensure that there are knowledgeable technical representatives employed by insurance companies and intermediaries.

Assisting with Complaints and Dispute Processing – The regulation of technical representatives also allows for an avenue of redress with the appropriate parties.

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COMPLAINTS PORTAL All insurance companies are required to have internal complaints processes. These processes should allow policyholders or beneficiaries to file complaints with an insurer if they are dissatisfied with a claim settlement. If a complaint is unable to be resolved in favor of the policyholder or beneficiary, they may file a complaint with the Commission. The complainant is required to make a complaint to the insurance company or intermediary; submit the final complaint letter from the insurer and complete the Commission’s complaint form with all necessary attachments.

The Commission made significant progress in its complaint handling process, improving delivery and accessibility to the public. In July 2024, the Insurance Commission launched its new Complaints Portal accessible through the official website. Individuals can efficiently submit complaints for processing. The portal reflects the Commission’s commitment to transparency, accountability, and excellence in its regulatory service to the public. The complaints process was initially managed by the Intermediaries & Market Conduct Unit but has since been reallocated to the Commission’s Enforcement Unit.

In general, complaints are focused on three general issues in the Bahamian insurance industry: 1.Claims handling – delays in processing claims, disputes over amounts or denial of claims which the policyholder deems legitimate.

2.Understanding of policy terms – policyholders may seek the assistance of The Commission in resolving circumstances where the terms of their insurance policy were not clearly explained, or the interpretation of the policy differs between the insurer and the policyholder.

3.Misappropriations and Misrepresentations – complaints arise from alleged misrepresentations, high-pressure sales tactics, or unregistered persons selling insurance.

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EXAMINATION DEPARTMENT Effective September 1, 2024, the On-Site Team was formally separated from the Insurance Companies Unit of the Supervision Department to form the Examination Department. The Department is mandated to conduct on-site inspections of its licensees pursuant to Section 69 of the Insurance Act, 2005, and Section 41 of the External Insurance Act, 2009, with the objective of effectively monitoring and ensuring compliance with insurance legislation and guidelines mandated by the Commission. On-site examinations are driven by findings of risk assessments and desk-based reviews conducted by the Off-Site Team, Financial Analysts and Intermediaries and Market Conduct Unit, in addition to any other material findings relative to the insurance company or intermediary. The scope of the examinations may include but is not limited to: an assessment of the insurer's corporate governance and board oversight framework, risk management framework, operational effectiveness, financial management, Anti-money Laundering, Counter Terrorism and Proliferation Financing (AML/CFT/PF) compliance.

The Examination Department is comprised of the following persons: Ronique Bastian (On-site Lead Supervisor) Sasha Albury (Senior Analyst) Trishawna Kelly (Analyst) Ryshanda Miller (Analyst)

ROLE OF THE EXAMINATION DEPARTMENT The role of the Examination Department is to ensure that licensees and registrants of the Commission act in accordance with applicable guidelines, international best practices and the following legislation: Insurance Act, 2005 External Insurance Act, 2009 Insurance (General) Regulations, 2010 Financial Transactions Reporting Act, 2018 On-site examinations are conducted to ensure that insurers and intermediaries act with integrity and in the best interest of policyholders. Emphasis is placed on assessing the adequacy and effectiveness of a licensee’s corporate governance and risk management frameworks, in addition to its AML/CFT/PF and internal controls, ensuring that weaknesses or vulnerabilities can be detected, managed, and mitigated. Through these examinations, the Commission plays a critical role in safeguarding the credibility, stability, and reputation of the insurance sector in The Bahamas.

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RISK BASED SUPERVISION The Commission employs a Risk-Based Supervisory Framework to supervise and monitor insurers and intermediaries. Risk-based supervision is a comprehensive, formally structured system that assesses risk within the industry such as liquidity, reinsurance, market, operational, underwriting and investment risks. This Framework enables the Commission to utilize its resources efficiently and effectively by prioritizing the areas of higher risk relative to individual insurers, while taking into account factors such as the Company’s size, market share, risk exposure and the complexity of its business operations. On-site examinations help to detect emerging risks and operational vulnerabilities that might not be visible through periodic filings or desk-based assessments alone. These examinations provide valuable insight into the actual practices and behaviors within the licensee, to ascertain a holistic picture of its risk profile.

RISK ASSESSMENTS Risk assessments of the licensees are conducted, with risk ratings of High, Medium and Low assigned based on the established criteria. The frequency of the on-site examinations of the licensee is driven by the assigned risk rating as indicated in the table below.

Licencee Risk Rating

Examination Frequency

High

Annually

Medium

2 Years

Low

3 Years

The frequency of on-site examinations is also dependent on emerging risks or material concerns that may arise by way of desk-based reviews or otherwise.

SECTOR RESILIENCE On-site examinations play a vital role in enhancing the resilience of the insurance sector by identifying weaknesses within individual institutions and ensuring that corrective actions are implemented promptly to prevent localized issues from escalating into broader systemic risks. This proactive intervention strengthens the overall health of the sector and its ability to withstand shocks and/or unexpected events. Examinations also serve as a useful tool for promoting regulatory compliance and market discipline. Further, a robust on-site examination program encourages institutions to uphold high standards of governance, transparency and ethical conduct, which in turn fosters trust and confidence in the insurance sector.

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2024 ON-SITE EXAMINATION REVIEW During the last quarter of 2024, two (2) thematic on-site examinations were conducted by the newly established Examination Team. The Companies included a general insurer and intermediary. The key areas assessed included: corporate governance, risk management, Anti-money Laundering, Countering the Financing of Terrorism and Proliferation Financing (“AML/CFT/PF”) inclusive of Sanctions Screening, internal audit and market conduct. Based on the areas assessed, risk ratings were assigned with an overall weighting of High, Medium or Low based on the identified risks. Factors such as the Company’s size, market share and complexity of its business operations were also factored in the scoring. The Examination Team will continue to monitor the progress of the Companies assessed as it relates to the implementation of corrective actions to address issues identified during the on-site examinations.

ONGOING MONITORING AND FOLLOW-UP In the key areas assessed during on-site examinations conducted in 2024, there were instances of non-compliance with applicable legislation. Based on these findings and observations, recommendations have been formulated to support licensees in meeting their regulatory obligations and to ensure alignment with international best practices.

Key recommendations derived from these examinations include: Corporate Governance & Compliance Board of Directors should: Evaluate the performance of the CEO and Senior Management on an annual basis.

Ensure that potential conflicts of interest are addressed and managed appropriately.

Licensees are required to notify the ICB of any material changes to Senior Management or other significant organizational changes within thirty (30) days of the change taking effect.

Renewal applications and supporting documents should be submitted to the ICB within the stipulated timeframe.

Risk Management & Internal Controls Insurance Companies and Intermediaries should maintain a comprehensive risk management framework aimed at identifying, managing and monitoring risks to ensure that they are able to withstand unexpected shocks.

Establish a robust Internal Audit program to evaluate internal controls and operational efficiency.

Maintain an effective Reinsurance program.

Training & Staff Competency Ensure that all staff and salespersons complete annual AML/CFT/PF training, as prescribed by legislation.

Ensure that staff and agents obtain and maintain current Professional Licenses and Certifications.

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Policies & Client Documentation Ensure that policies are implemented to effectively guide internal processes and procedures that align with legislative requirements, guidelines mandated by the ICB as well as international standards.

Ensure that policy documents are correctly executed within the prescribed timeframe and that policyholders understand the terms and conditions of their policy.

Ensure that proper Customer Due Diligence (“CDD”) and Know Your Customer (“KYC”) processes have been implemented and adhered to.

Ensure that client files are complete and include all required forms and supporting documentation.

Ensure that appropriate data protection and retention measures are implemented and enforced.

Information Security Implement and maintain effective information security controls, inclusive of an effective Business Continuity Plan (“BCP”).

Ensure that staff is given appropriate training in data/cyber security, in an effort to mitigate potential threats and associated risks.

The findings and observations identified during the on-site examinations are monitored on a continual basis inclusive of corrective actions. The status of each item is tracked and categorized appropriately, as completed, in progress, or overdue. Follow-up discussions with the licensee’s Principal Representative or key personnel will be conducted to better understand any challenges impeding progress. Where significant deficiencies persist, these matters will be escalated and may be subject to penalties, fines or other enforcement actions. If necessary, a follow-up on-site visit may be conducted to assess the licensee’s corrective actions and determine whether enforcement measures should be considered.

TRAINING Members of the Examination Team have been actively engaged in training and have obtained certifications in key areas such as: Financial Crime, Compliance and Risk Management, Reinsurance, Regulatory Strategy and Common Reporting Standards. Training will expand to include Insurtech and emerging risk areas such as: Cybersecurity, Environmental, Social, and Governance (ESG), Artificial Intelligence (AI), and Diversity, Equity, and Inclusion (DEI). Further, training will be conducted on an ongoing basis to ensure that all team members are adequately equipped with the knowledge and resources needed to effectively assess licensees and registrants of the Commission.

Additionally, it is important to note that the Commission has made a significant investment in software to enhance the efficiency of the examination processes and to further equip the Team with the necessary tools.

STRENGTHENING ON-SITE EXAMINATIONS TO ADDRESS EMERGING RISK AREAS The Insurance industry in The Bahamas is undergoing a transformative shift driven by emerging risks such as, Cybersecurity, Environmental, Social, and Governance (ESG), Artificial Intelligence (AI), and Diversity, Equity, and Inclusion (DEI). These domains are not only reshaping operational and risk management practices but are also becoming critical indicators of institutional resilience and long-term sustainability.

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Therefore, in recognition of the dynamic risk environment, the Examination Department will adopt a structured approach to enhance the effectiveness of its on-site examination framework which will enhance regulatory oversight, support prudent risk management, and foster a more secure, innovative, and inclusive insurance sector aligned with international best practices.

Impact on the Insurance Industry

Benefit in Future On-site Examinations

Cybersecurity

Insurers handle vast amounts of sensitive customer data, requiring robust cybersecurity measurers to protect against data breaches and cyber threats. The Insurance Commission of The Bahamas mandates comprehensive policies and procedures for compliance with AML and CFT laws, including adequate cybersecurity protocols.

Incorporating cybersecurity assessments into on-site examinations allows regulators to evaluate the effectiveness of insurers’ data protection strategies, ensuring compliance with legal requirements and safeguarding consumer trust.

Environmental Social, and Governance (ESG)

ESG considerations are reshaping the insurance landscape, influencing investment strategies, product offerings, and corporate governance in The Bahamas, the Carbon Credit Trading Act and the Climate Change and Carbon Market Initiatives Act promote sustainable practices within the insurance sector.

Assessing ESG integration during on-site examinations enables regulators to ensure that insurers are adopting sustainable practices, managing environmental risks, and adhering to governance standards, thereby fostering longterm industry stability.

AI is transforming the insurance industry by enhancing underwriting accuracy, optimizing claims processing, and personalizing customer experiences. However, it raises concerns regarding data privacy, algorithmic bias, transparency.

Evaluating AI implementations during on-site examinations allows regulators to assess the ethical use of AI, ensuring that insurers employ transparent and fair algorithms that comply with regulatory standards and protect consumer interests.

Advancing DEI within insurance companies supports sound governance and consumer outcomes. The IAIS emphasizes that a commitment to DEI enhances corporate culture and aligns with broader ESG objectives.

Incorporating DEI assessments into on-site examinations enables regulators to evaluate insurers’ efforts in promoting inclusive practices, ensuring fair treatment of diverse consumers, and fostering a positive organizational culture.

Emerging Risks

Artificial Intelligence (AI)

Diversity, Equity, and Inclusion (DEI)

The integration of Cybersecurity, Environmental, Social, and Governance (ESG) considerations, Artificial Intelligence (AI) ethics, and Diversity, Equity, and Inclusion (DEI) into future on-site examinations is fully aligned with the Insurance Act, 2005, which mandates the Insurance Commission of The Bahamas to ensure effective supervision, promote sound risk management practices, and safeguard policyholder interests. Section 4 of the Act, empowers the Commission to promote the soundness of the financial system and requires that licensees operate with prudence and integrity. Additionally, with the incorporation of emerging risks into on-site assessments, the ICB further ensures that its licensees and registrants are not only compliant with regulatory standards but are also building resilient, future-ready operational systems. This proactive approach will help to address modern threats such as data breaches, environmental risks, algorithmic bias, and social inequity, while enhancing industry resilience and reinforcing The Bahamas' position as a progressive, well-regulated insurance jurisdiction.

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LEGAL UNIT The function of the Legal Unit (“Unit”) is to provide comprehensive legal advice to the Insurance Commission of The Bahamas (“Commission”), ensuring adherence with applicable legislative frameworks; and enforcement of the laws administered by the Commission, thereby upholding regulatory compliance and fortifying the legal integrity of the insurance industry.

The Unit is primarily responsible for reviewing, formulating, and amending legislation administered by the Commission, with a particular focus on advancing its supervisory and regulatory framework governing the Bahamian insurance sector. The Unit also plays an integral role in the development and assessment of the Commission’s guidelines and policies, ensuring consistency with the statutory mandates under the Commission’s purview.

LEGISLATIVE DEVELOPMENT The Commission has conducted a rigorous and comprehensive review of the legislative framework governing its mandate. This review exposed systemic deficiencies and critical legislative gaps that require urgent rectification. Foremost, is the misalignment in the requirements for the renewal of registration by registrants under the Commission’s jurisdiction, which undermines regulatory consistency and operational integrity.

Additionally, while the Insurance Act, Ch. 347, ostensibly provides for the regulation of medical and health service providers, it is devoid of an adequate supervisory framework to ensure their compliance and accountability. This deficiency is mirrored in the regulation of insurance consultants, further exacerbating the vulnerabilities within the regime.

The current legislative framework falls critically and significantly short of international best practices, including the Insurance Core Principles articulated by the International Association of Insurance Supervisors. Such deficiencies jeopardize the Commission’s ability to effectively discharge its statutory responsibilities and erodes The Bahamas’ credibility and competitiveness within the global regulatory environment.

Recognizing the fundamental importance of a robust and modern legal framework, the Commission continues its advancement of a comprehensive legislative reform agenda.

Central to this initiative is the amalgamation and modernization of the legislative regime to eliminate fragmentation, enhance coherence, and ensure alignment with global regulatory standards. These reforms are indispensable to establishing a forward looking resilient, and progressive framework that fortifies the Commission’s regulatory oversight, bolsters jurisdictional credibility, and ensures the Commission’s effectiveness in safeguarding the interests of stakeholders.

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GUIDELINE DEVELOPMENT The Commission, in 2024, developed and disseminated for consultation the Road Traffic (Amendment) Act, 2024 Guidelines (“Guidelines”), to ensure that registrants fully understand and adapt to the significant changes introduced by the Road Traffic (Amendment) Act, 2024 (“Act”).

The Guidelines, which require registrants to establish and maintain comprehensive policies and procedures, will ensure compliance with the provisions of the Act. Specifically, the Guidelines mandate the implementation of processes for cancellations, record-keeping protocols, verification of cancellation information, and robust compliance monitoring procedures. These measures are designed to strengthen operational transparency, mitigate risks, and enhance accountability across the insurance industry in The Bahamas.

The implementation of the Guidelines will represent a pivotal step in aligning the practices of the industry with legislative expectations.

DEVELOPMENT AND IMPLEMENTATION OF INTERNAL POLICIES In collaboration with the Human Resources Department, the Unit successfully developed and implemented three key internal policies to enhance operational efficiency, promote ethical standards, and support its employees. These policies are: Remote Work Policy - Designed to formalize the arrangements for remote work within the Commission, this policy provides a structured regime for employees to perform their duties remotely. It sets forth the expectations, responsibilities, and compliance measures required to maintain productivity, date protection, and alignment with the Commission’s objectives.

Business Conduct and Ethics Code - This code serves as a cornerstone for fostering a culture of integrity and accountability within the Commission. It prescribes the ethical standards and behavioral guidelines that employees are required to adhere to while performing their professional duties and conducting the business of the Commission. The code reinforces the Commission’s commitment to business and ethical governance.

Cafeteria Policy - This policy establishes the framework for regulating and administering employee access to the subsidized cafeteria program. It outlines procedural requirements and compliance standards to ensure equitable and efficient utilization of this benefit.

These policies reflect the Commission’s dedication to creating a supportive, transparent, and accountable working environment while upholding its operational and ethical standards.

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POLICIES, RESEARCH AND PRACTICES UNIT The Policies, Research, and Practices (PRP) Unit plays a crucial role in ensuring the regulation and development of the Bahamian insurance sector. Tasked with shaping comprehensive policies, conducting research, and fostering international cooperation, the PRP Unit ensures the sector remains compliant with both local legislation and international best practices. This report provides an overview of the Unit’s activities, initiatives, and contributions to the Commission’s regulatory framework during the past year.

INTERNATIONAL ENGAGEMENT AND COLLABORATION The Unit actively engages with global counterparts to stay abreast of emerging regulatory trends and ensure the Bahamian insurance sector remains competitive and resilient. Key collaborations include: International Associations: The Unit maintains strong relationships with the International Association of Insurance Supervisors (IAIS), the Financial Action Task Force (FATF), the Caribbean Financial Action Task Force (CFATF), and the Caribbean Association of Insurance Regulators (CAIR). The Commission is a member of CAIR’s Climate Risk Change working group. These partnerships provide valuable insights into global regulatory standards and contribute to the strengthening of local regulations.

Group of Financial Service Regulators (GFSR): The Unit participated in multiple Joint Guidance Working Groups (JGWG) under the GFSR, contributing to the development of important guidance on proliferation financing, politically exposed persons (PEPs), and self-regulatory status for the Bahamas Association of Compliance Officers (BACO).

RESEARCH AND BENCHMARKING INITIATIVES The Unit places significant emphasis on research and benchmarking to continuously refine the Commission’s regulatory framework. Key initiatives this past year included: Unit-Linked Insurance Products Review: A comparative study of the regulatory frameworks in Bermuda, India, and the United Kingdom to assess policy improvements for the jurisdiction.

A Fast-Tracked Pre-Authorization Process for Captive Insurance Cells: An analysis of Guernsey Financial Services Commission’s process to enhance the efficiency of approving Segregated Account Companies.

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Emerging Technology Benchmarking: Research into the regulation of blockchain technology across ten jurisdictions, with a focus on the regulatory sandboxes of Bermuda and Singapore.

Additional research projects included benchmarking remote work policies, evaluating micro-credential programs in specialized areas such as data analytics and cybersecurity, and strengthening the Commission’s internal audit functions.

SUBSCRIPTIONS MANAGEMENT The PRP Unit is responsible for managing essential subscriptions that support the Commission’s regulatory and supervisory functions. These include: World Check – Used for conducting Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, with over 4 million records for financial crime risk identification.

A.M. Best – Provides analysis of the financial strength and creditworthiness of insurance companies. The Unit ensures staff have access to the most current reports.

FSI Connect – An e-learning platform offering specialized training for financial regulation and supervision, managed by the Unit to maintain staff engagement.

LOMA – The Unit oversees educational programs within the insurance industry, facilitating access for both Commission staff and external candidates.

POLICIES, GUIDELINES, AND REGULATORY INITIATIVES The Unit’s policy development efforts focused on emerging challenges within the insurance sector, with key initiatives in the following areas: Cyber Risk and Operational Resilience: The Unit has laid the foundation for developing a regulatory framework to address cyber risks and promote operational resilience. This includes identifying best practices in cybersecurity, IT risk management, and business continuity. The Unit has also worked to facilitate communication with insurers regarding emerging cyber threats.

Climate Risk Management: In response to global concerns about climate change, the Unit is guiding the insurance industry to adopt risk management practices that address the financial risks posed by climate change. Earlier in the year, the Unit participated in the CARTAC Climate Risk and Financial Stability Workshop to enhance industry preparedness for climate-related risks.

International Cooperation and Global Standards: The Unit has contributed to the IAIS’ Climate Risk Consultation Package and begun beneficial research on the treatment of pensions by insurance regulators. Additionally, the Unit has been involved in the review of Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Counter Proliferation Financing (CPF) guidelines to ensure compliance with evolving global standards.

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COMPLIANCE WITH UNITED NATIONS SECURITY COUNCIL SANCTIONS SCREENING FILINGS The Unit has also been diligent in upholding international financial crime prevention standards. As of November 30, 2024, twenty-one (21) notices were issued to long-term insurers regarding the United Nations Security Council (UNSC) sanction lists. These notices were issued by the National Identified Risk Framework Coordinator’s (NIRFC) request. They align with the International Obligations (Economic and Ancillary Measures) Amendment Act (IOEAMA), 2018, which mandates compliance with UNSC and unilateral sanctions. These notices also align with the reporting obligations outlined in the AntiTerrorism (Amendment) Act, 2019.

The Unit plays a crucial role in disseminating sanctioned entities and individuals to insurers, issuing notices as directed by the NIRFC, and posting these notices publicly.

The Unit records responses and applies penalties for non-compliance. Compliance among insurers remains high, with most companies submitting required declarations.

NATIONAL RISK ASSESSMENT (NRA) In 2022, the Bahamian Government commenced the process of updating its National Risk Assessment (NRA) for AML/CFT/CPF. The NRA was first completed in 2015/2016 with the objective of evaluating current AML/CFT/CPF risks, threats, and vulnerabilities in the country.

As part of this assessment, the Commission conducted a comprehensive review of the insurance sector to identify AML/CFT/CPF vulnerabilities, given the size, operations, customer base, and product offerings of insurance companies.

The insurance industry’s assessment and the overall level of vulnerability for the country was finalized in December 2024. The insurance sector was assessed as having a medium risk for AML/CFT/CPF.

AML/CFT/CPF ONSITE EXAMINATIONS The Commission’s AML/CFT/CPF strategy mandates the monitoring and examination of insurers to ensure their compliance with local AML/CFT/CPF laws and regulations. As of June 30, 2024, the submission deadline for most examinations, a total of fourteen (14) examinations were submitted by external auditors and insurance companies, in cases where an off-site examination was conducted. The tables below show that as of November 30, 2024, all on-site examinations (OSE) required have been conducted and submitted to the Commission.

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As of the current reporting period, five (5) domestic long-term insurance companies have been granted waivers exempting them from engaging an external auditor for the on-site examination of their AML/CFT/CPF policies, systems, and controls. Instead, these companies have been authorized to conduct self-examinations (off-site) overseen by a senior staff member.

To date, all sixteen (16) OSEs have been analyzed.As of December 2024, the Unit has begun issuing letters to licensees that highlight deficiencies that need to be addressed and include an action plan for remediation. The Unit is working on creating remedial action logs to track the remediation of the deficiencies.

ONLINE RISK-BASED SYSTEM (ORBS) To enhance the Commission’s risk-based strategy for monitoring and assessing AML/CFT/CPF risks among insurers, the Commission has implemented AML Analytics’ Online Risk-Based System (ORBS). This implementation was spearheaded by the PRP Unit.

After several weeks of testing by the Commission’s working group, the system successfully went live in September 2024. All long-term and general insurers were provided with login credentials to access the system and begin completing an internally developed AML/CFT/CPF risk assessment questionnaire. This initiative strengthens the Commission’s ability to assess and manage financial crime risks within the insurance sector, contributing to the overall regulatory framework.

INTERNAL COLLABORATIONS The Unit has undertaken several collaborative projects in conjunction with other units with the Commission to address current and future regulatory or staffing needs. Notable projects include: Remote Work Policy: In collaboration with the Human Resources Unit, the PRP Unit has assisted in the development of a policy that incorporates comparative studies of domestic and international best practices for managing hybrid and remote workforces.

Micro-Credential Programs: The Unit has investigated opportunities for specialized training in critical areas such as data analytics, cybersecurity, and sustainability to support regulatory responsibilities.

Workforce Skills Assessment: The Unit has collaborated with the Supervision Unit to assess the qualifications and skills required within the insurance industry to ensure a well-trained and capable workforce.

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CONCLUSION During 2024 the Unit has demonstrated its commitment to enhancing the regulatory framework for the insurance industry in The Bahamas. Through international collaboration, extensive research, and policy development, the Unit has ensured that the Commission remains responsive to both local and global challenges. Moving forward, the Unit will continue to focus on emerging risks, enhance regulatory practices, and maintain a strong connection to global regulatory trends to foster a stable and resilience insurance sector.

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OPERATIONS UNIT In 2024, the Operations Unit made significant progress in advancing infrastructure and operational initiatives to support the Commission's growth. Our primary goals centered on enhancing facilities management, promoting sustainability, and identifying strategic opportunities for future expansion. Despite logistical challenges, the Unit maintained momentum, ensuring that all activities aligned with the Commission's overarching strategic objectives.

KEY ACHIEVEMENTS OFFICE EXPANSION We completed the construction of two additional office spaces within our leased premises. These spaces now accommodate the Human Resources Department and the Communication, Business Intelligence, and Consumer Awareness Unit. This expansion addressed immediate workspace needs and fostered a collaborative and efficient working environment.

BASEMENT RENOVATION The basement was extensively refurbished to house the Registry & Document Management Unit. Renovations included redesigned workflows, installation of modern workstations, high-speed fiber optic connectivity, and structural enhancements. Although minor electrical work remains, the space is already in use by temporary staff.

ELECTRIC VEHICLE (EV) INTEGRATION To advance our sustainability goals, the Commission acquired a second electric vehicle and installed a dedicated EV charging station at the primary location. Protective infrastructure was added to ensure security, supporting the Commission’s environmental stewardship by reducing carbon emissions.

STAFF UNIFORM PROGRAM A new uniform program was launched, providing all employees with professional attire featuring the Commission’s branding. A comprehensive Staff Uniform Policy was finalized to guide distribution, maintenance, and usage, reinforcing organizational identity and professionalism.

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STRATEGIC INFRASTRUCTURE PROJECTS EXPANSION PLANNING Recognizing future growth needs, the Operations Unit evaluated several potential sites for additional office space. Properties assessed included Prospect Ridge, Western New Providence Commercial Centre, Lyford Cay House, One West Plaza, and Gilingham House. Each site was evaluated based on cost, location, available amenities, scalability, and operational compatibility.

CHALLENGES AND MITIGATION STRATEGIES VENDOR AND SUPPLY CHAIN DELAYS Shipment delays and limited vendor availability impacted project timelines. In response, we broadened our vendor network, initiated earlier procurement processes, and developed contingency plans to mitigate potential delays.

APPROVAL PROCESSES Securing infrastructure approvals, particularly for the EV charging station and basement renovations, proved time-consuming. We addressed this by engaging stakeholders early, preparing detailed submissions, and maintaining regular follow-up communication to expedite approvals.

COST MANAGEMENT Rising project costs, particularly for EV infrastructure and office renovations, were managed through strategic cost-sharing proposals, value engineering, and active vendor negotiations to maintain budget discipline.

OUTLOOK FOR 2025 Looking ahead, the Operations Unit will focus on further strengthening operational efficiency, expanding sustainable initiatives, and supporting infrastructure growth. Key priorities include: Fully operationalizing the Registry & Document Management Unit.

Finalizing and executing lease agreements for new office space.

Expanding the electric vehicle fleet to further reduce the Commission's carbon footprint.

Enhancing vendor management practices for improved service delivery.

Strengthening interdepartmental collaboration to drive innovation and operational excellence.

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Through strategic planning, adaptability, and proactive leadership, the Operations Unit has built a strong foundation for the Commission's continued success. As we move into 2025, we remain committed to delivering operational excellence, enhancing service delivery, and supporting sustainable development initiatives.

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REGISTRY & DOCUMENT MANAGEMENT UNIT The vision of the R&DM Unit was framed to ensure the establishment of a functionally adequate, comprehensive and advanced records and document management system, that would meet the needs of all staff levels, by maintaining and preserving the data assets of the Commission, physically and digitally.

In 2010, the Commission launched its first digitized document management system which was upgraded in 2020. Since then, the need for a more agile system became urgent, in addition to an organized focus on its physical data assets.

Commencing in the mid-summer of 2024, numerous e-solutions were investigated and reviewed, with a final determination being made to commission a bespoke management system through a company that currently provides other digital services to the ICB. This entity conducted a study of the top global records and document management systems and demonstrated their ability to provide the same in a SharePoint environment.

Intensive work continues in the development of the project plan, which was launched early this year (2025). Notwithstanding the very intensive and wide scope of work, the Commission’s goal is to enjoy a scalable and integrated system that: Automates the documentation/filing of its regulatory business and administrative processes and workflows, through AI technology Provides users with reliable access to versioned data through simple and advance searches Connects with other electronic applications in the provision of quality reporting and predictive analysis Accommodates continuous validation of processes to assist in risk mitigation Accomplishing the above requires targeted training, which began at a managerial level in August, when the Deputy Manager of the R&DMU attended the National Association of Government Archives and Records Administrators (NAGARA) in Atlanta, GA. Commencing October 15, 2024, the Unit was fully staffed with both junior and a seasoned document management specialist, who all participated in a 20-hour introductory course that was facilitated in-house by The Bahamas Institute of Financial Services. Concentrated training will continue into the new year per the Commission’s objectives in developing its human resources through certifications and other educational pursuits.

The Unit will continue to align its development and information governance with ISO 1589 and parts related thereto.

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INFORMATION TECHNOLOGY UNIT KEY ACHIEVEMENTS FOR 2024 DATA SECURITY & CYBERSECURITY ENHANCEMENTS The Commission enhanced its information security and operational resilience through several key initiatives. Secure printing was introduced to protect confidential documents and minimize waste by requiring user authentication before releasing print jobs.

Comprehensive backup solutions were implemented to safeguard critical data and support business continuity. Cybersecurity measures were strengthened with multi-factor authentication, advanced threat detection and response, and improved network protection. Additionally, mandatory security awareness training was rolled out to help staff identify and prevent phishing attempts.

IT INFRASTRUCTURE MODERNIZATION The Commission advanced its technology infrastructure to improve connectivity, security, and user experience. Network management was brought in-house, enabling greater control and reliability. Wireless coverage was expanded, and modern standards were adopted to deliver faster and more efficient access. Legacy systems were retired, and updated platforms were introduced to strengthen performance and security. Identity management processes were streamlined to support a secure hybrid environment.

Additionally, a new helpdesk system was implemented to enhance service delivery and improve issue tracking.

BUSINESS CONTINUITY PLANNING (BCP) AND DISASTER RECOVERY (DR) The Commission strengthened its resilience by establishing a dedicated disaster recovery site to ensure continuity during major disruptions. Comprehensive business continuity and recovery tests were completed, confirming the ability to maintain critical operations remotely. Measures were introduced to support uninterrupted communication and safeguard essential data through secure offsite backups.

PHYSICAL SECURITY ENHANCEMENTS The Commission enhanced its physical security by upgrading surveillance systems to improve monitoring and safety. Modern camera technology and recording solutions were implemented to provide comprehensive coverage and strengthen access control at key entry points.

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END-USER SUPPORT & ONBOARDING The Commission provided comprehensive IT support to maintain smooth day-to-day operations and deliver a seamless user experience. New staff members were onboarded with fully configured laptops, security training, and access to the necessary tools and resources. Efforts to replace outdated laptops continued, improving productivity and user satisfaction across the organization.

COMMUNITY ENGAGEMENT The Commission supported education by donating fully equipped computers and monitors to local schools, ensuring they were ready for immediate classroom use. Each system was prepared with essential tools to facilitate learning and enhance students’ access to technology.

BASEMENT INFRASTRUCTURE DEVELOPMENT The Commission upgraded its workspace infrastructure to improve connectivity and efficiency. Work areas were equipped with modern communication tools and network enhancements to support seamless operations and collaboration.

COMMUNICATION SYSTEM OVERHAUL The Commission modernized its communication systems by transitioning to updated phone solutions and retiring legacy platforms. These improvements provide greater flexibility and reliability for internal and external communications.

EMAIL & APPLICATION IMPROVEMENTS The Commission improved its digital ecosystem by transitioning all email services to a secure, integrated platform and introducing modern financial management tools to enhance efficiency and support critical operations.

IT DEPARTMENT GROWTH The Commission strengthened its IT capabilities by expanding the team with an additional technical role, enhancing capacity to manage growing demands and deliver improved support. This strategic investment has resulted in faster response times, greater specialization, and overall improved service delivery, positioning the department to meet future needs effectively.

FUTURE-READY SOLUTIONS The Commission enhanced remote work capabilities by implementing secure access solutions and introducing advanced mobile device management tools to strengthen data protection and streamline operations.

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PROFESSIONAL DEVELOPMENT The Commission strengthened its cybersecurity expertise by participating in a national conference and workshop focused on modern security strategies and threat intelligence.

This engagement enhanced the team’s knowledge and fostered collaboration with industry professionals, improving the organization’s ability to address evolving cyber risks.

The Commission continued to invest in professional development by participating in a leading technology conference, gaining insights into emerging innovations and best practices. This engagement provided valuable knowledge to help drive efficiency and foster innovation across the organization.

In 2024, the Commission achieved major advancements in technology and security to strengthen organizational resilience and efficiency. Key initiatives included modernizing infrastructure, enhancing cybersecurity, and improving disaster recovery capabilities. A dedicated disaster recovery site was established, and comprehensive continuity tests confirmed the ability to maintain critical operations during disruptions. Network and communication systems were upgraded to deliver faster connectivity and greater reliability, while secure remote access and mobile device management tools were introduced to support flexible work environments.

Cybersecurity remained a top priority, with enhanced protections, advanced monitoring solutions, and mandatory security awareness training implemented to safeguard data and systems. Physical security was improved through upgraded surveillance and access control measures. The IT team expanded to increase capacity and improve service delivery, ensuring faster response times and specialized support.

The Commission also invested in professional development by participating in leading technology and cybersecurity conferences, gaining insights into emerging trends and best practices. Additionally, community engagement was demonstrated through the donation of fully equipped computers to local schools, supporting digital learning initiatives.

These strategic investments position The Commission to deliver secure, innovative, and efficient IT services that align with its mission and prepare for future challenges.

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FINANCE UNIT The Finance Department plays a pivotal role in supporting the strategic objectives of the organization by ensuring accurate financial management, compliance, and reporting.

During the year, the department continued to uphold its commitment to excellence by maintaining efficient financial operations, fostering collaboration with professionals dedicated to distinct but complementary functions, the department worked cohesively to achieve its monthly targets, demonstrating resilience and adaptability in the face of evolving organizational needs.

PREPARATION OF THE 2024 AUDITED FINANCIAL STATEMENTS The Commission maintained its strong commitment to transparency and accountability by preparing audited financial statements for the year ended December 31, 2024, in accordance with internationally recognized standards. The audit confirmed that the statements fairly represent the Commission’s financial position and performance.

Throughout the year, the Finance Department implemented key improvements to enhance efficiency and reporting quality, including adopting modern accounting tools, automating core processes, and preparing management and annual financial reports inhouse. These efforts ensured timely and accurate financial information for stakeholders and reinforced the Commission’s dedication to sound financial stewardship.

BUDGET PERFORMANCE AND FINANCIAL STEWARDSHIP In 2024, the Commission demonstrated strong financial stewardship through disciplined budget management and alignment of expenditures with strategic priorities. Total expenditure increased compared to the approved budget, primarily due to investments in personnel to support expanding operational and regulatory responsibilities. This strategic allocation underscores the Commission’s commitment to strengthening capacity and enhancing service delivery. On the revenue side, collections exceeded projections, driven by higher industry activity, resulting in a favorable outcome that reinforces the Commission’s financial stability and ability to fulfill its mandate.

These results underscore the Commission’s dedication to sound financial management, capacity building, and the effective delivery of its regulatory mandate. The Finance Department strengthened internal controls, improved forecasting practices, and accelerated financial reporting timelines. These initiatives reflect the organization’s ongoing commitment to transparency, accountability, and the efficient use of resources.

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HIGHLIGHTS OF COST OPTIMIZATION In 2024, the Commission implemented several initiatives to enhance efficiency and ensure value for money. Key measures included renegotiating service agreements, streamlining technology platforms, and strengthening controls over discretionary spending. The adoption of digital workflows and process automation reduced reliance on manual procedures, delivering both time and cost savings. These efforts contributed to a more effective allocation of resources, enabling the Commission to manage growing operational demands while maintaining financial discipline.

TRANSPARENCY AND FINANCIAL CONTROLS The Commission remains committed to maintaining the highest standards of financial integrity and accountability. Throughout 2024, robust internal controls, comprehensive reporting practices, and regular audits ensured the reliability of financial information and the responsible use of resources. Enhanced risk management frameworks and strengthened approval processes further reinforced financial oversight, promoting transparency and safeguarding stakeholder trust. These measures reflect the Commission’s dedication to efficient resource utilization and sound governance.

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INTERNAL AUDIT UNIT In 2024, the Internal Audit Unit (IAU) executed a proactive, risk-based audit strategy aligned with the Commission's strategic objectives. The Commission achieved a milestone as the Internal Audit Unit was launched in February 2024 and subsequently chartered by the Board of Commissioners during the month of April 2024. With its mandate clear and Charter in place, the Internal Auditor sought to identify the Commission’s risks associated with its regulatory activities across multiple units. To this end, the Internal Audit Unit created a comprehensive audit plan that covered the most vulnerable regulatory activities based on the risk-assessments identified.

In 2024, the Internal Audit Unit (IAU) continued to play a key advisory role to the Board and Management while advancing audit and assurance practices. Core activities included reviews of IT security, data privacy, lease agreements, and operational processes, as well as preparatory work for future compliance assessments. The IAU also modernized its audit approach by transitioning to a cloud-based audit management platform, enabling greater efficiency and oversight. Additionally, participation in global professional development programs helped benchmark practices and strengthen the Commission’s internal audit framework.

KEY ACCOMPLISHMENTS INFORMATION TECHNOLOGY AND DATA PRIVACY AUDITS The Commission conducted a comprehensive IT assessment to evaluate infrastructure, data security, business continuity, and access controls. The review confirmed significant improvements in system protections and secure processes, while also identifying opportunities to strengthen governance and compliance. Key recommendations included formalizing policies, expanding staff training, and improving documentation to enhance security and operational resilience further.

AUDIT OF LEASE & PROPOSED SUBLEASE An internal audit was conducted to assess cost allocations and contractual obligations.

The review identified areas for improvement in the clarity of certain lease provisions and recommended measures to strengthen oversight and ensure greater transparency. These actions will help enhance governance and promote more consistent application of contractual terms.

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CAFETERIA AUDIT A review was conducted to address human resources and operational matters, with findings finalized and shared with relevant departments for reference. This initiative supports continuous improvement and ensures alignment with organizational policies and best practices.

AUDITBOARD IMPLEMENTATION The project advanced to the user testing phase, following vendor selection and system configuration. Once fully implemented, the new platform is expected to improve audit tracking, enable real-time risk assessments, and support multi-department functionality.

Full rollout is anticipated in 2025, marking a significant step toward enhancing efficiency and oversight.

ADVISORY SUPPORT DURING THE ONSITE EXAMINATIONS OF BFG (LICENSEE OF THE COMMISSION) A review was conducted to assess the effectiveness of the Internal Audit program against recognized best practices. The evaluation also examined governance assessments conducted by the Examinations Team, identifying areas for improvement aligned with established standards. Recommendations were issued to strengthen reporting frameworks and enhance future review processes, supporting continuous improvement and robust oversight.

FELLOWSHIP AND PROFESSIONAL DEVELOPMENT In 2024, the Internal Audit Unit strengthened its capabilities through participation in international and regional training programs, gaining insights into global best practices.

Team members also contributed to industry discussions at professional forums, reinforcing the Commission’s commitment to thought leadership and continuous improvement. Additionally, the onboarding of a senior auditor enhanced departmental capacity, supporting more robust audit and assurance activities.

2025 OUTLOOK & STRATEGIC PRIORITIES In 2024, the Internal Audit Unit conducted planned reviews across key operational areas, including legal, enforcement, and human resources. The unit advanced its risk management and governance practices through additional staff training and professional development programs. Efforts focused on strengthening IT governance and refining internal policies, while adopting a modern audit management platform improved risk monitoring and reporting capabilities. These initiatives reflect the Commission’s commitment to robust oversight and continuous improvement.

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The Internal Audit Unit strengthened its processes, enhanced collaboration, and embraced technology to improve efficiency. These advancements lay a strong foundation for continued support of the Commission’s mandate in promoting effective supervision and risk management in the year ahead.

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HUMAN RESOURCES DEPARTMENT In 2024, the Insurance Commission of The Bahamas established a dedicated Human Resources Department as part of its ongoing efforts to strengthen organizational capacity and enhance operational efficiency. This strategic initiative supports The Commission’s commitment to effective management systems and reinforces its focus on building a strong, engaged workforce.

The creation of the Human Resources Department in 2024 marked a significant milestone for the Insurance Commission of The Bahamas. This initiative strengthens employee support and engagement while advancing key priorities, including well-being, performance management, and professional development.

Employee Well-being Performance Management Professional Development These priorities were formally integrated into The Commission’s strategic framework, with institutional objectives designed to strengthen human capital and organizational effectiveness such as: Implementing an HR Management Solution tailored to The Commission’s operational needs and long-term aspirations Aligning individual training goals with broader organizational capacity-building initiatives Optimizing the organizational structure to enhance efficiency and productivity To ensure a structured approach to Human Resource Development, the Department initiated a comprehensive review of HR practices. This exercise provided valuable insights to guide enhancements, introduce modern systems, and implement policies aligned with best practices. By embracing emerging trends, The Commission remains committed to fostering a progressive and supportive work environment.

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KEY HR FUNCTIONS REVIEW WORKFORCE MANAGEMENT & PLANNING During the year, the Commission expanded its workforce through targeted recruitment across multiple departments, including newly established units. Several onboarding initiatives were completed to integrate new team members and strengthen organizational capacity. Recruitment efforts continued throughout the year to address evolving needs, complemented by participation in external career fairs to attract talent.

HR SYSTEMS & TECHNOLOGY The Commission advanced its HR technology capabilities to improve efficiency and streamline processes. Key initiatives included the successful implementation of a modern payroll system and progress toward deploying a comprehensive Human Resources Information System (HRIS). These enhancements support accurate, timely operations and strengthen the overall employee experience.

HR POLICY DEVELOPMENT The Commission continued to strengthen its HR framework by reviewing and developing key policies to provide clear guidance and support for employees. Updates to the Employee Handbook were prioritized, alongside the introduction of new policies promoting ethical conduct, flexible work arrangements, and employee well-being. These initiatives reflect the organization’s commitment to maintaining a modern, supportive, and transparent work environment.

COMPENSATION & BENEFITS The Commission continued to review its compensation and benefits programs to ensure competitiveness and alignment with organizational goals. Efforts included assessing health and insurance provisions, exploring enhancements to retirement benefits, and considering initiatives to support employee well-being. These steps reflect a commitment to providing a comprehensive and sustainable benefits framework.

PERFORMANCE MANAGEMENT The Commission focused on strengthening its performance management framework to support continuous improvement and leadership development. Enhancements included updates to existing tools and the introduction of new approaches designed to provide comprehensive feedback and foster a culture of accountability and growth.

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TRAINING & DEVELOPMENT The Commission continued to invest in employee growth and development through a variety of initiatives. These included leadership training programs, participation in industry conferences, and professional development opportunities. Additionally, an internship program provided students with valuable experience, reinforcing the organization’s commitment to developing future talent.

EMPLOYEE RELATIONS, WELLNESS AND ENGAGEMENT The Commission continued to foster a positive, engaging work environment through various wellness and employee engagement initiatives. Activities included themed programs to foster collaboration, awareness campaigns for important causes, and healthfocused events such as wellness workshops and fitness activities. These efforts reflect the organization’s commitment to employee well-being and a supportive workplace culture.

RECRUITMENT AND ONBOARDING ANALYTICS The Commission recruitment and onboarding activities between March and December 2024 reveals a significant focus on expanding and restructuring the workforce.

Recruitment and talent acquisition were major priorities during the year as the Commission worked to strengthen its workforce and support organizational growth.

Efforts focused on filling critical roles across multiple departments, including newly established units, to ensure the organization remains well-equipped to deliver on its regulatory mandate.

The recruitment process emphasized attracting highly qualified candidates through structured selection methods and proactive outreach. In addition to traditional recruitment channels, the Commission actively engaged potential talent through career fairs and networking events, creating opportunities to connect with emerging professionals and promote careers in the insurance sector.

These initiatives were complemented by improvements to the onboarding experience, ensuring new employees are effectively integrated into the organization. The Commission also reviewed and enhanced employment offer practices to remain competitive and attract top-tier professionals.

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Through these efforts, the Commission continues to build a strong, diverse, and skilled workforce, reinforcing its commitment to excellence and organizational sustainability.

Onboarding remained a critical focus throughout the year as the Commission welcomed new team members across multiple departments to strengthen its operational capacity.

Following recruitment efforts, structured onboarding programs were implemented to ensure smooth integration and alignment with organizational values and objectives.

These initiatives provided new employees with the tools, resources, and knowledge necessary to succeed in their roles while fostering engagement and collaboration from the outset. Onboarding activities were conducted across various units, including regulatory, enforcement, legal, and technology functions, reflecting the Commission’s commitment to building a well-rounded and capable workforce.

By prioritizing comprehensive onboarding, the Commission continues to enhance employee experience, support professional development, and maintain a strong foundation for achieving its strategic goals.

The Commission experienced significant workforce growth during the year, reflecting its commitment to strengthening organizational capacity and supporting strategic objectives.

Recruitment and onboarding initiatives were implemented in phases to ensure smooth integration of new employees across multiple departments, including regulatory, enforcement, legal, and technology functions.

These efforts resulted in a substantial increase in the overall staff complement, enabling the organization to meet its supervisory and operational responsibilities better. Internal mobility was also facilitated to optimize talent placement and enhance departmental effectiveness.

By focusing on structured recruitment, comprehensive onboarding, and strategic workforce planning, the Commission continues to build a strong, capable team that is essential for delivering on its mandate and maintaining regulatory excellence.

The Human Resources initiatives undertaken during the year reflect the Commission’s commitment to building a strong organizational foundation that supports its strategic objectives. Through targeted recruitment, comprehensive onboarding, policy development, technology enhancements, and employee engagement programs, the Commission has strengthened its workforce and created an environment that promotes growth, collaboration, and well-being.

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Looking ahead, the Commission will continue to invest in modern HR practices, talent development, and employee support systems to ensure a resilient, high-performing team capable of meeting the evolving demands of the insurance sector. These efforts underscore the organization’s dedication to excellence, sustainability, and its role as a forward-thinking regulator.

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COMMUNICATIONS, BUSINESS INTELLIGENCE, AND CONSUMER AWARENESS UNIT The Communication, Business Intelligence, Consumer Awareness Unit is responsible for overseeing and coordinating the Commission’s communication strategies, business intelligence initiatives, and consumer awareness campaigns. The Unit develops effective communication plans, leverages data to support regulatory insights, and fosters consumer education to improve transparency and understanding of insurance regulations. Rodney D. Bain serves as the Unit’s supervisor, with Dominique Shepherd functioning as the Senior Business Intelligence Analyst.

ROLE OF THE UNIT The Communication, Business Intelligence, and Consumer Awareness Unit at the Insurance Commission of The Bahamas plays a vital leadership role in shaping the Commission’s public engagement and data-driven decision-making. The Unit is responsible for developing and implementing communication strategies that clearly and effectively convey regulatory policies and initiatives to both internal and external stakeholders. It ensures consistent messaging across all channels while managing the Commission’s public image and media relations. A key function of the Unit is overseeing business intelligence initiatives, including the collection, analysis, and interpretation of industry data to provide actionable insights for regulatory decision-making and reporting.

The Unit also leads consumer awareness efforts by designing and executing public education campaigns to improve understanding of insurance regulations, consumer rights, and responsibilities. The execution involves collaboration with external partners, advocacy groups, and industry associations. Additionally, the Unit facilitates internal coordination by collaborating closely with other departments to align strategies and ensure effective communication supports broader regulatory objectives. It is also responsible for maintaining the Commission’s website and social media platforms and providing timely updates on events, licensee listings, and other relevant content.

Rodney D. Bain serves as the Unit’s supervisor, with Dominique Shepherd functioning as the Senior Business Intelligence Analyst. The Unit operates with a focus on transparency, strategic communication, and regulatory compliance, ensuring that the Commission remains a trusted, responsive, and forward-looking regulatory authority.

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HIGHLIGHTS FROM 2024: FEBRUARY 2024 In February, the Insurance Commission of The Bahamas introduced its new leadership structure, highlighting Dana Munnings-Gray as Acting Superintendent of Insurance and Dr. Keith Major, Sr. as Chairman of the Board. This initiative included increased social media engagement and featured profiles of Commission members to strengthen public awareness. As part of Insurance Month, the Commission actively participated in several industry events. Sixteen members attended the Bahamas Insurance Association (BIA) church service, and the Commission also took part in the BIA Family Fun Day and BIA Awards ceremony, where Acting Superintendent Munnings-Gray delivered a keynote address honoring individuals who earned insurance designations.

Public education was a priority during the month. Acting Superintendent Munnings-Gray and Supervisor Rodney Bain appeared on *Bahamas @ Sunrise* to address the challenges and consequences of non-insurance of property, particularly its impact on policyholders while emphasizing the regulator’s role. The Acting Superintendent also spoke at the Bahamas Insurance Brokers Association’s (BIBA) monthly meeting, underscoring the importance of industry-regulator collaboration and the critical role of the insurance sector. Both the Acting Superintendent and the Chairman extended their greetings for Insurance Month to the public via social media. Additionally, Commission members attended the Insurance Institute of The Bahamas (IIB) Lunch and Learn event under the theme “Managing Change in the Insurance Industry.” The month concluded with the Commission hosting the CEO Forum for Insurance Companies, where the Acting Superintendent and Management Team were formally introduced to more than 20 industry leaders.

MARCH 2024 In March, the Insurance Commission of The Bahamas focused on showcasing its regulatory role with an emphasis on consumer awareness and public engagement. Key topics highlighted during the month included the complaints process, knowing your policy, and universal life insurance. The Commission also marked a significant milestone by celebrating the retirement of former Superintendent of Insurance Michele C. E. Fields.

During the month, Commission members joined representatives from the Bahamas Financial Services Board (BFSB) and industry stakeholders at the CICA 2024 International Conference in Scottsdale, Arizona. The conference, centered on captive Insurance, provided a platform for collaboration and the exchange of industry best practices.

Chairman Dr. Keith Major, Sr., Manager Darrin Rodgers, and Supervisor Rodney Bain represented the Commission at the Royal Fidelity Bahamas Economic Outlook seminar.

The second CEO Forum for the year was held for insurance intermediaries, introducing the Acting Superintendent and Management Team to more than 30 representatives.

Internally, the management team distributed Insurance Commission-branded lapel pins to staff as a symbol of trust, integrity, and accountability.

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The Commission also deepened its collaboration with BFSB by contributing an advertisement to the April issue of Captives Magazine and having the Acting Superintendent serve as a panelist during a joint BFSB/Wealth Briefing discussion. Additionally, the contract with AML Analytics was executed to implement the ORBS (Online Risk-Based Systems) framework, a key risk-based supervision tool. The project, led by the CBICA department, is targeting a go-live date in May.

APRIL 2024 In the second quarter of 2024, the Insurance Commission of The Bahamas continued to strengthen its engagement with the industry and the community. President Dashwell E. Flowers and the Executive Team of the GAMA Bahamas International Chapter paid a courtesy call on the Commission and Acting Superintendent Dana Munnings-Gray. Their discussions centered on training and development, strengthening industry-regulator relations, and exploring opportunities for cross-organizational collaboration. The Acting Superintendent also served as a guest speaker at the Rotary Club of South East Nassau’s weekly meeting, where she shared her professional journey and emphasized her commitment to legislative reforms that address the evolving landscape of insurance and protect against policyholder discrimination.

To further support collaboration with registrants, Acting Superintendent Munnings-Gray conducted a series of courtesy calls with licensed companies in Freeport, Grand Bahama, including Insurance Management, Colina Insurance, BAF Financial, Progressive Insurance, TriStar Insurance, Freeport Insurance, and Pathfinder Insurance. Similar visits were conducted in New Providence to foster stronger partnerships, address concerns, and reinforce compliance with regulatory standards. A total of over forty licensees in New Providence, Eleuthera, and Grand Bahama were engaged.

In line with its social responsibility initiatives, the Commission awarded a scholarship and donated a laptop to Chinera Grant, a 12th-grade student at St. Anne’s School studying Actuarial Science and a graduate of the BIFS G-12 program. The Commission also contributed to Lupus 242 Bahamas and celebrated Administrative Professionals Day by honoring its administrative staff. In April, the Universal Life Consumer Awareness Campaign was officially launched in collaboration with the Complaints, Investigations & Enforcement Unit and the Intermediaries & Market Conduct Unit. Two educational videos were produced to help policyholders better understand their contracts. The Commission also marked Earth Day by planting sunflower seeds at its office, reinforcing its commitment to sustainability and community engagement.

MAY 2024 In the second quarter of 2024, the Insurance Commission of The Bahamas continued to strengthen its engagement with the industry and the community. President Dashwell E. Flowers and the Executive Team of the GAMA Bahamas International Chapter paid a courtesy call on the Commission and Acting Superintendent Dana Munnings-Gray. Their discussions centered on training and development, strengthening industry-regulator relations, and exploring opportunities for cross-organizational collaboration. The Acting Superintendent also served as a guest speaker at the Rotary Club of South East Nassau’s weekly meeting, where she shared her professional journey and emphasized her commitment to legislative reforms that address the evolving landscape of insurance and protect against policyholder discrimination.

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To further support collaboration with registrants, Acting Superintendent Munnings-Gray conducted a series of courtesy calls with licensed companies in Freeport, Grand Bahama, including Insurance Management, Colina Insurance, BAF Financial, Progressive Insurance, TriStar Insurance, Freeport Insurance, and Pathfinder Insurance. Similar visits were conducted in New Providence to foster stronger partnerships, address concerns, and reinforce compliance with regulatory standards. A total of over forty licensees in New Providence, Eleuthera, and Grand Bahama were engaged.

In line with its social responsibility initiatives, the Commission awarded a scholarship and donated a laptop to Chinera Grant, a 12th-grade student at St. Anne’s School studying Actuarial Science and a graduate of the BIFS G-12 program. The Commission also contributed to Lupus 242 Bahamas and celebrated Administrative Professionals Day by honoring its administrative staff. In April, the Universal Life Consumer Awareness Campaign was officially launched in collaboration with the Complaints, Investigations & Enforcement Unit and the Intermediaries & Market Conduct Unit. Two educational videos were produced to help policyholders better understand their contracts. The Commission also marked Earth Day by planting sunflower seeds at its office, reinforcing its commitment to sustainability and community engagement.

JUNE 2024 In the third quarter of 2024, the Insurance Commission of The Bahamas continued its active engagement across regional and international platforms. Members attended the 42nd Annual Caribbean Insurance Conference hosted by the Insurance Association of the Caribbean (IAC) in Cancún, Mexico, which brought together insurance professionals from nearly 30 countries. The Commission also participated in the CFATF 58th Plenary and Working Group Meetings in Trinidad and Tobago, represented by Acting Superintendent Dana Munnings-Gray, Commissioner Janique Duvalier-Wilson, Manager Yolande Rolle, and Dr. Cassandra Nottage.

These meetings focused on implementing FATF recommendations to combat money laundering, terrorist financing, and proliferation financing.

Domestically, the Acting Superintendent served as keynote speaker at the Insurance Institute of The Bahamas’ (IIB) Luncheon, where she addressed regulatory developments, professional growth, technological change, stakeholder collaboration, and the need to improve insurance accessibility. She also participated as a panelist on The Bahamas Financial Services Board’s Ecosystem series, specifically Episode 1 titled *Resilience to Global Economic Fluctuations*.

Manager Darrin Rodgers contributed to public education efforts with a ZNS interview discussing flood insurance, the importance of reviewing insurance coverage and communicating with insurers during hurricane season.

The Commission continued to support national talent and youth development by donating Dakarai Turnquest, the 2024 valedictorian of NGM Major High School, to support his studies in actuarial science. It also contributed to the Blue Waves Swim Club during their participation in the Bahamas Aquatics Federation’s 52nd Swimming Championship. On the international stage, Acting Superintendent Munnings-Gray joined a panel at the BFSB’s London Landfall Event, highlighting The Bahamas as a competitive jurisdiction for domiciling financial services.

Chairman Dr. Keith Major, Sr., Manager Jamell Bodie, and Manager Darrin Rodgers also represented the Commission at the GIICS Seminar and Annual General Meeting in London, engaging with regulators from other jurisdictions focused on international insurance.

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JULY 2024 In July 2024, the Insurance Commission of The Bahamas introduced several initiatives aimed at strengthening internal capacity, enhancing public outreach, and refining regulatory tools. In collaboration with the Legal Unit and the Intermediaries and Market Conduct Unit, the Commission’s CBICA Unit launched a new Complaints Portal, providing the public with an accessible and efficient platform for submitting insurance-related grievances through the Commission’s website. Manager Darrin Rodgers continued public education efforts on flood insurance during hurricane season, appearing in an Eyewitness News interview to emphasize policy awareness and coverage review.

Professional development and industry engagement remained priorities. Raven Storr, Administrative Assistant, attended the IAAP Summit in New York, which focused on training and resources for administrative professionals. Deputy Manager Steine Campbell represented the Commission at the NAGARA Annual Conference in Atlanta, Georgia, which addressed government archives and information management. Members also attended the GAMA Global Bahamas Lunch and Learn, themed “Mastering Selling Techniques for Insurance Sales Success.” As part of its onboarding process, the CBICA Unit led orientation sessions for eleven new staff members, integrating them into the Commission's operations and culture.

In July, members attended the Central Bank of The Bahamas’ 50th Anniversary Service of Thanksgiving and welcomed representatives of Access Bank PLC during a courtesy call.

Superintendent Dana Munnings-Gray was featured in an interview with Tom Burroughes for Wealth Briefing and the Family Office Report, where she highlighted the jurisdiction’s strengths and opportunities in wealth and risk management through insurance.

The Commission also completed a revision of the Salesperson Examination Guide in partnership with the Intermediaries and Market Conduct Unit and the Policies, Research, and Practices Unit. The updated guide features a foreword from the Superintendent, a new cover, and enhanced content that covers AML/CFT/PF standards. Notably, the 2023 ICB Annual Report was designed and produced internally for the first time, and it was published electronically in July, with hard copies distributed in August.

The Insurance Commission of The Bahamas proudly announced the appointment of Dana L. Munnings-Gray as Superintendent of Insurance, effective July 1, 2024. Mrs. Munnings-Gray previously served as Deputy Superintendent from March 1, 2022, to December 4, 2023, and as Acting Superintendent from December 5, 2023, to June 30, 2024. The Commission invites all to join in celebrating this significant milestone in her distinguished career.

AUGUST 2024 In August 2024, the Insurance Commission of The Bahamas continued to expand its outreach and stakeholder engagement while promoting education and regulatory development. Chairman Dr. Keith Major, Sr., and Superintendent Dana Munnings-Gray attended Colina Insurance Limited's 125th Anniversary Reception, where they were pictured with Mrs. Telzena G. Coakley, a former Registrar of Insurance, in celebration of Colina’s longstanding contribution to the industry. Manager Yolande Rolle completed the FATF Standards Training Course in Trinidad and Tobago, further strengthening the Commission’s technical capacity in anti-money laundering and counter-financing of terrorism frameworks.

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The Commission marked the conclusion of its first Summer Student Program with a farewell event for the inaugural cohort. Among the students highlighted and sponsored were Chinera Grant and Matthew Miller, both of whom are pursuing studies in actuarial science. Chinera Grant had previously received a scholarship and laptop from the Commission. Continuing its commitment to community education, the Commission participated in orientation sessions at Gerald Cash Primary School and Doris Johnson High School, where members—including the Superintendent—spoke to teachers and administrators about the value of insurance, the role of the regulator, the complaints process, and the importance of understanding insurance policies.

In regulatory engagement, the Commission hosted representatives from the Bahamas Insurance Association (BIA), the Ministry of Finance, the Ministry of Energy and Transport, and the Road Traffic Board to discuss proposed amendments to the Road Traffic Act. As part of this collaboration, the Commission and BIA recommended introducing a second decal for vehicles aimed at helping law enforcement more easily identify insured vehicles and enhancing road safety enforcement.

To broaden its public engagement strategy, the Commission officially launched its TikTok account, targeting a younger, tech-savvy audience. The platform features educational ads for Universal Life Insurance, a student highlight video, and a video of the Superintendent discussing employment opportunities, which has garnered over 29,000 views. This initiative reflects the Commission’s commitment to modernizing its communications and connecting with diverse demographics.

SEPTEMBER 2024 September 2024 was a period of significant engagement for the Insurance Commission of The Bahamas, marked by public outreach, industry interaction, and community support.

The Superintendent of Insurance, Dana L. Munnings-Gray, was particularly active. Her insights on upcoming legislative updates and their impact on the industry were featured in the September edition of Captive Insurance Times. Superintendent Munnings-Gray also served as a guest speaker at the Alpha Kappa Alpha Sorority, Incorporated, Eta Psi Omega Chapter's P.I.N.K. X Talks Financial Empowerment Seminar on September 18th, where she presented on "How Fearless Women Lead" alongside other panelists. Further emphasizing the Commission's role in education and awareness, the Superintendent presented at the 20th Annual Abaco Business Outlook on September 19th. Her presentation, themed "Insuring Sound & Prudent Insurance Practices," focused on the importance of maintaining solid regulatory standards and promoting sound practices to safeguard policyholders and the wider industry. While in Abaco, Superintendent Munnings-Gray, accompanied by Rodney D. Bain, Antonice Blyden, and Trillo Edgecombe, conducted courtesy calls with several licensees on the island. This visit marked the Commission's first time in Abaco for such engagements.

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The Superintendent also spoke to the Kiwanis Club of Nassau A.M. on "Why Insurance Matters for Every Bahamian," addressing critical points like understanding one's policy, the risks of being underinsured, the intricacies of universal life insurance, and the importance of reading policies and seeking clarification on uncertainties. Internally and within the industry, the Superintendent led two CEO Forums – one for insurance companies and another for insurance intermediaries – where discussions covered legal updates, AML assessment surveys, advancements in the ORBS system, compliance with corporate filings, and updates on examinations. These sessions were co-led by other leadership team members and Nick Kinoloch of AML Analytics. Superintendent Munnings-Gray also met with the Bahamas Insurance Association's (BIA) Compliance Committee to discuss regulatory updates and best practices and reinforce educational requirements for compliance officers, highlighting the vital role they play as gatekeepers.

Beyond regulatory duties, the Commission actively contributed to the community through several donations, including sponsoring Doris Johnson Senior High School’s Honor Roll Assembly, providing snacks to All Saints Camp, donating a new TV to the Persis Rodgers Home for the Aged, giving back-to-school supplies to the Elizabeth Estates Home and Children's Emergency Hostel, and donating sixteen computers to the Simpson Penn Centre for Boys and Willie Mae Pratt Centre for Girls. Social media presence was also maintained, with reports detailing unique impressions, clicks, engagement rates, organic impressions, content interactions, reach, page views, and new followers on LinkedIn and Facebook for the month.

OCTOBER 2024 In the final quarter of 2024, the Insurance Commission of The Bahamas remained focused on professional development, public engagement, regulatory leadership, and disaster preparedness. Superintendent Dana Munnings-Gray served as a featured speaker at the 2024 GAMA Bahamas International Conference under the theme “Aligning Insurance Practices for the Future,” where she spoke on the importance of industry collaboration, ongoing professional development, technological advancement through InsurTech, and the future direction of the insurance sector. She also participated in the 2024 Caribbean Regional Compliance Association (CRCA) Conference in Sint Maarten, where the Commission served as a proud sponsor. Speaking on the panel *Moving Forward Together*, she addressed innovation in InsurTech, the value of cross-industry collaboration, and elevating the insurance profession.

In October, the Commission conducted Disaster Recovery Training in response to the potential landfall of Hurricane Milton. The office was temporarily closed, and staff worked remotely before returning the following day. The Disaster Recovery Team, comprising Superintendent Munnings-Gray, Rodney D. Bain, Arthur Barnett, Osriea Gordon, Aanica Scavella, and Jonathan Carey, led the response. The experience will inform the creation of a formal disaster recovery checklist and internal guidelines. The Commission also took part in the University of The Bahamas’ Annual Job Fair, engaging with students, sharing information about its regulatory role, and highlighting career opportunities.

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Further demonstrating its regulatory leadership, Superintendent Munnings-Gray spoke at the ACAMS Bahamas Chapter event, where she detailed the Commission’s role in enforcing AML regulations and advancing effective risk assessment frameworks. She discussed new initiatives aimed at enhancing industry compliance, shared findings from the 2024 risk assessment, and identified areas requiring improvement. She also highlighted ongoing education and training, regulatory updates, and revisions to the salespersons examination to include AML/CFT obligations.

In observance of Breast Cancer Awareness Month, the Commission wore pink every Friday in October and invited breast cancer survivors to share their testimonies, reinforcing a culture of awareness and support within the organization.

NOVEMBER 2024 In November 2024, the Insurance Commission of The Bahamas continued its outreach, stakeholder engagement, and public awareness initiatives. As a diamond sponsor, the Commission supported the Bahamas AIDS Foundation’s 2024 Red Ribbon Ball, themed *Diamonds and Pearls*, reaffirming its commitment to raising awareness and providing support for individuals affected by HIV/AIDS. The Commission also served as a Silver Sponsor for the InspireHer 2024 Conference, supporting the empowerment of women and girls across The Bahamas.

Engagement with key professional associations remained a priority. The Commission welcomed the Executive Board of the Bahamas Association of Compliance Officers (BACO) for a courtesy call with the Superintendent, and Superintendent Dana MunningsGray later delivered the closing address at BACO Compliance Day 2024, where she provided updates and emphasized the importance of the compliance function. She also presented at BICA Accountants’ Week 2024, offering regulatory updates to accounting and finance professionals and highlighting the need for collective efforts in building a resilient, digital financial services sector.

Internationally, Commission members participated in the GIICS Training Seminar at Stationers' Hall in London, exchanging insights with global regulators to enhance international insurance supervision frameworks. Locally, Darrin Rodgers and Rodney Bain conducted a workshop for staff of the Financial Intelligence Unit (FIU), detailing the Commission’s regulatory role. The Commission also welcomed members of Ernst and Young Bahamas (EY) for a courtesy call with the Superintendent and management team, reinforcing industry collaboration.

In community and youth engagement, Aanica Scavella, Darrin Rodgers, and Rodney Bain participated in the Gerald Cash Primary School prefect selection and pinning ceremony, with Mr. Bain serving as the keynote speaker. The Commission hosted a wellness and awareness day for staff in recognition of World Diabetes Day, which included health screenings and talks by health companies. Superintendent Munnings-Gray shared her journey with diabetes, adding a meaningful and relatable dimension to the initiative. To commemorate Diabetes Awareness Month and the Commission’s 15th anniversary, a Fun, Run, Walk, and Health Fair was held, featuring glucometer giveaways, kids' activities, and health vendors. Additionally, the Commission celebrated International Men’s Day by honoring male staff with a day of golf and a dedicated health presentation.

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DECEMBER 2024 In the final month of 2024, the Insurance Commission of The Bahamas remained focused on regulatory engagement, capacity building, and advancing professional standards.

Representatives attended the 34th Annual Caribbean Actuarial Association Conference held in Nassau, which emphasized education, professional standards, and networking among regional actuaries. Members also participated in the 2024 BICA Taxation Update Seminar to remain informed on key changes and developments in taxation. Chairman of the Board, Dr. Keith Major, Sr., and Manager, Yolande Rolle, represented the Commission at the CFATF's 59th Plenary and Working Group Meetings in Jamaica, which addressed Mutual Evaluation Reports, AML/CFT compliance efforts, and governance updates across the region.

The Commission mourned the passing of Mrs. Telzena G. Coakley, a former Registrar of Insurance and Government Insurance Advisor, widely regarded as a trailblazer in the field. Superintendent Dana Munnings-Gray attended her memorial service in recognition of her contributions to the industry. Commitment to training remained a priority, with twenty staff members completing a professional development session on International Business Companies (IBCs) and Regular Bahamian Companies conducted by S.T.I. Global Education Ltd. The Commission, in partnership with the Financial Intelligence Unit (FIU), also hosted its 2nd Annual Insurance Professional Refresher Training Seminar under the theme “Navigating the Future: Strengthening the Frontline.” This hybrid-format event targeted a broad range of insurance professionals and reinforced the Commission’s ongoing efforts to build technical capacity across the sector.

At the National Risk Assessment Industry Briefing, Superintendent Munnings-Gray provided a detailed update on the Bahamian insurance sector, including findings from the 2024 AML Analytics risk assessment, key sector risks, AML/CFT/CPF obligations, and guidance on suspicious transaction reporting. The Commission further expanded its global presence by participating in the International Association of Insurance Supervisors (IAIS) Annual Conference in Cape Town, South Africa, which explored the theme “Licence to Operate: The Role of Insurance to Strengthen Societal Resilience”. In line with the strengthening of national cybersecurity frameworks, IT Supervisor Jonathan Carey participated in the National Cybersecurity Strategy (NCS) Workshop, contributing to the roadmap for enhancing digital protection measures.

In December, the Commission announced the launch of its inaugural InsurTech Compliance, Innovation, and Regulatory Practices (ICIRP) Course, developed in collaboration with the University of Cambridge and supported by the Bahamas Institute of Financial Services (BIFS). The six-week online course, set to begin on January 25, 2025, is designed to equip regulatory and insurance professionals with the tools to navigate the evolving InsurTech landscape. Additionally, the Commission joined fellow regulators at the Deposit Insurance Corporation’s 25th Anniversary cocktail reception, reaffirming its commitment to sector-wide collaboration and regulatory solidarity.

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SOCIAL MEDIA ANALYTICS LINKEDIN Between February and December 2024, LinkedIn engagement demonstrated consistent growth across multiple key metrics. Total unique impressions rose substantially, beginning at 6,683 in February and peaking at 17,989 in August, reflecting a significant increase in content visibility. Correspondingly, total clicks showed notable variation, with a high of 12,824 in May and another peak of 10,132 in November, indicating strong user interaction with posted content during these periods.

Organic impressions, representing unpaid reach, expanded steadily from 14,287 in February to a peak of 44,388 in November. This trend highlights increasing audience engagement without relying on paid promotion, indicating effective content resonance and expanding organic reach. Page views fluctuated monthly but generally increased, with a maximum of 1,020 in August, showing improved visitor activity on the LinkedIn page.

New follower acquisition contributed significantly to overall audience growth, starting at 103 in February and reaching 221 in August, resulting in a cumulative growth of the follower base from 586 to 1,862 by year-end. This tripling of followers reflects the success of effective strategies in audience development and content appeal.

Overall, the data highlights a strong upward trajectory in LinkedIn performance, characterized by increasing visibility, engagement, and community growth throughout 2024.

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FACEBOOK Between February and December 2024, Facebook engagement displayed variable yet generally positive trends in reach, interactions, and follower growth. Total organic reach expanded from 1,347 in February to a peak of 5,327 in August, indicating increased visibility without paid promotion. This growth was accompanied by a notable surge in content interactions, which increased from 151 in February to 801 in September, highlighting stronger audience engagement with posted content.

Page visits showed dramatic increases in the latter part of the year, jumping from under 2,000 through September to 24,779 in November, suggesting successful content or campaign-driven traffic spikes. Despite fluctuations in monthly content interactions, new followers steadily accumulated, growing the follower base from 817 in May to 955 by December.

The data suggests that strategic content efforts translated into expanded organic reach and heightened user activity on the Facebook page, though some months reflected lower interaction levels. Overall, the platform’s performance indicates sustained growth in audience engagement and community size throughout 2024.

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TIKTOK The Insurance Commission of The Bahamas launched its TikTok account in August 2024, marking an expansion into new digital channels. Within the initial launch period, the account attracted 549 followers and received 2,482 likes across four videos. Content focused on educational and promotional themes, including Universal Life Insurance advertisements, a student highlight, and a feature interview with the Superintendent of Insurance discussing employment opportunities.

The Superintendent’s video emerged as the top performer, reaching over 29,000 views, reflecting strong audience interest. Feedback during the launch phase was overwhelmingly positive, indicating effective engagement with this emerging platform.

Detailed monthly analytics for TikTok beyond the launch period are not available, but early indicators suggest the platform shows potential for further growth and outreach.

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INDUSTRY AND STAKEHOLDER ENGAGEMENT

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FEBRUARY 2024 HIGHLIGHTS BIA CHURCH SERVICE AND LUNCHEON

BAHAMAS @ SUNRISE

BIA AWARDS RECEPTION

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BIBA MONTHLY MEETING

IIB LUNCH AND LEARN

CEO FORUM | INSURANCE COMPANIES

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MARCH 2024 HIGHLIGHTS MICHELE C. E. FIELDS' RETIREMENT PARTY

ICB AT CICA 2024

ROYAL FIDELITY BAHAMAS ECONOMIC OUTLOOK

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CEO FORUM | INSURANCE INTERMEDIARIES

APRIL 2024 HIGHLIGHTS GAMA COURTESY CALL

SUPERINTENDENT SPEAKS TO ROTARY CLUB

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GRAND BAHAMA INDUSTRY COURTESY CALL

NEW PROVIDENCE INDUSTRY COURTESY CALL

ICB DONATES TO CHINARA GRANT

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ICB DONATES TO LUPUS 242

UNIVERSAL LIFE CAMPAIGN LAUNCH

MAY 2024 HIGHLIGHTS CENTRAL BANK’S HARBOUR SIDE CHAT

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ISBET WORK STUDY STUDENTS

RIMS RISKWORLD 2024 CONFERENCE

LUPUS AWARENESS

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BFSB’S INDUSTRY BRIEFING

FAMILY GUARDIAN’S LIS ICB AND LEGAL SYMPOSIUM

IIA BAHAMAS CHAPTER 2024 CONFERENCE

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CANCER SOCIETY BALL AND DONATION

PRIMARY SCHOOL STUDENT OF THE YEAR DONATION

CAIR 2024 (CARIBBEAN ASSOCIATION OF INSURANCE REGULATORS ANNUAL CONFERENCE)

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JUNE 2024 HIGHLIGHTS IAC ANNUAL CARIBBEAN INSURANCE CONFERENCE

CFATF 58TH PLENARY AND WORKING GROUP MEETINGS

IIB LUNCHEON

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BFSB ECOSYSTEM - EPISODE 1 "RESILIENCE TO GLOBAL ECONOMIC FLUCTUATIONS"

DONATION TO DAKARAI TURNQUEST

BLUE WAVES SWIM CLUB DONATION

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ZNS INTERVIEW - FLOOD INSURANCE

BFSB LONDON LANDFALL

GIICS SEMINAR AND ANNUAL GENERAL MEETING

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JULY 2024 HIGHLIGHTS APPOINTMENT OF SUPERINTENDENT OF INSURANCE

EYEWITNESS INTERVIEW - FLOOD INSURANCE

IAAP SUMMIT

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ACCESS BANK PLC COURTESY CALL

NEW COMPLAINTS PORTAL The Commission launched its new Complaints Portal, developed by the CBICA in conjunction with the Legal Unit and the Intermediaries and Market Conduct Unit. The portal, now accessible on the Commission’s official website, is designed to streamline the complaints submission process and encourage individuals to report concerns related to insurance matters in a more efficient and accessible manner.

CENTRAL BANK OF THE BAHAMAS’ 50TH ANNIVERSARY SERVICE OF THANKSGIVING

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NAGARA ANNUAL CONFERENCE IN ATLANTA, GEORGIA

GAMA LUNCH AND LEARN

WEALTH BRIEFING ARTICLE WITH DANA MUNNINGS-GRAY Tom Burroughes interviewed Superintendent Dana L. Munnings-Gray for an article featured in Wealth Briefing and the Family Office Report. The discussion focused on the jurisdiction’s opportunities in wealth and risk management within the insurance sector, highlighting The Bahamas' value proposition as a trusted and innovative financial services hub.

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AUGUST 2024 HIGHLIGHTS COLINA INSURANCE LIMITED'S ANNIVERSARY RECEPTION

SUPPORTING STUDENTS STUDYING ACTUARY SCIENCE

FATF STANDARDS TRAINING COURSE

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MEETING WITH BIA, THE MINISTRY OF FINANCE, THE MINISTRY OF ENERGY AND TRANSPORT, AND THE ROAD TRAFFIC BOARD

GERALD CASH SPEAKING ENGAGEMENT

DORIS JOHNSON SPEAKING ENGAGEMENT

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SEPTEMBER 2024 HIGHLIGHTS SEPTEMBER EDITION OF CAPTIVE INSURANCE TIMES

P.I.N.K. X TALKS - FINANCIAL EMPOWERMENT SEMINAR

DORIS JOHNSON DONATION

ABACO BUSINESS OUTLOOK

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ABACO COURTESY CALLS

KIWANIS CLUB OF NASSAU A.M. SPEAKING ENGAGEMENT

COMPLIANCE BLUE TABLE TALKS

MEETING WITH BIA’S COMPLIANCE COMMITTEE

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CEO FORUM INSURANCE COMPANIES AND INTERMEDIARIES

ICB DONATIONS - ALL SAINTS CAMP AND PERSIS RODGERS

ICB DONATIONS - ELIZABETH ESTATES HOME AND CHILDREN’S EMERGENCY HOSTEL

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ICB DONATIONS - SIMPSON PENN CENTRE FOR BOYS AND WILLIE MAE PRATT CENTRE FOR GIRLS

OCTOBER 2024 HIGHLIGHTS GAMA BAHAMAS INTERNATIONAL 2024 CONFERENCE

CRCA CONFERENCE

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UB CAREER FAIR

BREAST CANCER AWARENESS MONTH

ACAMS SEMINAR

BSHRM 2024 ANNUAL CONFERENCE

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NOVEMBER 2024 HIGHLIGHTS BAHAMAS AIDS FOUNDATION'S 2024 RED RIBBON BALL

BACO COURTESY CALL

FIU TRAINING

GIICS TRAINING SEMINAR

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INSPIREHER 2024 CONFERENCE

GERALD CASH PREFECT CEREMONY

BICA ACCOUNTANTS' WEEK 2024

ICB FUN, RUN, WALK AND HEALTH FAIR

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EY COURTESY CALL

BACO COMPLIANCE DAY

DECEMBER 2024 HIGHLIGHTS 34TH ANNUAL CARIBBEAN ACTUARIAL ASSOCIATION CONFERENCE

BICA TAXATION UPDATE SEMINAR

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CFATF 59TH PLENARY AND WORKING GROUP

S.T.I. GLOBAL EDUCATION LTD. TRAINING

2ND ANNUAL INSURANCE PROFESSIONAL REFRESHER TRAINING SEMINAR

BFSB INDUSTRY BRIEFING

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INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS) ANNUAL CONFERENCE

NATIONAL CYBERSECURITY STRATEGY (NCS) WORKSHOP

DEPOSIT INSURANCE CORPORATION 25TH ANNIVERSARY

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FINANCIAL STATEMENTS

As of December 31, 2024

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Contact Us (242) 603-4183 info@icb.gov.bs Silk Cotton House, Prospect Ridge Road New Providence - The Bahamas