The Insurance Commission of The Bahamas
The Insurance Commission of The Bahamas (ICB) is the independent regulatory 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 licensing and regulation of domestic and international insurance companies, intermediaries, and salespersons It also administers the External Insurance Act, 2009, and enforces standards in areas such as solvency, corporate governance, anti-money laundering, and market conduct.
The Commission is led by Superintendent of Insurance Dana Munnings-Gray, under the direction of a Board of Commissioners appointed by the Minister of Economic Affairs. Dr Keith Major is the Chairman, and Dwayne Mortimer is the Deputy Chairman The leadership team brings decades of experience in insurance supervision, financial regulation, and law and 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 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 and Vision
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
CoreValues
Trust, Our Cornerstone Integrity, Our Commitment. Accountability, Our Promise
Our success depends on: Meaningful engagement with our stakeholders
Our willingness to innovate as we grow
Our enduring commitment to the professional development of our team.
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
MEMBERS OF THE BOARD OF Commissioners
DR. KEITH MAJORChairman
ANNA KATRINA MARCHESI
Student Class A1 - 20
DANA MUNNINGS-GRAY
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
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
MEMBERS OF THE BOARD OF Commissioners
MICHAEL ADDERLEY Commissioner
Michael James Adderley is a veteran Bahamian insurance executive with over 40 years of public and private sector experience He serves as a Commissioner on the Board of the Insurance Commission of The Bahamas and, since July 2024, as Chairman of the Government’s Consumer Affairs Prices Commission Board
Mr Adderley began his career at the National Insurance Board (NIB), where he advanced to senior roles, modernized the Accounts Department, and later returned as Deputy Chairman to lead strategic initiatives Transitioning to the private sector in 1993, he joined Imperial Life Assurance, rising from Sales Representative to Branch Manager and then Sales Director at Colina Insurance after a merger He led the country’s largest sales force, drove record earnings, and managed major corporate integrations
Student Class A1 - 20
At Family Guardian, he advanced to Vice President, expanded market reach, introduced succession planning, and implemented new technology systems while mentoring top-performing sales teams. He also contributed to BAF Financial’s modernization efforts and founded MicRegal Consultancy Services, advising on generational wealth.
JANIQUE WILSON
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
MANAGEMENT TEAM OF THE Insurance Commission
MORE ABOUT OF THE Insurance Commission
INSURANCEACT,2005
INSURANCE(GENERAL)REGULATIONS,2010
REGISTEREDCATEGORIESOFINSURERS
OTHERTHANLIFEINSURERS(PROPERTYANDCASUALTY/GENERAL)
LONG-TERMINSURERS(LIFE)
ASSOCIATIONOFUNDERWRITERS
REGISTEREDCATEGORIESOFINTERMEDIARIES
AGENTSANDBROKERS
SUB-AGENTS
SALESPERSONS
ADJUSTERS
EXTERNALINSURANCEACT,2009
JUDICIALMANAGEMENTREGULATION,2010
CAPITALREQUIREMENTSREGULATIONS,2010
CLASSESOFINSURANCEBUSINESSREGULATIONS,2010
VARIABLEINSURANCEBUSINESSREGULATIONS,2010
FORMSANDFEESREGULATIONS,2010
NOREGISTEREDINSURERMAYSELLORDISTRIBUTEINSURANCEPRODUCTS
INTHEBAHAMASOTHERTHANTHROUGHAREGISTEREDINSURANCE INTERMEDIARY
MORE ABOUT OF THE Insurance Commission
LEGALCONTRACT
TRANSFEROFWEALTH
PROTECTIONAGAINSTLOSS/SICKNESS
LIFEINSURANCE
AUTOINSURANCE
HOMEOWNERSINSURANCE
LONG-TERMDISABILITY/HEALTHINSURANCE
INSURANCECOMPANIES
INSURERS
INSURANCEINTERMEDIARIES
AGENTS,BROKERS,SUB-AGENTS
INSURANCESALESPERSONS
MORE ABOUT OF THE Insurance Commission
WHYISINSURANCEIMPORTANT
UNEXPECTEDEXPENSESCANBEVERYCOSTLY.
PROVIDESPEACEOFMIND
PROTECTSFROMFINANCIALLOSSES
LEGALREQUIREMENTSSUCHASHAVINGAUTOINSURANCETOLEGALLYDRIVE ACARTHROUGHIT.
LIFEINSURANCEPROVIDESFINANCIALSUPPORTANDWEALTHTRANSFERTO YOURFAMILYAFTERYOURDEATH.
UNDERSTANDINGTHEINSURANCEPROCESS
STEP1
CHOOSEWHATTOBEPROTECTEDAGAINST
STEP2
DOYOURHOMEWORK
STEP3
INSURERSCALCULATETHERISK
STEP4
ANINSURANCEPOLICYISTHENISSUED
POLICYHOLDERRIGHTSANDRESPONSIBILITIES
RIGHTS
RECEIVEACOPYOFYOURPOLICYDOCUMENTS
AFAIRANDPROMPTCLAIMSPROCESS
APPELADENIEDCLAIM
RESPONSIBILITIES
PAYPREMIUMSONTIME
PROVIDEACCURATEINFORMATIONONAPPLICATION
NOTIFYYOURINSUREROFANYSIGNIFICANTCHANGES,SUCHASANEW CAREORHOMEIMPROVEMENTS.
PREMIUMS
PREMIUMSARETHEAMOUNTYOUPAYFORYOURINSURANCECOVERAGE. FACTORSTHATMAYAFFECTYOURPREMIUMCOSTINCLUDEYOURAGE LOCATION,TYPEOFCOVERAGE,ANDRISKFACTORS.
DEDUCTIBLES
DEDUCTIBLESARETHEAMOUNTYOUMUSTPAYOUT-OF-POCKETBEFORE YOURINSURANCEKICKSIN.HIGHERDEDUCTIBLESCANLOWERYOUR PREMIUMBUTINCREASEYOUROUT-OF-POCKETCOSTSINTHEEVENTOFA CLAIM.
Silk Cotton House, Prospect Ridge Road
New Providence - The Bahamas
No. 200, Pajaro House, West Mall Drive, Freeport, Grand Bahama - The Bahamas