BESTOWING SOUND INSURANCE FOR THE BAHAMAS
BESTOWING SOUND INSURANCE FOR THE BAHAMAS
Responsible for the regulation and control of all insurers and intermediaries across the archipelago, the Insurance Commission of The Bahamas ensures the country remains a competitive, well-regulated insurance jurisdiction for both national and international markets. Dana Munnings-Gray, Superintendent of Insurance, expands
Writer: Lucy Pilgrim | Project Manager: Joshua Mann
The insurance landscape in the Bahamas has evolved significantly over the last 20 years, having suffered a fragmented regulatory environment that lacked uniform standards and comprehensive oversight.
The Insurance Act, 2005 was introduced to help tackle such issues as it laid the groundwork for a modernized, risk-based supervisory regime that now underpins both domestic and international insurance activity.
As part of this evolution, the Act empowered the creation of the Insurance Commission of The Bahamas (ICB), enabling it to serve as the licensing and supervisory authority for all insurance entities operating within the jurisdiction, namely national and global insurers and intermediaries, including salespersons.
The creation of the Commission as an independent statutory body in 2009 marked a strategic shift in the governance of the Bahamas’ insurance sector as it gave rise to a more agile, supervisory framework, enabling timely, risk-based decisionmaking and a focused approach to sector-specific challenges.
Since its establishment, ICB has expanded on the foundation laid by the Insurance Act, 2005 by developing comprehensive rules and guidance in critical areas such as antimoney laundering (AML), combating the financing of terrorism (CFT), counter-proliferation financing (CPF), corporate governance, market conduct, and climate-related financial risk.
These efforts have contributed to a more resilient and transparent insurance market, strengthening
confidence among domestic and global stakeholders alike.
“The reforms brought the Bahamas in closer alignment with international best practices and underscored the jurisdiction’s commitment to financial soundness and policyholder protection,” opens Dana Munnings-Gray, Superintendent of Insurance.
Indeed, the Bahamas now boasts a well-regulated insurance sector that can maintain the flexibility and responsiveness valued by market participants.
“The Insurance Act, 2005 served as the catalyst for this transformation, and the Commission remains steadfast in its commitment to advancing the framework to meet emerging risks, foster innovation, and ensure long-term sector sustainability,” she elaborates.
Your trusted insurance advocate
At Lifeline Insurance Agents and Brokers Company Ltd., we take pride in being more than just an insurance broker - we are a dedicated partner to the Bahamian community. Our mission is rooted in prioritizing the unique needs of Bahamians first, delivering personalized, reliable, and compassionate insurance solutions. We are committed to offering services that go beyond coverage— focusing on advocacy, education, and community engagement.
We believe that healthcare is a fundamental human right, not a luxury. That belief shapes everything we do. Far too often, individuals and families are left in the dark about their insurance benefits, unsure of what is covered, what should be questioned, and when to seek help. At Lifeline, we are committed to changing that. We educate our clients so they can make informed decisions when it matters most— especially during times of medical uncertainty.
Awareness and early detection are crucial. Health conditions caught in their earliest stages often have better outcomes and lower treatment costs. That’s why we actively support and promote educational programs focused on early detection and preventive care. We want our clients to understand how their insurance plans support screenings, diagnostic tests, and
wellness visits—services that could ultimately save lives.
Community outreach is at the heart of our company. We regularly engage with neighborhoods through health fairs, seminars, and local events to ensure that every Bahamian, regardless of background, has access to accurate and clear information about their insurance options. These events also serve as a safe space to ask questions, share concerns, and receive personalized guidance from our experienced team.
Understanding your insurance doesn’t have to be overwhelming. We are here to guide you through the intricacies of your policy— what your rights are, what’s included in your coverage, and how to avoid unnecessary out-of-pocket expenses. We empower you to advocate for yourself and your loved ones, especially in high-stress moments like hospital visits or treatment approvals.
At Lifeline Insurance Agents and Brokers, we don’t just sell insurance—we advocate, educate, and walk with you every step of the way. Let us help you take control of your health, your coverage, and your future. Because at Lifeline, our community’s well-being is always our top priority.
D’Angelo Pearson
As Retention Coordinator, D’Angelo Pearson brings over a decade of experience in insurance and client retention strategies to his role as. His focus is increasing client satisfaction and loyalty by analyzing feedback, monitoring engagement metrics, and developing personalized communication plans.
D’Angelo’s dedication to building long-term relationships helps reduce customer attrition and strengthens Lifeline’s reputation as a trusted partner.
“My favorite thing about my job is that I get to meet and help all sort of people from all walks of life and different backgrounds. The joy of helping one understand their insurance policies and just helping on the whole. It gives me satisfaction to know that I am able to convince prospective clients the importance of being insured. Like I tell prospective client all the time I work for them and not the insurance company. We represent you the client.
I love the challenges we face at times and over coming those challenges puts a smile on my face especially when helping a client.”
Rolston K. Munnings
As Sales and Individual Policy Clients Support Specialist, At Life Line Insurance Agents & Brokers Company Ltd., we are excited to welcome Rolston K. Munnings to our team as our Sales and Individual Policy Clients Support Specialist. In this vital role, Rolston is dedicated to driving new sales and providing exceptional support to our individual policy clients. With a strong focus on leveraging IT solutions, he ensures that our clients receive timely and accurate information regarding their insurance needs. Rolston’s commitment to customer service and his expertise in technology will help enhance our clients’ experience and streamline our sales processes. We are thrilled to have him on board as we continue to deliver excellence in insurance solutions.
“Let’s get one thing straight: I believe health insurance is a human right. That belief fuels everything I do within the insurance industry. Helping people get coverage, feel secure, and breathe a little easier. That’s the real reward. What I love most? Making insurance simple, accessible, and empowering. We’re not just pushing paperwork, we’re part of the financial services industry, giving people the tools to protect their health, families, and future. I don’t do it alone. I’m lucky to work with some of the most passionate, drivencoworkers you’ll ever meet. Our team runs on energy, purpose, and yes—excellentcoffee. At the helm is Felicia Antionette Knowles who’s the walking encyclopedia of Bahamian insurance. Her expertise, leadership, and standards are unmatched. Truly the best in the business. Helping people. Being part of something that matters. Learning from the best. That’s why I show up every day, and love every second of it.”
Neka Knowles
As Communication Coordinator, Neka Knowles leverages her expertise in strategic communication and cultural awareness to enhance Lifeline Insurance’s brand visibility and stakeholder engagement. With a Master of Fine Arts in Contemporary Theatre Performance, she brings a unique perspective to crisis communication, policy advocacy, and leadership coaching. Neka’s innovative approaches and storytelling skills help position Lifeline as a forward-thinking and clientfocused organization.
“It has always been a want of mine to create a more progressive and safe space for the everyday Bahamian. While our country might be small, we are mighty, and we still need resources to better ourselves. Yet, I understand how intimidating it can feel when one doesn’t understand what their rights are. I am dedicated to helping Lifeline become a company that sets the example for those that come after. Equity for all of those who deserve healthcare in the nation, which is everyone. No one should be left in a hallway or ignored by their representatives. My work ensures our clients know we are always there for them.”
Denice Dorsett
As Compliance and Administrative Coordinator, Denice Dorsett ensures that Lifeline Insurance adheres to industry regulations while providing essential administrative support across departments. Her extensive experience in regulatory compliance and administrative management, she conducts regular audits, updates policies, and trains staff on compliance obligations. Denice’s organizational skills and attention to detail are critical to maintaining the company’s reputation and operational efficiency.
“The ultimate satisfaction for me is knowing that a client is satisfied; the continuous Broker Training sessions the company ensures we attend equips me with the knowledge and tools to be proficient.”
Rodney D Kelly
As our Sales Representative for Grand Bahama, Rodney Kelly, takes pride in his job to bring the advantage of private brokers to his community. Emphasizing the importance of comprehensive insurance coverage for those still recovering from the devastation of Hurricane Dorian.
“I love the opportunity that’s been afforded to me to help others improve their standard of living. I believe that everyone has the right to enjoy the best that life has to offer. I am fueled by the smile of each person who experiences the sheer satisfaction of quality service. Moreover, it gives me great pleasure to see others overwhelmed with delight, whenever they receive something that exceeds their expectation...Being able to make a presentation to a group is quite a privilege because you have the opportunity to positively impact so many persons at the same time... Being an advocate is priceless.”
“AS WE MODERNIZE OUR FRAMEWORK, DEEPEN CLIMATE RESILIENCE, AND PREPARE FOR DIGITAL TRANSFORMATION, THE COMMISSION REMAINS COMMITTED TO DEVELOPING A FORWARD-READY INSURANCE INDUSTRY – ONE THAT IS SOUND, TRANSPARENT, AND ALIGNED WITH EVOLVING GLOBAL STANDARDS”
–
DANA MUNNINGS-GRAY, SUPERINTENDENT OF INSURANCE, INSURANCE COMMISSION OF
THE BAHAMAS
PROMOTING SOUND AND PRUDENT INSURANCE
ICB is the independent statutory body responsible for regulating and supervising all insurance activity within the Bahamas, providing comprehensive oversight of domestic and external insurers as well as agents, brokers, adjusters, and salespersons operating in the jurisdiction.
The Commission is deeply
committed to operating with integrity, consistency, and fairness, ensuring regulatory actions protect policyholders while supporting a stable and trustworthy industry environment.
“Our role is to ensure that the insurance sector operates in a safe, sound, and transparent manner that serves both local policyholders and international clients,” Munnings-Gray insights.
ICB’s mandate covers a broad range of regulatory functions, including licensing, prudential supervision, market conduct oversight, enforcement, and the ongoing development of rules and guidelines aligned with global standards.
The Commission’s domestic market includes life, health, property, casualty, and motor insurance services for Bahamian residents, while its international insurance activities are often formed by global clients seeking customized risk management and self-insurance solutions.
“In both spheres, we emphasize financial resilience, sound governance, and effective risk oversight.”
Headquartered in New Providence, ICB is supported by a multidisciplinary team of nearly 80 professionals with expertise in supervision, legal affairs, policy development, risk, data analytics, and consumer protection.
ICB’S FUNCTIONS – AT A GLANCE
• To maintain surveillance over the insurance market.
• To promote and encourage sound and prudent insurance management and business practices.
• To advise the minister responsible for insurance matters about the market.
• To ensure that the provisions of the Financial Transactions Reporting Act, 2018 (FTRA 2018) and other AML/CFT/CPF legislation are complied with.
In addition to its regulatory functions, the Commission actively promotes financial literacy, innovation readiness, and compliance with AML, CFT, and CPF requirements.
The ICB is distinguished by its ability to strike a thoughtful balance between robust regulation and a responsive, innovation-friendly, and supervisory approach.
“A small yet sophisticated jurisdiction, the Bahamas offers the agility to adapt quickly to emerging risks and evolving market conditions while maintaining the high standards of prudential and conduct oversight expected of an internationally respected regulator,” Munnings-Gray highlights.
ICB is equally differentiated by its leadership in captive insurance, especially as the country has built a
long-standing reputation for being a cost-effective and professionally supported jurisdiction for risk retention and alternative risk transfer solutions.
“We serve a growing and diverse base of captives and segregated account entities, with a particular appeal to small and medium-sized enterprises (SMEs) seeking tailored, efficient structures backed by strong compliance and governance expectations,” Munnings-Gray points out.
Significantly, the Commission is forward-looking – from issuing guidance on climate-related tasks and introducing regulatory technology solutions to supporting insurance technology (InsurTech) innovation, ICB is committed to staying ahead of international requirements.
“Our independence, combined with strategic industry engagement and continuous regulatory reform, positions the Bahamas as a trusted and competitive player in the global insurance landscape,” she emphasizes.
STABLE, FAIR, AND RESILIENT
ICB possesses the steadfast mission to promote and encourage sound insurance and business management – an objective which it fulfills through a comprehensive supervisory framework, risk-based oversight, transparency, and active industry engagement.
The supervisory framework in particular ensures that the Commission remains accountable for its actions by defining its powers, responsibilities, and regulatory expectations, therefore allowing it to support a stable and trustworthy insurance sector.
“Central to our approach is the goal of maintaining a stable, fair, and resilient insurance market that safeguards policyholders while contributing to the broader economic stability of the Bahamas.
“We prioritize regulatory integrity, policyholder protection, and
adaptability to a dynamic risk environment,” Munnings-Gray urges.
The Commission’s work begins with rigorous licensing standards to ensure that only fit and proper individuals and entities are allowed to operate within the sector.
Once licensed, insurers and intermediaries are subject to ongoing supervision, including regular financial reporting, prudential reviews, inspections, and market conduct monitoring.
ICB then assesses key areas such as solvency, corporate governance, risk management, and compliance systems, with emphasis on consumer protection and adherence to AML, CFT, and CPF obligations.
“Our goal is to not only detect and address vulnerabilities but to also foster a culture of sound risk governance and ethical conduct.”
To support this, the Commission issues a suite of rules, guidelines, and sector-specific advisors that promote best practices and clarify regulatory expectations.
ICB’s recent guidance has centered around climate-related financial risk and corporate governance, while also prioritizing stakeholder engagement through consultations, technical briefings, and outreach initiatives, helping to promote transparency.
“From consulting on new policy proposals to providing consumer resources and maintaining a formal complaints process, we prioritize open communication.
“This not only strengthens public trust but also empowers consumers to make informed decisions and reinforces the credibility of the Bahamas’ insurance environment,” Munnings-Gray explains.
This collaborative approach enhances compliance, encourages continuous improvement, and enables the industry to innovate responsibly within a robust regulatory framework.
WHERE INTEGRITY MEETS
EXPERTISE
Trusted and respected insurance solutions. Tailored, client-centric protection.
Bahamian roots and values with global
Since 2008, WIBL has helped clients confidently navigate the intricate world of group employee benefits. As a proudly fully Bahamian-owned and licensed intermediary, we bring to the table over 10 decades of combined experience in healthcare, insurance, and human resources. For the last 16 years, we have worked with businesses of every size, offering strategic, customized solutions and personalized service and attention.
Our local knowledge and international reach span far and wide, but there’s something deeper that sets us apart in our industry. It’s how we work for YOU, not for the insurers.
As an independent broker, WIBL prides itself on being objective, creative, and client-first. Our team has YOU at heart, which is why we take the time to thoroughly understand your business, anticipate your needs, and deliver tailor-made yet cost-effective benefit plans that protect what matters most: your people.
WIBL officially launched in January of 2009, and since then, we’ve earned a reputation for our professionalism, responsiveness, and results. We are trusted by companies across The Bahamas to manage everything from day-to-day coverage questions to complex renewal negotiations and claims resolutions.
Our clients also benefit from our well-positioned strategic partnerships, which include our long-term collaboration with international brokerage Solutions, as well as a network of local and international affiliates. This empowers us to offer clients scalable solutions and global expertise without losing sight of the local context.
Whether you manage teams across borders or operate solely right here in The Bahamas, we’re dedicated to designing coverage that fits both your workforce and your goals.
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As your trusted partner, we advocate on your behalf, drawing on long-standing relationships with all major Bahamian health insurers to deliver favorable terms, transparent options, and practical value. We have been doing this for over 16 years and will continue to uphold this legacy of client-centricity well into the future.
In this industry, two things are central: We’ve been around the block, so we understand this deeply. It’s exactly the reason why we define our service experience around accessibility and integrity. Our team is responsive, reliable, and professional, which means you’ll never be left wondering, waiting, or without someone to assist you promptly. We pride ourselves on being reachable, honest, and ready to assist when it matters most
At Woodside Insurance Brokerage Limited, we are more than just brokers-if we limited ourselves to just being brokers, we wouldn’t have built the reputation we are so proud of all these years later. We’re your long-term partners, with the unified goal of securing your employee well-being and financial peace of mind.
But what has earned us our deep, lasting, treasured relationships with clients who know we’ll always put their best interests first? That’s all thanks to our open exchange of ideas, collaborative problem-solving, and unfaltering dedication to transparency.
WIBL is different because we believe in doing business the right way: with professionalism, empathy, and insight. Insurance is exactly what we provide, but that doesn’t mean it’s the only thing our clients get. We provide advocacy, and stability that your business and, most importantly, your people are protected. Because that’s what you deserve-and what your people deserve.
Choose the firm that combines regional strength with a global mindset. The broker who works for YOU, not for the insurer.
A BRIEF LOOK AT FTRA 2018
FTRA 2018 serves as a foundational pillar of the AML, CFT, and CPF regime.
It establishes clear and enforceable obligations for financial institutions and designated non-financial businesses and professions – including insurers and intermediaries – to identify, monitor, and report suspicious financial activity.
By mandating robust, risk-based compliance programs, FTRA 2018 ensures that regulated entities implement customer due diligence, ongoing monitoring, record-keeping, employee training, and suspicious transaction reporting to the Financial Intelligence Unit (FIU).
For the insurance sector, particularly those offering long-term life and annuity products, FTRA 2018 has significantly influenced internal compliance frameworks.
Insurers must assess their exposure to money laundering and terrorist financing risks and apply controls proportionate to these.
ICB supervises and enforces these requirements through inspections, thematic reviews, and regular engagement with licensees.
SHAPING NATIONAL POLICY
As the independent authority established by the Bahamian statute, ICB plays a vital advisory role to government on all matters concerning the regulation and development of the insurance sector.
Therefore, drawing on its deep technical expertise, data-driven supervision, and close engagement with industry stakeholders, the Commission provides evidencebased recommendations that help shape national policy, guide legislative reform, and ensure alignment with international regulatory standards.
ICB also actively monitors global regulatory trends and emerging risks through its participation in international and regional bodies such as the International Association of Insurance Supervisors (IAIS), Group of International Insurance Centre Supervisors (GIICS), and the Caribbean Association of Insurance Regulators (CAIR).
These involvements allow the Commission to benchmark the Bahamas’ regulatory framework against global best practices and share relevant insights with government counterparts.
In recent years, ICB has advised on matters including the harmonization of legislation, the introduction of climate risk guidance, and frameworks for compliance with international tax transparency obligations.
The Commission additionally works closely with key government agencies – particularly the Ministry of Economic Affairs – when representing the Bahamas in international assessments led by institutions such as the Organization for Economic Co-operation and Development (OECD), the Financial Action Task Force (FATF), and the Caribbean Financial Action Task Force (CFATF).
“In these forums, the Commission contributes sector-specific expertise on risk exposure, compliance readiness, and regulatory performance,” Munnings-Gray tells us.
As such, through structured reporting, formal consultations, and strategy policy engagement, ICB ensures the government is equipped with the technical insights and forward-looking guidance needed to maintain a competitive, stable, and globally credible insurance regulatory environment.
ENSURING AN INNOVATIONREADY SECTOR
ICB has several recent initiatives that illustrate its focus on strengthening regulatory effectiveness, supporting industry readiness, and enhancing market resilience.
For instance, the Commission is currently leading a landmark
legislative reform initiative to harmonize the Insurance Act, 2005 and the External Insurance Act, 2009 into one unified, modern regulatory framework.
This project is significant as it will simplify licensing categories, clarify regulatory obligations, and enhance alignment with evolving international standards, particularly in areas such as group supervision, capital adequacy, and cross-border co-operation.
“For the Commission, this modernization effort is essential to reducing regulatory fragmentation, improving oversight efficiency, and strengthening transparency.”
Elsewhere, recognizing the increasing threat of climate-related events to financial stability, ICB recently launched a survey to evaluate how insurers are managing their environmental risk.
“CENTRAL TO OUR APPROACH IS THE GOAL OF MAINTAINING A STABLE, FAIR, AND RESILIENT INSURANCE MARKET THAT SAFEGUARDS POLICYHOLDERS WHILE CONTRIBUTING TO THE BROADER ECONOMIC STABILITY OF THE BAHAMAS”
– DANA MUNNINGS-GRAY, SUPERINTENDENT OF INSURANCE, INSURANCE COMMISSION OF THE BAHAMAS
Such findings directly informed the development of the new Guidance on Climate-Related Risk Management. Released in May this year, it aims to embed climate-related considerations into insurers’ governance, risk assessment, and disclosure practices.
“This project is vital for the Bahamas as a small island nation and developing state on the front lines of climate change. It helps insurers strengthen resilience through scenario analysis, reinsurance planning, and disaster preparedness, ensuring the sector remains
financially sound and responsive to environmental risk,” she affirms.
Thirdly, in early 2025, the Commission launched a six-week online program, the InsurTech Compliance, Innovation, and Regulatory Practices (ICIRP) Course, in partnership with the Cambridge Centre for Alternative Finance and the Bahamas Institute of Financial Services, reflecting ICB’s commitment to forward-thinking supervision.
This program is significant because it delivers specialized training to insurance professionals and regulators
on how to responsibly integrate technology into compliance and oversight frameworks.
“With participants from across the region, the program supports capacity building and promotes responsible innovation, ensuring the sector is equipped to embrace digital transformation while maintaining high standards of governance, ethics, and risk management.”
These initiatives collectively demonstrate the Commission’s commitment to building a resilient, modern, and innovation-ready insurance sector that meets global standards while addressing the unique risks and opportunities facing the Bahamas.
PROFESSIONALISM, INTEGRITY, AND INCLUSIVITY
The true strength of ICB lies in its people, who are integral to the Commission’s expertise in supporting the Bahamas’ regulatory environment.
“I am deeply proud of the professionalism, integrity, and expertise our team brings to regulation. Whether in law, risk, actuarial science, data, or consumer protection, each staff member contributes to our reputation for excellence and ability to serve the
opportunities, ICB supports its staff in expanding their skills, especially in areas such as InsurTech, climate risk, and financial crime prevention.
“Above all, I value the culture we’ve built – one that encourages open communication, shared responsibility, and mutual respect. Our staff are not just employees, they are trusted partners in shaping the future of the insurance sector,” she adds.
Corporate social responsibility (CSR) is equally integral to ICB as a key part of its DNA, consistently embracing opportunities to contribute meaningfully to the broader community it serves.
public with purpose and precision,” Munnings-Gray reflects.
With this in mind, ICB is committed to investing in its people, as the Commission believes continuous learning fuels both personal and institutional growth. From advanced certifications to global training
Indeed, ICB prioritizes support for vulnerable groups, educational access, and civic engagement.
Recent initiatives include donations to the local All Saints Camp, which supports individuals affected by HIV/AIDS, and the Persis Rodgers Home for the Aged, where the Commission provides resources to enhance resident care.
“These efforts are grounded in a simple belief that strong institutions should stand in solidarity with those who are most in need,” MunningsGray enthuses.
ICB likewise believes in the importance of financial literacy and public education. Through outreach campaigns, school programs, and community partnerships, the Commission helps citizens understand insurance, manage risk, and make sound financial choices.
“Our efforts reflect a commitment to inclusive growth, social equity, and national development.”
CONSOLIDATION AND STRATEGIC ADVANCEMENT
Looking ahead to the coming year, ICB is prioritizing regulatory modernization, innovation readiness, and institutional strengthening.
A cornerstone of this agenda is the overhaul of the Insurance Act, 2005 and the External Insurance Act, 2009.
These legislative reforms will clarify supervisory expectations,
streamline licensing categories, and introduce more risk-sensitive capital requirements, enhancing both regulatory efficiency and investor confidence while positioning the Bahamas as a competitive and credible insurance jurisdiction.
Climate risk and sustainability also remain high on the Commission’s agenda. Following the release of its Guidance on Climate-Related Risk Management, ICB is now focused on evaluating how insurers incorporate climate risk into their governance and enterprise risk management systems.
“As a small island developing state, the Bahamas is particularly vulnerable to environmental shocks. Regulatory vigilance in this area is essential to safeguarding long-term financial stability,” Munnings-Gray urges.
From an innovative perspective, the Commission is building on the success of the ICIRP Course, enhancing its supervisory capabilities for digital insurance models, and reviewing legislation to ensure adaptability to emerging technologies.
ICB is additionally expanding its internal data analytics tools to support more efficient, evidencebased supervision and robust risk assessments across the sector.
Thus, the year ahead promises both consolidation and strategic advancement.
“As we modernize our framework, deepen climate resilience, and prepare for digital transformation, the Commission remains committed to developing a forward-ready insurance industry – one that is sound, transparent, and aligned with evolving global standards,” Munnings-Gray optimistically closes.
Tel: 242-603-4183
info@icb.gov.bs
www.icb.gov.bs