The objective of the workshop is to harness the views and recommendations of stakeholders in constructing a regulatory framework for regulation and supervision of the insurance sector in the Eastern Caribbean Currency Union (ECCU) with a view to making the necessary changes that will assist with offering increased protection to policy holders.
The participants will include members of the Core Committee on Insurance, Insurance Regulators, Insurance Association Representatives and policy makers including: Financial Secretaries, representatives from the International Monetary Fund (IMF), the Caribbean Regional Technical Assistance Centre (CARTAC) and the Caribbean Development Bank (CDB).
During the sessions participants will also discuss two papers prepared by consultants from the World Bank: (i) Road Map for Insurance Supervision in the ECCU and (ii) International Models of Multi-jurisdictional Insurance regulation and supervision.
The workshop is part of the technical assistance provided by The World Bank through the FIRST Initiative Project, which was initiated after the CLICO/BAICO failure. The FIRST Initiative Project includes strengthening and harmonising the regulatory and supervisory framework for insurance companies operating in the Eastern Caribbean Currency Union (ECCU).
The findings of the workshop will be presented to the Ministerial Subcommittee on Insurance of the ECCB Monetary Council, chaired by Dr Ralph Gonsalves, Prime Minister of St Vincent and the Grenadines.