Insurance Commission of The Bahamas

ICB Public Notice - The Road Traffic (Amendment) Act, 2024 Proposed Guidelines

Season’s Greetings from the Superintendent of Insurance As we celebrate this joyous season, I extend warm wishes to all industry stakeholders, colleagues, and the wider community. May this Christmas bring peace, happiness, and reflection, and may the New Year inspire continued growth, collaboration, and success. Thank you for your unwavering commitment to excellence and innovation in the insurance sector. Together, we will continue to strengthen our industry and make a positive impact. Best wishes for a Merry Christmas and a prosperous New Year! Sincerely, Dana Munnings-Gray Superintendent of Insurance Insurance Commission of The Bahamas

The Insurance Commission of The Bahamas extends warm wishes to you and your family for a Merry Christmas and a Happy New Year! May this holiday season bring you and your loved ones joy, peace, and prosperity. Thank you for your continued support, and we look forward to a bright and successful year ahead.

Congratulations to our very own Latroy A. Bodie Scott, FCCMBA, FIS, MICA, CFCS. on earning his Master’s Degree in Financial Crime & Compliance (FCCMBA) and achieving the prestigious Financial Intelligence Specialist (FIS) designation from Bangor University in Wales! We are incredibly proud of Latroy’s dedication to professional growth and remarkable achievement. These accomplishments underscore our commitment to fostering excellence and expertise within the Insurance Commission and inspire us to continue to prioritize professional development and excellence across our team. Well done, Latroy—your hard work and determination are truly commendable!

ICB Public Notice: Bahamas Financial Stability Council Formed through Multi-Agency MOU

Last week, the Superintendent of Insurance, Dana L. Munnings-Gray, presented at the National Risk Assessment Industry Briefing, providing updates on the Bahamian insurance sector. Her presentation covered a sector overview, 2017–2022 NRA findings, and key risks for general and long-term insurers. She also highlighted strategic areas for intervention, AML/CFT/CPF obligations, suspicious transaction reports, and insights from the 2024 AML Analytics risk assessment. The address reinforced the commitment to strengthening compliance and resilience across the sector.

We at the Insurance Commission of the Bahamas are deeply saddened by the loss of our esteemed colleague and fellow regulator, Vivienne Dean. Her unwavering dedication, professionalism, and commitment to upholding the highest standards in our industry left an indelible mark on all who had the privilege of working alongside her. Vivienne was a remarkable professional and compassionate individual whose warmth and kindness extended to everyone she met. Her contributions to the field of insurance regulation and her mentorship to many in our community will be remembered as a lasting legacy. We extend our heartfelt condolences to her family, friends, and colleagues during this time of immense sorrow. May they find comfort in the cherished memories of her extraordinary life and enduring impact. Vivienne’s absence will be deeply felt, but her influence will continue to inspire us.

On Monday, 9 December 2024, twenty members of the Insurance Commission of The Bahamas participated in a comprehensive training session on International Business Companies (IBCs) and Regular Bahamian Companies. The session was expertly conducted by Bettina Albury, General Manager of S.T.I. Global Education Ltd. We thank Ms. Albury for her invaluable expertise and engaging facilitation of this critical training. Opportunities like these reaffirm the Commission’s commitment to the continuous development of its team, ensuring they remain equipped with the knowledge to uphold the highest regulatory standards. Training and professional development are essential to fostering excellence and enhancing the efficiency of our operations. The Commission remains dedicated to investing in its staff, strengthening their capabilities to serve our stakeholders effectively.

The Insurance Commission of The Bahamas mourns the passing of Mrs. Telzena G. Coakley, a trailblazer in the insurance industry and a dedicated public servant. Mrs. Coakley served as Registrar of Insurance from 1994 to 1997 and later as Government Insurance Advisor from 1997 to 1998. During her tenure, Mrs. Coakley worked closely with industry associations, including the Bahamas Association of Life and Health Insurers (BALHI) and the Bahamas General Insurers Association (BGIA), now the Bahamas Insurance Association (BIA). Her leadership was instrumental in elevating the minimum standards for intermediaries and reinforcing ethical practices across the industry. Mrs. Coakley passed away on November 25, 2024, and was laid to rest today, December 13, 2024, at St. Francis Xavier Cathedral, West Hill Street. The Superintendent of Insurance represented the Commission at the service to honor her memory and extend condolences to her family and friends. We remain committed to preserving Mrs. Coakley’s legacy within the Commission and the wider insurance industry. Her contributions continue to inspire our work and remind us of the enduring impact of dedicated service. Our deepest sympathies are with her loved ones during this time of loss.

The Insurance Commission of The Bahamas proudly acknowledges the Superintendent of Insurance, Dana L. Munnings-Gray's remarkable milestone, which was celebrated yesterday. It marks ten years since her call to the Bahamas Bar. Her unwavering commitment to professional growth and excellence continues to inspire and elevate the Commission's leadership standards. This achievement highlights her dedication to advancing her expertise and the insurance industry in The Bahamas. We extend our heartfelt congratulations on this significant anniversary and express our gratitude for her invaluable contributions.