Tina Cambridge
Reacting to the 10-day consultation period for proposed amendments to the Insurance Act, Bahamas Insurance Association (BIA) spokesperson and Regional Director of Generali Worldwide Tina Cambridge said there are still a lot of questions needing answers from the National Health Insurance Secretariat, the government's hired advisor KPMG and the Insurance Commission of The Bahamas (ICB).
Cambridge told Guardian Business yesterday that there are some concerns, in particular surrounding the Insurance (Amendment) Bill 2016. The amendments were necessary to accommodate the provisions of the National Health Insurance Bill 2016.
Both Cambridge and BIA Chairman Emmanuel Komolafe said the consultation period of 10 business days for the Insurance (Amendment) Bill 2016 is too short.
Cambridge said, "There are some concerns with respect to gaps we see that may be bridged between what are asked to be considered amendments in the Insurance Act as opposed to what it is in the NHI Bill 2016.
"The NHI Bill does not stand alone. There has to be some discussion from the top as to how all of these things fit together. That clarity should be brought to stakeholders," she said.
Komolafe said the consultation period "is quite unusual and definitely out of character for the Insurance Commission of The Bahamas (ICB), which is normally guided by international best practices and standards".
He added there is a possibility that the insurance regulator may be acting on directives based on the aggressive timeframe for the implementation of NHI established by the government.
Cambridge said there are also concerns over items that have been before government and the ICB for years relating to required changes to the Insurance Act.
"Now, those have been pushed aside, rather than being joined to the amendment. This amendment deals only with what they think needs to happen with NHI in order to push that agenda forward," she added.
Over the past five or six years, the insurance industry in The Bahamas - through the statutory Insurance Advisory Committee and the BIA - has been seeking to have amendments made to the Insurance Act and accompanying regulations to address major issues impacting the sector.
Komolafe, who shared similar concerns as Cambridge on the matter, said "It is disappointing that other major issues impacting the industry and requiring revisions to the Insurance Act and Regulations have been largely ignored.
"We would have appreciated if those referenced policy and legal issues that have been affecting policyholders, insured individuals and the entire industry for several years had been treated with the same sense of urgency and at least incorporated in the present suggested amendments," Komolafe added.
Xian Smith, Guardian Business Reporter
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