'Draconian' asset discounts 'unsuitable' for the Bahamas

Thu, Sep 2nd 2010, 11:00 PM

By NEIL HARTNELL

Tribune Business Editor

The one-year deadline extension for the Bahamian insurance industry to comply with the new Insurance Act's regulations was welcomed yesterday, one leading insurer telling Tribune Business that some stipulations were "unsuitable" for the Bahamian market and result in major falls for public company share prices. Steve Watson, RoyalStar Assurance's managing director, told this newspaper that the asset classes and discounts stipulated in the current regulations, for purposes of calculating solvency and capital requirements, could force Bahamian insurance carriers to sell-off substantial chunks of their equity holdings - something that could ...

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