By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

THE Bahamas Insurance Brokers Association (BIBA) is concerned that some of its members might not accrue the $50,000 net asset value required to satisfy the new Insurance Act by its Septemebr 2011 implementation deadline, or have the cash to conduct independent audits that can cost upwards of $15,000. The changes have caused 200 per cent increases for some companies.

Vaughn Culmer, BIBA's president, said that while the Insurance Commission's extension of the compliance deadline for the new Act was welcome, agents and brokers - as well as primary providers - still have to scrutinise the regulations closely in order to ens ...

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