The Bahamas Insurance Association (BIA) is imploring the Office of the Attorney General (OAG) to reconsider including general insurance business under the definition of a financial institution in the upcoming Financial Transaction Reporting Bill (FTRB), as the designation will place “enormous demands” on insurers’ current resources.

In a letter written by the BIA to Attorney General Carl Bethel, which was attained by Guardian Business, the group presses Bethel to maintain the prior position of not grouping general insurers under the definition of a financial institution.

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