The Insurance Commission of The Bahamas (ICB) continues to address deficiencies in the insurance sector through amended legislation and continues to educate the Bahamian people on the insurance market in general, as it celebrates ten years this year as the regulator for the insurance industry.

During a press conference yesterday held at the ICB, Superintendent of Insurance Michele Fields said getting Bahamians to understand the structure of the insurance market has been an ongoing challenge, especially given that the commission is the body that fields complaints about insurance companies.

“One of the big challenges is education,” she said. “People don’t really understand insurance. Even just the structure of the market, people don’t understand. Just to understand the structure of the market, I think that’s something basic that we don’t understand. I think one of the things that we do here is that we address consumers’ complaints and from that, we get some feeling of the issues which are out there that people face all the time.”

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