FSRC Targets 2013 Rebranding

Details

Economy

Monday, 03 September 2012 02:30

By caribarena news

Antigua St. John's - The agency responsible for regulating the offshore financial and insurance sectors has moved a step closer to improving its image as part of a  rebranding initiative targeted for early next year.

The insurance arm of the Financial Services Regulatory Commission (FSRC) is being strengthened with the support of a consultant from the European Union.

Chairman of the FSRC board Althea Crick said this is one of six components to be addressed by 2013.

"The process really started with a national policy for the financial sector being developed and presented and approved by Cabinet. Subsequently there was a restructuring plan put to Cabinet," she said.

"As a consequence of this, we did receive Cabinet approval to restructure the FSRC and more recently there was a presentation to Cabinet to outline the format that the new structure would take. That format too was approved."

Antigua & Barbuda's insurance sector was negatively affected by the 2009 collapse of the Trinidad-based C L Financial and its subsidiary British American Insurance Company (BAICO).

Hundreds of residents invested more than $300 million in annuities and other BAICO policies.

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The financial services sector was affected by the 2009 collapse of the Stanford empire. Financier R. Allen Stanford has since been convicted of masterminding a US$7 billion Ponzi scheme through his Stanford International Bank headquartered here.

On Friday, EU consultant Mark McKenzie took part in a project steering committee meeting that involved representatives of the FSRC and the Ministry of Finance.

"I'm aware that within this jurisdiction and the wider Caribbean region there have been failures. When there are failures what happens is that the public loses confidence in the marketplace," McKenzie said following the meeting.

"I see this effort to strengthen insurance supervision in Antigua as part of that effort to restore public confidence in the marketplace, to help to restore the investment and asset base of the economy that has been eroded as a result of failure."

The consultant said he is ensuring that regulations relating to the Insurance Act are in place as well as the mechanisms that ensure that insurance companies operate in a prudent manner and that the FSRC is equipped with the right human resources.

The consultant commenced work on August 8 and is scheduled to end his stint here in January 2013.

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