Caribbean: Legislative Changes Pending
The Caribbean region has recently been a hive of regulatory activity, as a number of supervisors – notably in the Cayman Islands, Bahamas, British Virgin Islands, Antigua and Trinidad and Tobago – have set about amending and, in some cases, completely overhauling, their insurance legislation.
The Organisation for Eastern Caribbean States (OECS), comprising seven member territories and two associate members, is also currently drafting model legislation for adoption by its members.
Lloyd’s – or an ‘Association of Underwriters’ – has generally received recognition in previous versions of Caribbean states’ insurance laws. However, while in most territories this recognition is generally being retained, certain legislators are increasingly looking to bring Lloyd’s within the same regulatory framework as applies to insurance companies.
Lloyd’s International Regulatory Affairs team is therefore engaged in submitting proposals to, and negotiating with, the regulators of those territories with a view to establishing an equitable position for Lloyd’s, given its unique legal and capital structure. Such submissions are prudently produced in order to explain the intricacies of Lloyd’s marketplace, the practicalities of complying with certain requirements, and the importance of Lloyd’s capital and expertise to the local market.
Negotiations are progressing positively and we will continue to keep the market informed of developments and liaise with market associations where appropriate. In the meantime, if you require any further information, please do not hesitate to contact Lloyd’s International Trading Advice on +44 (0) 207 327 6677 or email LITA@lloyds.com.
Last updated on 28 Nov 2007
