Workshop to focus on enhancing domestic, cross-border supervision in insurance sector
Basseterre, St. Kitts, June 20, 2018 (SKNIS): The Caribbean Association of Insurance Regulators (CAIR) is spearheading a three day workshop at the St. Kitts Marriott Resort from June 20 -22 in collaboration with the St. Kitts and Nevis Financial Services Regulatory Commission (FSRC) and the Caribbean Regional Technical Assistance Centre (CARTAC) on “Enhancing Domestic and Cross-border Supervision and Stress Testing in the Insurance Sector.”
President of CAIR Michele Fields said that the purpose of these types of workshops are designed to build capacity within regulatory authorities and that this year’s focus will be on cross-border supervision to ensure the oversight of the companies within the Caribbean.
“We are grateful to CARTAC to lend support, both financial and in terms of resources to assist in building capacity amongst the regulatory bodies,” she said. “We have to ensure that the mechanisms for cross-border supervision are robust.”
She expressed her sincere thanks to the FSRC for organizing the conference and for its continued support of the organization. “We are extremely grateful to the financial services commission of St. Kitts and Nevis for all of their assistance in putting this conference on,” she said. “We have also been working with CARTAC, particularly with regard to the agenda and programme. We think that the three-day conference is going to be very meaningful and the information, of course, will be very useful for the regulators in the various jurisdictions,”
Financial stability adviser from CARTAC R. Brian Langrin said that the organization is once again pleased to provide support to CAIR for the workshop and also highlighted that CARTAC strives to implement “forward-looking frameworks so as to prevent crisis and for regulators to collaborate and not just operate within silos, but to look at the system as a whole and strengthen resilience to financial crisis,” he said, while noting that CARTAC was also the sponsor of the Caribbean Association of Pension Supervisors (CAPS) conference and workshop that took place June 18-19. “We are very proud to work with CAIR to partly fulfill this mandate.”
CAIR was established in 1994 with the objective to advocate, encourage and support the development and enforcement of insurance regulation in the Caribbean. The workshop will feature fruitful discussions on very pertinent topics in the insurance industry, including considerations for consolidated supervision; implementing group-wide and cross-border supervision of insurance conglomerates; and risk-based capital and own risk solvency assessment (ORSA) framework.