The Nevis International Insurance (Amendment) Ordinance, 2006 which received safe passage in the Nevis Island Assembly on Wednesday 3rd May at Hamilton House, will provide greater security for the International Financial Services Sector on Nevis.
The Bill, Premier and Minister of Finance in the Nevis Island Administration Hon Vance Amory said, was brought before the House to amend the principal legislation which had been passed in 2004 to guard against persons taking advantage of shortfalls in the earlier legislation
“We have brought this bill to the Honourable House to amend the principal legislation to add some clarity in some cases some tightness to the legislation so that we eliminate loopholes which could be exploited by persons who do not really care what they do in international business,” he said.
Over the last 10 years, Nevis had experienced the expansion of the international business sector, a key pillar of economic growth on the island and according to Mr Amory, the Concerned Citizens Movement (COM) led Administration had willingly explored other means of expending the industry to attract persons wishing to engage in international business, register companies so as to establish a well regulated, properly managed International Financial Services Sector.
“One of the areas which we thought would add to the development of this industry was to look at the insurance market which has done so very well in terms of creating financial activity and providing opportunity for employment in other countries and we sought to expand the financial services industry so that the provision of insurance and re insurance for a captive insurance would add to that dimension here in Nevis,” he said.
Mr Amory explained, that the parent legislation had been introduced to provide additional opportunities for business to be conducted in Nevis and to provide revenue for the government. However, over time it became necessary to review the legislation with a view to improve and enhance the provision of the legislation to provide the best vehicle and legislative framework for the conduct of business within the International Financial Services Industry.
The Premier expressed hope that the amended legislation would bring to persons using it greater clarity, greater depth and an understanding of what the Administration sought to achieve.
The Legislation was seconded by Deputy Premier and Minister of Tourism Hon Malcolm Guishard and supported by Hon Laughton Brandy Junior Minister of Youth and Sports, Community Affairs, Trade and Industry.
