The Tribune

By NEIL HARTNELL Tribune Business Editor FORMER ColinaImperial executive Michele Fields has been appointed as the Bahamas' chief insurance regulator, Tribune Business can reveal, the Government believing her industry background will allow enhanced supervisory efforts to be "stepped up a bit". This newspaper understands that Mrs Fields' appointment effectively took effect from January 1, 2012, although no formal announcement has been made by the Government. The move ends a year-long search for a replacement for retiring Insurance Superintendent, Lennox McCartney, who agreed to remain in the post until a successor was selected. Sources close to developments confirmed to Tribune Business yesterday that Mrs Fields, wife of Kerzner International (Bahamas) public relations chief, Ed Fields, was being seen as a boost to the Insurance Commission's efforts to regulate the industry - and implement the provisions of the new Insurance Act and its accompanying regulations. Mr McCartney did not come from an insurance background. Meanwhile, this newspaper's contacts acknowledged that the Bahamian industry was "not used" to a strong regulator and, as a result, several "accidents", most prominent among them CLICO (Bahamas) and its British American Insurance Company (BALCO) affiliate, had occurred. "That's who it's going to be," one industry source confirmed to Tribune Business yesterday, after this newspaper was told of Mrs Fields' appointment. "I understand she's going to be the new Insurance Superintendent." One advantage Mrs Fields holds is that she was already a member of the Insurance Commission's Board, and will thus be familiar with all the issues and challenges the regulator is facing. Among them is the re-registration and licensing of all Bahamas-based insurance carriers and brokers under the Insurance Act's enhanced criteria, and enforcing compliance with the new law. A government source familiar with developments at the Insurance Commission replied: "That's correct", when asked about Mrs Fields' appointment. "The formal Order has already been issued, so all the necessary functions are in place. She was already a member of the Commission, so for her it's a lateral move with some increase in responsibilities," the source added. They acknowledged that it "took the better part of a year" to find an Insurance Superintendent to replace Mr McCartney, with the process of identifying candidates, sorting through applications, interviews and making the recommendation to government lasting for around six months. "It was more trying to identify the best candidates within the industry, out of those professionals out there, who was willing to step forward," the source said of the process. "There were a few of them, and the further down they drilled, the more of them there were. "They [the Government and Commission] came away feeling she [Mrs Fields] was the best candidate, given that they were trying to provide the Commission with good technical expertise, and give it professional leadership that brings it into line with the other two regulators, the Central Bank and the Securities Commission." Praising Mr McCartney for doing "a good job" during his tenure as Superintendent, following his switch from the National Insurance Board (NIB), the source added: "He is a good person but he did not have the insurance expertise that, at the end of the day, is preferable in the Superintendent. "While he did a good job, and the Government should thank him for his important contribution, at the end of the day it's not a bad thing that we've been able to step it up a bit. "Insurance is a sector that has not been used to being regulated in the past. We've had some accidents there, but are finally on the path, I believe, to a well-regulated sector." Mrs Fields will be assisted by the Insurance Commission's number two, Arvind Baghel, who the source described as "an excellent professional" and first class". The new Insurance Superintendent's private sector background includes positions as a vice-president of life/health insurer Global Bahamas, prior to its acquisition by Colina Insurance Company in 2003. Mrs Fields remained on the renamed ColinaImperial Insurance Company's executive management team until 2008, when she left the company. She was more recently engaged by general insurance carrier, Bahamas First, to assist with the consolidation of the agency portfolio belonging to General Insurance Brokers and Agents (GBA). Zhivargo Laing, minister of state for finance, did not return Tribune Business's calls seeking comment on Mrs Fields' appointment.