The Tribune

EDITOR, The Tribune.

Re: The Insurance Act 2005 and Colina Insurance/ Indigo Insurance

I write with regard to the article that appeared in your newspaper today headed: “Bahamas First severs Colina General tie-up” and sub-headed “Concerns raised over implications for Act”.

The Insurance Act was passed to prevent abuse of the public by unscrupulous and/or unregulated Insurance Companies as occurred during the Clico debacle which destroyed the pensions and life savings of many hundreds of Bahamians. Although this was about 20 years ago, people are still suffering because of it to this day.

To prevent any one Insurer becoming too dominant (and thus susceptible to abuse such dominance), Section 22 of the Act specifically prohibits a company from carrying on both long-term and general insurance business at the same time.

If Colina Insurance and Indigo Insurance effectively have the same ownership, why on earth would the Regulator The Insurance Commission of The Bahamas grant Indigo a licence to write General Business? Do these people understand what their function is meant to be?

As the Roman poet Juvenal so succinctly put it: “Quis custodiet ipsos custodies?” (Who will guard the guards?)

Are we looking at another possible Clico down the road?

AEQUI AS

Nassau,

August 10, 2021.