The Tribune

The Insurance Commission of The Bahamas has launched a six-week online initiative, the InsurTech Compliance, Innovation and Regulatory Practices (ICIRP) course, in a bid to marry supervision with the digital age.

“The launch of this ICIRP course demonstrates the Insurance Commission of The Bahamas’ dedication to being the pioneers in fostering innovation, enhancing compliance and upholding the highest regulatory standards in the insurance industry,” Michael Halkitis, the minister of economic affairs, said during its launch at The Balmoral on Friday, January 24.

He explained that the online programme, which began on Saturday, January 25, is a first for the Caribbean and represents a strategic collaboration between the Insurance Commission of The Bahamas, the Cambridge Centre for Alternative Finance at the University of Cambridge, and the Bahamas Institute of Financial Services (BIFS).

“The ICIRP course reflects a forward-thinking approach, equipping financial service professionals with the necessary tools and exposure to international best practices, trends and typologies required to be innovators and free thinkers in this industry that is undergoing profound regulatory and legislative enhancements," Mr Halkitis added.

“As technology continues to redefine how we do business, this initiative ensures that our financial services professionals are prepared for the future and are taking intentional steps toward actively shaping our financial services ecosystem.”

Mr Halkitis, hailing the partnership with the University of Cambridge, added: "Cambridge is globally recognised for its leadership in advancing financial innovation, and this collaboration signifies the Insurance Commission’s commitment to excellence and progression in the industry.

“It reinforces The Bahamas’ reputation as a jurisdiction that encourages innovation, values professional development, embraces emerging technologies and prioritises robust regulatory frameworks.”

Dana Munnings-Gray, the superintendent of insurance, said: “The Insurance Commission of The Bahamas is proud to lead this groundbreaking initiative that bridges the gap between technology and the insurance industry.

“This course represents our commitment to fostering innovation and providing the tools and knowledge necessary to ensure regulatory excellence and industry growth.”

The course will cover topics critical to the integration of technology within the insurance sector - digitalisation, emerging technologies, regulatory considerations and future trends.

It is aimed at regulators, insurance professionals, compliance officers and legal specialists, offering a robust foundation for understanding InsurTech’s transformative impact. To register and learn more about the course, interested persons can go to the Insurance Commission of The Bahamas’ website at https://www.icb.gov.bs/.