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Businessman Mario Carey Urges Insurance Company Reform, Liberalize Whole Life, Extend Health Coverage

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#TheBahamas, June 1, 2022 – Less than one week after insurance companies asked the Insurance Commission to allow them to invest in U.S. funds, a leading businessman is calling for a lifting of similar restrictions on the consumer, declaring that Bahamians should be allowed to seek coverage from companies outside the jurisdiction.

“The laws that govern how and where Bahamians can obtain health and life insurance hurt the average middle class Bahamian the most,” said real estate pioneer and social entrepreneur Mario Carey. “The insurance companies want the right to invest abroad and I believe as Bahamians we should have the right to seek health and whole life insurance abroad.”

Carey’s comments came in the wake of news that a leading underwriter was seeking an exemption to the insurance regulations that forbid Bahamian insurance providers from investing in foreign entities.

“I understand the good intention of those restrictions given the failure of one insurer whose holdings outside The Bahamas brought the company down, but while there are lessons to be learned from that, the consumer need not be punished because of it. We should insist on insurance rights, including the right to seek competitive rates, terms and provisions, just as the wealthy who have more than one address can do, or large businesses with numerous holdings that may be registered elsewhere do.”

Carey, who founded Better Homes and Gardens MCR Bahamas and is CEO of Mario Carey Ventures, enterprises aimed at social entrepreneurship, said current policies are especially hard on caregivers of elderly parents or offspring with special needs. His adult son registers on the high end of Asperger’s, the highest functioning form of the autism spectrum and Carey worries about how he will be cared for.

“As it stands now, a policy dies when the policyholder passes away, so for the policyholder who predeceases his or her parents, who is going to cover the health insurance costs if the policyholder is no longer alive? Who is going to provide the health care coverage for a child who is severely disabled and needs frequent, expensive medical attention if the health insurance policy is only good as long as the original policyholder lives and breathes, even if they bought it primarily to protect their loved ones? Do they go to their grave knowing they have left someone imperiled with no life boat to grab hold of?”

The answer, Carey believes, is twofold – allow funds to buy policies so the policy continues to live so long as the fund exists. Secondly, he says, allow Bahamians to shop and compare.

“We don’t force people to buy cars only from Bahamian auto dealers, why should we require Bahamians to buy health insurance – one of the most significant investments you will ever make – only in The Bahamas? While everything else around us has changed, we’ve been doing insurance the same way in The Bahamas since the middle of the last century,” said Carey. “I think it’s time we take a good look at the industry, how it serves clients, what we can do to improve it. There are some serious questions we need to ask. How do we ensure client rights? What we can learn from other places where there is a more liberal policy as to who can own a policy? In other places, a policy can be purchased by or through a fund that holds it and it provides options for the beneficiary or insured.”

Carey said he is far from alone in urging a more responsive insurance industry.

“We all know someone who is complaining about fighting for their rights to get a claim paid or a policy reinstated, even a policy they may have paid on for 20 years but had to let lapse to put food on the table during COVID-19 when they were out of work,” said Carey.

Carey, who has enjoyed a successful career in real estate closing in on $2 billion in transactions, has devoted much of the last two years to finding solutions for a host of issues. Also on the drawing table – a regional disaster recovery centre in southwest New Providence that would transform the former Bacardi plant and its 100,000 square feet of enclosed space into a readiness launching pad from which everything from helicopters to generators, tents to nonperishables can be sent as disaster strikes, saving time and lives.

“Look around you,” says Carey. “Everything has changed over the last 20 years, the phone you are using, the computer you are typing or designing on, even the way you get your news. Yet insurance, one of the most important basics of a well-planned life, has remained much the same as it was 50 years ago except that you may get your statement by email. It’s time to take a look, a serious look and see how we can bring it into the 21st century.”

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Where to Draw the Line? TCI and Bahamas Advance Maritime Boundary Talks

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June 16, 2026 – Thirty-four years after formal negotiations began, Turks and Caicos Islands and The Bahamas are still working to define an agreed maritime boundary between the neighbouring archipelagos, a revelation emerging from a recent Turks and Caicos Cabinet summary which has brought renewed attention to a largely overlooked diplomatic and security issue.

A May 2026 Turks and Caicos Cabinet update suggests the long-running negotiations are continuing to advance.  In August 2023, Bahamas Foreign Affairs Minister Fred Mitchell said efforts to draw an exact maritime boundary had been slowed by the challenge of gathering the mapping and locational data required for the exercise.  The United Kingdom, which represents Turks and Caicos in the negotiations, has offered few details beyond confirming that both sides remain committed to maritime boundary delimitation talks.

The negotiations are not centred on a territorial dispute but rather on establishing a legally recognized maritime boundary under international law.  Such agreements help determine jurisdiction over fisheries, maritime resources, law enforcement activities, environmental protection and migration control in the waters between neighbouring countries.

While the discussions focus on the boundary between The Bahamas and Turks and Caicos, the exercise is part of a wider maritime delimitation effort — the process of formally marking and agreeing upon where one country’s waters end and another’s begin.  In comments to The Tribune in August 2023, Mitchell referenced similar boundary considerations involving the United States and Haiti, underscoring the broader regional importance of defining maritime jurisdictions in accordance with international law.

According to public statements from The Bahamas, formal negotiations between the two sides began in 1992 and were followed by technical discussions in 1996.  After years of little public activity, talks resumed in 2023 and have continued through a series of engagements involving legal, maritime, security and geographic information specialists.

The importance of maritime boundaries was underscored by former Bahamas Foreign Affairs Minister Brent Symonette during maritime boundary discussions between The Bahamas and the United States in 2009.  At the time, Symonette described clearly defined maritime borders as essential to national sovereignty, law enforcement, fisheries management, environmental protection and efforts to combat illegal migration.  He also argued that agreed boundaries provide legal certainty and strengthen cooperation between neighbouring countries.

The United Kingdom, which represents Turks and Caicos in the negotiations, has offered few public details beyond confirming its commitment to the process.  However, officials from the Foreign, Commonwealth and Development Office participated alongside TCI representatives during talks held in Nassau in August 2023.  The Turks and Caicos delegation included then Permanent Secretary Wesley Clerveaux, whose responsibilities included Marine Affairs.

At this stage, the TCI Cabinet has only publicly identified the area under discussion as being south of “Point 1.”  Information released by The Bahamas following a 2023 meeting indicates the negotiations concern waters between the southeastern Bahamas and the Turks and Caicos Islands.  While no map has been made public, the available information places the discussions south of Bahamian islands including Mayaguana and Great Inagua.  Exactly where the proposed boundary would meet the Turks and Caicos archipelago remains unclear from public records.

The latest Cabinet update offers no indication of when the negotiations may conclude.  However, after more than three decades of intermittent discussions, recent references by both governments suggest efforts to finally draw the line between the two jurisdictions are continuing.

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CDB Leadership Passes to Belize as Region Eyes New Financing Partnerships  

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By Deandrea Hamilton

 

The Bahamas, June 9, 2026 – The Caribbean Development Bank’s annual gathering may have concluded in The Bahamas, but attention is already turning to Belize as leadership of the institution’s Board of Governors officially changed hands.

At the close of the 56th Annual Meeting in Nassau, outgoing Chairman and CDB Governor for The Bahamas, Michael Halkitis, formally transferred the chairmanship to Belize’s Dr. Hon. Osmond Martinez, continuing the Bank’s tradition of rotating leadership among its regional shareholders.

The handover capped a week of discussions focused on financing development in an increasingly uncertain global environment and strengthening the Caribbean’s ability to withstand economic and climate-related shocks.

One of the meeting’s most closely watched conversations centered on how multilateral development banks can better support vulnerable Small Island Developing States.

During the President’s Chat, titled Financing the Future: MDB Strategies for Uncertain Times, CDB President Daniel Best joined leaders from the OPEC Fund, the Central American Bank for Economic Integration and the Fund for Responding to Loss and Damage to discuss expanding development finance and building resilience.

OPEC Fund President Dr. Abdulhamid Alkhalifa emphasized that development institutions must move beyond responding to crises and instead help countries prepare for them.

“The real test is whether we can help countries move from strategy to implementation, and from implementation to results,” Alkhalifa said.

The discussions reflected a growing regional push for innovative financing solutions as Caribbean nations continue to confront climate vulnerability, infrastructure demands and economic uncertainty.

Beyond discussions on financing and resilience, the Annual Meeting also featured youth engagement activities, including the Youth FIRE Forum, where young Caribbean leaders participated in conversations about innovation, entrepreneurship, leadership and the future of regional development. Senior government officials, development professionals and youth delegates exchanged ideas on the challenges and opportunities facing the next generation, reinforcing a recurring message throughout the conference: that investments made today must ultimately improve opportunities for Caribbean youth tomorrow.

That theme was echoed by Bahamas Prime Minister Philip Davis, who used the opening ceremony to challenge regional leaders to invest in future generations.

“We must invest in the one asset that no agency can ever downgrade, and that no storm can ever wash away: the mind of a Caribbean child,” Davis told delegates.

With Belize now assuming the chairmanship, regional leaders say the focus remains on transforming ideas discussed in Nassau into tangible results for Caribbean people.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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New GPS Evidence Prompts Fresh Search for Missing American Woman in Abaco

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ABACO, BAHAMAS — Nearly two months after American sailor Lynette Hooker vanished in waters off Abaco, investigators are preparing to conduct a new search based on GPS and navigation data that reportedly challenges the account originally provided by her husband.

The case, which first drew international attention in early April, began when Brian Hooker told authorities that his wife was swept away after falling from an inflatable dinghy during rough conditions in waters near Elbow Cay.

Initial search efforts involving Bahamian and U.S. authorities covered extensive areas of the Sea of Abaco but failed to locate the missing Michigan woman.

Now, according to multiple U.S. media reports, investigators have obtained electronic navigation and GPS data that appears to place the couple’s dinghy in a different location from where searchers initially concentrated their efforts.

The new information has prompted authorities to reopen search operations and seek permission for divers to examine a more targeted area of the Sea of Abaco.

Unlike the broad search that followed Hooker’s disappearance, the renewed effort is expected to focus on a relatively shallow section of water, reportedly about 25 feet deep. Investigators believe the location may offer a better opportunity to recover evidence and potentially answer lingering questions surrounding the disappearance.

The latest development marks a significant shift in the investigation.

What began as a maritime search-and-rescue operation has evolved into a complex multinational investigation involving Bahamian authorities, the United States Coast Guard and the Federal Bureau of Investigation.

Brian Hooker was detained and questioned by Bahamian authorities following his wife’s disappearance but was later released without charges. While investigators have never publicly accused him of a crime, reports indicate he remains a person of interest as authorities continue to examine the circumstances surrounding the case.

Hooker has repeatedly denied any wrongdoing and has maintained that his wife accidentally fell overboard.

The investigation has intensified in recent weeks. U.S. authorities have reportedly seized the couple’s sailboat, Soulmate, transporting the vessel to Florida for forensic examination. Investigators are said to be reviewing onboard electronics, digital records and other potential evidence as part of the ongoing inquiry.

The case has also attracted attention from Lynette Hooker’s family, who have continued to press for answers and support efforts to locate her.

The renewed search comes after Brian Hooker returned to the United States following the disappearance. Reports indicate he cited family reasons, including concerns about his mother’s health, for leaving The Bahamas.

For investigators, however, the focus now appears fixed on the newly identified search area and the electronic evidence that led them there.

Whether the latest operation produces answers remains to be seen. But nearly eight weeks after Lynette Hooker disappeared in the waters of Abaco, authorities believe new technology and new information may finally provide a clearer picture of what happened that night.

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