By LLONELLA GILBERT
Bahamas Information Services
NASSAU, The Bahamas – The Insurance Commission of The Bahamas has launched a six-week online program, known as the InsurTech Compliance, Innovation and Regulatory Practices (ICIRP) Course, which is a first in the region.
“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,” Minister of Economic Affairs the Hon. Michael Halkitis said during the launch at The Balmoral on Friday, January 24, 2025.
Minister Halkitis explained that the online program, which begins Saturday, January 25, 2025, 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.
“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.”
He said, “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.”
The Economic Affairs Minister noted that the partnership with the University of Cambridge is particularly noteworthy. “Cambridge is globally recognized 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 prioritizes robust regulatory frameworks.”
The Superintendent of Insurance, Dana Munnings-Gray 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 key topics critical to the integration of technology within the insurance sector, digitalization, emerging technologies, regulatory considerations and future trends.
It is aimed at regulators, insurance professionals, compliance officers, legal experts, 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/.
PHOTO CAPTION
Minister of Economic Affairs the Hon. Michael Halkitis brought remarks at the the launch of the Insurance Commission of The Bahamas six-week online program, known as the InsurTech Compliance, Innovation and Regulatory Practices (ICIRP) Course held at The Balmoral on Friday, January 24, 2025. The Superintendent of Insurance, Dana Munnings-Gray spoke to the media about the course.
(BIS Photos/Llonella Gilbert)