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Salutations: “A New Horizon A Whole New World” is a fitting theme for us as Dominicans and Caribbean people at this time to observe such an occasion. The many changes taking place in both the regional and international sphere provide an ideal opportunity for all of us to chart a course of development for this region which will improve the quality of life of all of our citizens. Even before we had made significant progress in the pursuit of Caribbean integration, we can say that the insurance industry demonstrated that it was possible. Insurance companies have successfully operated branches throughout the OECS and wider Caribbean region. We are all aware of the security and comfort that the insurance sector provides to families in the event of sickness, loss of income, natural disasters and damage to motor vehicles to name a few. We have seen insurance companies playing a major role in rebuilding countries which were devastated by natural disasters. Insurance companies also make meaningful contribution to sports, education, and medical needs. More significantly however we have seen insurance companies broaden the base of their operations and become a more significant force in the financial sector. Today, the insurance business is a major part of the financial services sector in the Caribbean. More and more, insurance companies are growing into broad-based financial service providers with the profits of the insurance business serving as the seed capital. Insurance companies in recent times have become major shareholders in Caribbean banks and other investment companies. They have become involved in major energy and infrastructure investments. Such activity can only be to the benefit of Caribbean economy and Caribbean people. There is no doubt that insurance companies are well placed by virtue of their liquidity positions to continue to contribute increased levels of investment in our countries and so directly and indirectly contribute to economic growth. The challenge however, will be how best to manage such investments, how best to tap into the entrepreneurial skills in the region, to identify the best strategic alliances and partnerships which will make for a stronger financial sector and a greater capacity to make identified investments. Essentially, the challenge is to ensure that success achieved in the insurance business, somehow, is felt by all citizens. Notwithstanding the tremendous work of insurance companies, we have to ensure that the stipulated solvency and capital requirements are maintained for the protection of all policyholders. I must therefore reiterate the need for improving regulation and supervision of the financial services sector. It is the responsibility of the Government to ensure effective regulation of the industry to make for orderly growth, as well as the protection of depositors, investors and policyholders. Moreover taking due cognizance of the size of the insurance industry in the financial sector, the Government is concerned with the integrity of the entire financial system and so it must place emphasis on the regulation of the insurance business. An important part of this process is the enactment of uniform insurance legislation for members of the East Caribbean Currency Union (ECCU) area. It is the view of some that existing arrangements for the regulation and supervision of insurance companies, such as the reporting requirements, are generally insufficient. The proposed legislative changes are with the view to improving the regulatory and supervisory arrangements. I am aware that discussions on the draft legislation are ongoing. As far as possible, the Government of Dominica will ensure that the views of stakeholders are taken on board before the finalisation of the legislation. I urge you to continue to play an active role in the development of the economy of our countries. Educate policyholders on their benefits and the need for proper personal financial management. Invest in areas that profitable and worthwhile. At the end of it all, the citizens of our countries must be better off because of the work you have done. Let me take this opportunity to welcome you to our beautiful nature island – Dominica. From your faces I can see that you have already experienced the warmth of our people and I hope that you get a chance to explore its natural beauty. I wish you every success in the activities you have planned. May God bless the work you do. May God bless our countries. May God bless the people of our Region.
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