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Central Bank to assume functions of Commissioner of Insurance
The incumbent Commissioner of Insurance Maria van Beek
Minister of Finance, Dr Ashni Singh yesterday tabled the Insurance (Supplementary Provisions) Act 2009.
According to the legislation tabled, notwithstanding anything in the Insurance Act 1998 or in any other law, the Bank of Guyana shall when the Bill is enacted be charged with the general administration of the Insurance Act 1998.
Under the proposed legislation, the Bank in exercise of its functions shall conform to any general or special directions given to the Bank by the Finance Minister.
Should the law be passed and enacted, it will see all functions of the Commissioner of Insurance under the Insurance Act and the functions assigned to the Commissioner by any other law and any Order of Court shall stand transferred to the Bank of Guyana.
Thereafter, the Bank will discharge the functions through any person, including any officer of the Bank, or through another person duly authorised by the Bank in that behalf.
The new law will also empower the Bank to take any legal proceedings or continue any pending legal proceedings, including making an application to the Court for the appointment of any person nominated by the Bank as Judicial Manager.
The Office of the Commissioner (OCI) is constitutionally formed under the mandate of the Insurance Act of 1998, which became operational on December 18, 2002. The Commissioner is appointed by the Minister of Finance and reports directly to the Minister.
The OCI is geared to “To regulate and supervise insurance and pension participants’ activities, with integrity and efficiency, and in so doing help to promote and enhance the reputation of the industry as a cornerstone to the development of Guyana.”
The OCI is often termed as the “watchdog” of the Insurance Industry because it is charged with the general administration of the Act and provides regulation of the Insurance Industry in Guyana.
The operations of the OCI are paid for by government and industry contributions. The intention is for the OCI to become largely self-financed and the legislation allows the industry’s main participants to be assessed or pay regular fees to this end.
The current Commissioner is Maria van Beek who was recently shot in her chest on Lombard Street and is now recovering.
She was appointed Judicial Manager of the Colonial Life Insurance Company (CLICO) Guyana on February 25 this year after she had moved to wind up the embattled company.
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