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Bank of Guyana to officially assume duties of Commissioner of Insurance
Some 20 days after the National Assembly approved the Insurance (Supplementary) Provisions Bill, Head of State, Bharrat Jagdeo, on May 28 assented to the legislation.
The amendments to the Principal Act that have now become law will see the Bank of Guyana assuming the responsibility of the Commissioner of Insurance (OCI) a position previously held autonomously by Maria van Beek ever since its institutionalization in 2002.
The Bank of Guyana
The amendments were tabled in the House by Finance Minister, Dr. Ashni Singh, who at the time told the House that the unification of the regulator of the sector will reduce cost and remove duplicity.
Prior to the amendments being passed as law the OCI was a separate regulatory body that monitored and regulated the insurance industry.
According to Dr Singh, many jurisdictions are currently reviewing their regulatory architecture in that the financial sector’s supervision is subject to ongoing analysis.
“I must emphasis the high priority that the government places on policies to ensure a strong stable financial sector and to promote growth.”
He pointed out also, staff at the Commissioner of Insurance will be augmented at BOG. “All resources available should be utilised to supervise the insurance sector.”
Dr. Singh noted that in Guyana’s environment, technical resource was modest and the need to optimise its use was important. At that time the opposition was somewhat skeptical of the transfer of responsibility and the Shadow Minister of Finance Minister, Winston Murray, had pointed out that the Insurance Act of 1998 came into force in 2002 when the Office of the Commissioner of Insurance was set up and as recent as March 12, last, when the House debated a motion on the Colonial Life Insurance Company (CLICO) Guyana debacle, the work of the Commissioner of Insurance (COI) was praised.
He noted that the Government had seen it fit to run two separate regulatory bodies namely Bank of Guyana for banks and other financial institutions, and the COI for the Insurance Sector.
Under the new law the Bank in exercise of its functions shall conform to any general or special directions given to the Bank by the Finance Minister.
The Bank of Guyana 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 also empowers 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.
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