Ministry of Finance & the Public Service

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More than 60 representatives from insurance regulatory bodies in 19 countries of the region, are currently in the island participating in a five-day Workshop and Conference, aimed at further strengthening insurance regulations in the Caribbean.

The event is being held at the Rosehall Resort and Spa, in Montego Bay, St. James, from December 1 to 5, under the theme - 'Preparing for the Unexpected: Brainstorming the Risks faced by Insurance Supervisors'.

The workshop is taking place over the first three days from December 1 to December 3, while the conference will take place on December 4 and 5. The main presenters at the workshop are Senior Specialist at the World Bank, Craig Thorburn, and Technical Assistance Advisor at the International Monetary Fund (IMF), Nigel Davies.

Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby, will address the opening ceremony of the conference on December 4.

Acting Executive Director of the Financial Services Commission (FSC), George Roper, who addressed the opening of the workshop today (December 1), pointed out that the conference of the representatives of the Caribbean Association of Insurance Regulators (CAIR), would be a first for Jamaica in the 14-year history of the organisation.

"I would like to express my sincere gratitude to the presenters from the World Bank and the IMF, who will share with us, valuable information from their wealth of experience," he said.

Mr. Roper described the workshop as timely and critical, as world markets and economies are trying to recover from financial turbulence, due to the sub prime mortgage crisis.

He said that by the end of the workshop, the regulators should be better equipped and prepared to carry out their tasks.

The workshop and conference are being staged by the FSC, in partnership with the CAIR, the Caribbean Regional Technical Assistance Centre (CARTAC), and the World Bank.

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