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ECCU Governments to hold public consultations on Single Insurance and Pension Market

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The public, including representatives from the insurance and pension industries and other stakeholders, are invited to a consultation on January 29, 2016, to be held at the Methodist Church Hall, (upstairs), on the project to establish an integrated insurance and pension market in the Eastern Caribbean Currency Union (ECCU).{{more}}

The Monetary Council of the Eastern Caribbean Central Bank (ECCB) commissioned the project to create a more efficient and better regulated insurance and pension market in the ECCU. The project, which commenced in 2012, was a response, in part, to the challenges caused in the region by the collapse of the CL Financial Group.

The key elements of the project are: the passage of uniform modern legislation throughout the ECCU; and the creation of a single well-resourced insurance and pension funds regulator.

The Monetary Council also established a Steering Committee to implement the project. The Committee comprises representatives from the insurance industry, insurance regulators, ECCU governments, and an international expert.

As part of the consultations in St Vincent and the Grenadines, the Steering Committee will meet with the media, the insurance industry, insurance and pension regulators, and government officials. The objectives of the consultations are to provide information to stakeholders on the project plan and progress to date, and receive feedback on the design and key features of the proposed market. The insurance industry and regulators in St Vincent and the Grenadines have had two previous opportunities to provide comments on the draft uniform Insurance Bill. There are also plans for additional consultations on the project.

The public and all other stakeholders are invited to take advantage of this opportunity to learn more about the project to establish an integrated insurance and pension market in the Eastern Caribbean Currency Union and to provide feedback on the project plans.

Next week’s consultation begins at 1:30 p.m.

The following may be contacted for further information: Financial Services Authority, 2nd Floor, NIS Building, Kingstown, St Vincent and the Grenadines Tel: 457-2577/Email: [email protected]

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