May I wish a very warm Turks and Caicos Islands (TCI) welcome to all of the Caribbean Association of Insurance Regulators (CAIR) to this their annual conference. I am glad to see a number of TCI colleagues and residents here too.
I hope that all our visitors enjoy their stay and come back soon with their families and friends!
This conference takes place in the context of a fast moving and challenging world for the global financial services industry. The forthcoming G8 meeting at Lough Erne, Northern Ireland, is the manifestation of the determination of the G8 Chair, UK Prime Minister David Cameron and the leaders of the world’s leading nations to raise global standards of transparency with regard to tax and beneficial ownership.
I know that the global reinsurance business – a truly global industry – is determined to stay at the forefront of this issue, working consistently to achieve the highest standards.
In this changing environment you know better than anyone that the ability to adapt, innovate and change is critical to success in insurance and reinsurance.
TCI’s prosperity is based upon being a high end tourist destination. Premier Ewing is currently in New York leading a strong public and private sector team to the Caribbean Tourism Conference.
We have a smaller financial services sector than some other Overseas Territories but we want to build on its successes and to further develop it.
To be clear, we are not a tax haven. We are a low tax jurisdiction.
We want TCI to compete in the world financial services industry through the quality of our products; the strength and credibility of our industry; the ease of doing business; and the skills of our practitioners.
The TCI Government is determined to work in partnership with the financial services industry. Given my responsibility for the regulation of the financial services sector I want to take this opportunity to underline the importance I attach to good, modern, high quality regulation. TCI is committed to improving industry regulation in our insurance sector – new domestic insurance legislation is currently being considered and is a specific example of this.
The TCI also is determined to play its part as a partner to regulators across the Caribbean region.
As you know, TCI is the leading domicile for a specific re-insurance product, the Niche Hybrid Re-Insurance Company, previously known as the Producer Owned Reinsurance Company, the famous PORC. It occurs to me that we might try to find a catchier name than Niche Hybrid Re-Insurance Company . Marketing matters!
The Conference and Workshop this week focuses on the management of risk. This is central to your role. It is very much a theme for TCI Government, as we develop the opportunities and deal with the challenges in front of this beautiful but fragile country. And not least as we enter the Atlantic hurricane season.
You carry a heavy responsibility for the protection of the policy holder across the region as well as the health of the industry. What you do matters to the insurance business, to the economy and to individuals across the Caribbean. I hope that this week’s conference will be valuable in discharging these responsibilities.
Finally, may I repeat my welcome and wish you an interesting and successful conference and a very enjoyable time.