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VI insurance companies combine forces
While the group anticipates that the current membership will be widened even further than its current eight members, its next focus will be placed on making an application for status as a Non-profit organisation.
Public Relations and Lobbying Officer of the Group, Ms Ruth E. Q. Phillps told Virgin Islands News Online that the Association was originally formed in 2007, but had been dormant for many years. She noted that the members had been meeting since last November to gain support and momentum, and also write a constitution.
“Members of the Insurance Association thought that now was a good time to reform and galvanize support due to the challenges that both the industry and the insuring public face,” she added.
Among these challenges, the group noted, is the approach that both companies and customers need to take regarding the introduction of the National Health Insurance Scheme, potential changes in the legislation to the anti-money laundering regulations, but most importantly working with the general public to better understand the role of insurance.
“Over the coming months we hope to work with the Department of Disaster Management, and the BVI FSC Money Matters in this area,” Phillips said.
According to the PRO, the primary purpose of the Association on behalf of the Virgin Islands domestic insurance industry is to promote an insurance market that is viable and strong to better serve the insuring public.
The current executive is comprised of Chairperson/ President- Sarah Hatcher Century Insurance Agency (Nagico); Vice President/ Education and Training Officer- Antoinette Morgan (Alphonso Warner Ins. Agency); Treasurer- Helen Janes (Hyperion Risk Solutions); and Public Relations and Lobbying Officer - Ruth E. Q Phillips (Caribbean Insurers Ltd.)
Group membership is currently open to domestic Insurance Companies, Insurance Agents, Insurance brokers and Loss Adjustors.
As part of its objectives, the group hopes to promote a culture of awareness as well as act as a medium of consultation with government, and other similar associations on legislation, regulation and other matters that impact the industry.
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9 Responses to “VI insurance companies combine forces”
A committee needs to be formed against the insurance companies in the British Virgin Islands. The role of insurance companies around the world is the same; collect people money for years the try like hell to not pay out one single dime if possible. The sole reason for Obama Care, rotten insurance companies sending people home to die!!! Hell the insurance companies in the US can be blamed for the financial downfall.
If these set of companies get non-profit status then every little mom and pop company in the BVI deserves the same. These people really intend to contribute little to nothing!!! If a company does not make a profit for 5-10 years then the share holders and investors should close down shop!!! This pisses me off!!!