The Caribbean Association of Insurance Regulators (CAIR) is an association of regulatory authorities in the Caribbean and Bermuda, lawfully charged with the supervision of the insurance industry in their jurisdictions. At present, the Association is comprised of twenty-two members.
Our objectives are to advocate, encourage and support the development and enforcement of insurance regulation in the Caribbean, according to internationally accepted standards demonstrated primarily by the International Association of Insurance Supervisors (IAIS), with whom numerous CAIR members currently hold membership.
These objectives are accomplished by working together to craft solutions to common regulatory issues, staying abreast of emerging trends and increasing technical capacity through annual training opportunities and the hosting of colleges of regulators.
Born out of a common desire to enhance the regulation of the insurance industry in the Caribbean, CAIR came into being in St. Thomas, U. S. Virgin Islands in 1993, at which time the first Executive Council was elected, comprising of the following members:
|– Mr. Raynold Nevillac (Netherlands Antilles (Curacao))
|– Mr. Nigel Bailey, Tortola, British Virgin Islands
|– Ms. Alma Gomez, Belize
|– Ms. Ruth C. Krolis, (Netherlands Antilles (Curacao))
The inaugural General Meeting of CAIR was held on May 30th and 31st, 1994, in Belize where the draft Constitution was also approved. The Articles of Association was filed shortly thereafter in The Netherlands Antilles.
In September 2006, Mr. Leon Anderson (Jamaica) was elected President of the Association and charged with the responsibility of establishing a secretariat for CAIR, with the support of member jurisdiction Trinidad & Tobago.
Elected members of the Executive Council, which manages the affairs of the Association, serve for a two-year term. At present the following regulatory authorities hold the various positions:
|– Cayman Islands Monetary Authority
|– Financial Services Commission (Barbados)
|– Turks & Caicos Islands Financial Services Commission
|– The Insurance Commission of The Bahamas
The Caribbean Association of Insurance Regulators works closely with the Caribbean Regional Technical Assistance Centre (CARTAC), one of ten IMF Regional Technical Assistance Centers (RTACs) which helps countries strengthen institutional capacity. Since 2006, it has extended its support to CAIR’s development through various training workshops and sponsorship of annual conferences.
The CAIR Secretariat provides administrative support for the initiatives of the Association and operates in the jurisdiction where the Presidency is domiciled.
CARIBBEAN ASSOCIATION OF INSURANCE REGULATORS (CAIR) STRIVES TO:
- Enhance collaboration among insurance regulatory authorities in the Caribbean, while promoting high and consistent regulatory standards in the insurance industry.
- Serve as a supportive body to its members, ensuring ongoing institutional capacity growth.
- Establish a forum for dialogue between insurance regulatory authorities and industry stakeholders.
- Partner with other regional and international regulatory authorities in order to harmonize supervision of the financial services industry.