Grenada Amends Insurance Law

By: Caribbean Journal Staff - July 27, 2011 - 10:05 am

Above: Grenada’s Parliament

Parliament has passed an insurance amendment act 2011 which seeks to change certain provisions of the Insurance Act 2010, highlighted by a broadening of the definition of “local company.”

The amended california state car seat laws will require that the principal representative of a foreign insurance company be a resident of Grenada instead of a citizen, and broadens the definition of “local company’’ to include companies that are incorporated not only in Grenada, but also incorporated in the Eastern Caribbean Currency Union.

“This broadening on the definition,’’ Finance Minister Nazim Burke said, “is in keeping with the drive by the Eastern Caribbean Currency Union to create one single financial space in the OECS sub-region. It will treat all OECS companies the same.’’

According to Burke, in the wake of the collapse of financial institutions like British American and CLICO, governments in the Caribbean have been concerned about the environment in which insurance companies and other non-bank financial institutions operate.

“I am proud to say that Grenada has been among the countries out front in enacting the new legislation  with respect to insurance companies,’’ he told parliament while tabling the motion for the Insurance Amendment Act 2011.

Insurance legislation passed last year in the country covered issues such as statutory pledges, fees paid by insurance companies and the circumstances under which an insurance company may no longer be allowed to engage in business in Grenada.

According to Burke, explained certain “minor changes’’ are now necessary in to improve the law, and to address concerns related to lack of supervisory and regulatory arrangements.

He said many of the non-bank financial institutions pose a systematic risk to the financial system, because of the blurring of distinctions between banks and non-bank financial institutions.

The amendment to the act broadens the definition of “local company,’’ to include companies that are in incorporated not only in Grenada, but also incorporated in the Eastern Caribbean Currency Union.

–Grenada Information Service

Popular Posts antigua long bay

25 Perfect Caribbean Beaches to Add to Your Summer Bucket List

There’s nothing like a Caribbean beach in summer. The crowds thin out, the winds relax, and the islands start breathing in a different way. The beaches you thought you knew feel new again— stretches of sand once packed with winter […]


The 15 Best Hotels in Trinidad and Tobago, From Hidden Eco-Retreats to Luxury Towers

trinidad and tobago hotels where to stay

From Port of Spain to Tobago’s quiet coasts, these are the places to check in now No two Caribbean islands are quite like Trinidad and Tobago—and no two hotels here feel the same. This is a destination of contrast: Carnival […]


This Marriott All-Inclusive Resort Is Coming to Barbados —  And You Can Book It With Points

new brand for the caribbean

Barbados has long been a haven for adults in search of refinement — the kind of place where luxury and culture blend in quiet, confident harmony. Now, that ethos is becoming the foundation of a new resort concept that aims […]


Related Posts martinique french caribbean hostpot

A Legendary Caribbean Chef Just Opened a New Eatery in Martinique (With a Rum Bar, Too) 

Maybe you’ve tried the foie gras-banana. Or the swordfish. Or just tried one of the best ti’ punches anywhere. If you’ve been to one of Guy Ferdinand’s establishments, you know.  And now there’s another one: Ferdinand has done it again: […]


These 5 Caribbean Cities Are Perfect for a Quick Weekend Getaway

old san juan puerto rico caribbean cities

The Caribbean is about more than just its stunning natural beauty — it’s about culture, character, and city streets that feel like they’ve lived a hundred lives. Some of the most memorable escapes happen not on a remote cay, but […]


The Dreamiest Rainforest Resorts in the Caribbean, From Dominica to Belize

rainforest resorts

The Caribbean is often imagined as a string of sun-drenched beaches — white sand, turquoise water, and endless horizon. And while that version of the Caribbean is very real, it’s only part of the story. Move beyond the shoreline, and […]