Local Stakeholders were sensitized about plans for the establishment of a single insurance and pension market in the Eastern Caribbean Currency Union (ECCU) at a consultation on Friday at the Methodist Church Hall in Kingstown.
This market which is expected to dramatically simplify and lower the cost of insurance regulation in the ECCU, will be regulated by uniform International Association of Insurance Supervisors (IAIS) benchmarked Insurance legislation, and overseen a single well-resourced regulator, the Eastern Caribbean Financial Services Regulatory Commission (ECFSRC).
In his remarks at the consultation, Mr. Niguel Streete-Coordinator of the Steering Committee for the Single Insurance and Pension Market Project, and Deputy Executive Director of the Grenada Authority for the Regulation of Financial Institutions outlined the overall objective of the project.
He said both the single market and the Commission are expected to come into effect in the third quarter of 2017.
Meanwhile, Eleanor Astaphan, Deputy Executive Director of the Financial Services Authority here in St. Vincent and the Grenadines said the intention is for the new regional regulator- the ECFSRC to function without undue political interference and to be independently funded.