About Us

Insurance Commission of The Bahamas was established on July 2, 2009, under The Insurance Act 2005, Chapter 347, and is responsible for the regulation and control of all insurers and intermediaries.

In its role as both the prudential and market conduct regulator, its purpose is to ensure a sound and stable insurance marketplace and consumer confidence in the insurance industry.

The mandate of the Commission includes:

  • Administration of the 2005 Insurance Act and the 2009 External Insurance Act
  • Insurance market surveillance
  • Promotion and encouragement of sound and prudent insurance management and business practices
  • Advice to the Minister of Finance on insurance matters
  • Compliance with Financial Transactions Reporting Act and Anti- Money Laundering legislation

Mission Statement

To protect the interests of the insuring public through the prudential supervision of the insurance industry operating in and from The Bahamas.

  1. Be the supervisory and regulatory authority for the insurance industry
  2. Ensure the protection of policyholders’ interests
  3. Ensure the solvency of insures and re-insurers conducting business under the Domestic and External Insurance Acts
  4. Facilitate the orderly functioning of re-insurers, insurers, and intermediaries; and
  5. Give effect to associated matters both domestic and international.

Purpose

To strengthen the protection given to policyholders under the existing act; to increase the capital and solvency requirements of insurance companies; to expand the existing regulatory framework; to provide for the establishment of a supervisory authority; to include the regulating of all insurance intermediaries; and to give effect to matters related thereto.

Mrs. Michele Fields
Mrs. Michele Fields
Superintendent of the Commission

Mrs. Michele Fields was educated in The Bahamas and the United Kingdom, earning a B.A. with Honours in Accounting at the University of Exeter, before qualifying as a Chartered Accountant with KPMG in London, England. She returned to Nassau in 1982 to continue her career in the accounting field, and has extensive experience in the insurance industry, having worked in senior management at a major life insurance company for over 14 years. Mrs. Fields served as a Commissioner on the Board of the Insurance Commission of The Bahamas from its inception, and in January 2012 she was appointed Superintendent of Insurance. She serves as an ex officio member of the Board of the National Health Insurance Authority. She is a Charter Member of The Nassau Chapter of The Links, Inc., Vice President of The Bahamas Girl Guides Association and has served as Vice-President of The Bahamas Red Cross Society.

Mrs. Michele Fields
Mrs. Michele Fields
Superintendent of the Commission

Mrs. Michele Fields was educated in The Bahamas and the United Kingdom, earning a B.A. with Honours in Accounting at the University of Exeter, before qualifying as a Chartered Accountant with KPMG in London, England. She returned to Nassau in 1982 to continue her career in the accounting field, and has extensive experience in the insurance industry, having worked in senior management at a major life insurance company for over 14 years. Mrs. Fields served as a Commissioner on the Board of the Insurance Commission of The Bahamas from its inception, and in January 2012 she was appointed Superintendent of Insurance. She serves as an ex officio member of the Board of the National Health Insurance Authority. She is a Charter Member of The Nassau Chapter of The Links, Inc., Vice President of The Bahamas Girl Guides Association and has served as Vice-President of The Bahamas Red Cross Society.