Functions

The functions of the Commission are:

  • To maintain surveillance over the insurance market.
  • To promote and encourage sound and prudent insurance management and business practices.
  • To advise the Minister responsible for insurance matters regarding the insurance market.
  • To ensure that the provisions of the Financial Transactions Reporting Act, and other anti-money laundering legislation are being complied with.
  • To do such other things as may be prescribed by this Act or any other written law.

The Commission has the  power to:

  • Impose any condition, limitation or restriction on companies or intermediaries, their operations or their investments.
  • Amend or revoke any registration, authorization, permission, condition, restriction or limitation.
  • Require that companies and intermediaries, or their directors, officers, employees, shareholders or policyholders, take or refrain from taking any action the commission deems necessary.
  • Require the filing of any document or information, and determine the form and content of any document.
  • Require the production of any information, documentation or explanation from any company or insurance intermediary, including the directors, officers, auditor, actuary and any former auditor or actuary employees, shareholders or policyholders of such company or insurance intermediary.
  • Require an appraisal of the real property of a company, the cost of which shall be borne by the company.
  • Substitute the appraised value of an asset in place of the value stated by the company.
  • Specify additional classes of insurance business in which a company is authorized to engage.
  • Treat insurance business of a specified class as if it were insurance business of another unspecified class.
  • Extend any period of time specified in the act or the regulations.
  • Exempt any person or class or persons, or any class or part of any class of insurance business from any provision of this act or the regulations, subject to such terms and conditions, as may in the commission’s opinion be appropriate.
  • Assist and cooperate with local and overseas regulatory authorities.
  • Make rules and issue directives providing for such matters as may be necessary or expedient for the carrying out of its responsibilities.
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 Securities Commission of The Bahamas and 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. Janet Bostwick-Dean
Mrs. Janet Bostwick-Dean
Commissioner

Janet L. R. Bostwick-Dean is an attorney with more than 20 years of experience. She is a member of the Honourable Society of Gray’s Inn, and was called to the external Bar of England and Wales and The Bahamas Bar in 1996. She is a graduate of McGill University and Buckingham University.
Mrs. Bostwick-Dean is the managing partner of the family’s law firm Messrs. Bostwick and Bostwick, where she is also the firm’s Money Laundering and Reporting Officer. Mrs. Bostwick-Dean is a commercial lawyer who specializes in civil litigation and has appeared and presented arguments at all levels of our judicial system – the Magistrates’ Courts, the Industrial Tribunal, the Supreme Court, the Court of Appeal and the Privy Council. She also served as a member of the Board of the Bahamas Development Bank from 2007 to 2012.

Mr. Algernon Cargill
Mr. Algernon Cargill
Commissioner

Mr. Algernon Cargill holds an MBA degree with a specialization in International Business (Distinction) from the University of Miami, Florida. He has extensive experience in the Banking and Finance Industry, having served as the General Manager, Branch Banking of CIBC Bahamas Ltd and CIBC First Caribbean Ltd. Additionally, he held senior roles as Country Chair and Legal Representative for Chevron Puerto Rico LLC, as well as Director and CEO of the National Insurance Board. He has served as a director of Cable Bahamas Ltd, Commonwealth Brewery Ltd, and The Bank of The Bahamas Ltd. Mr. Cargill currently serves as an Adjunct Faculty member in the Banking, Economics and Finance department of the School of Business, Hospitality and Tourism studies at the University of The Bahamas, as well as the Bahamas Institute of Financial Services, and previously at the University of the West Indies campuses in Trinidad, Barbados and Jamaica, and the Sir Arthur Lewis Community College in St. Lucia. Mr. Cargill is currently the President of The Bahamas Aquatics Federation and was recently elected as one of 22 persons globally on the FINA Bureau for Aquatic Sports for a 4-year term. He previously served as a Vice-President of the Bahamas Olympic Committee.

Ms. Trevania Clarke
Ms. Trevania Clarke
Commissioner

Ms. Trevania Clarke was educated in The Bahamas and United States, earning a B.A in Finance and Human Resources at Temple University. She has served as accounting officer at McKinnney, Ban- croft & Hughes and AML Foods Limited for 10 years.   Since 2015 she has operated a local restaurant and also provides administrative assistance to small businesses.

Mr. Elijah Knowles
Mr. Elijah Knowles
Commissioner

Mr. Elijah A. Knowles was educated in The Bahamas and the United States of America, earning a B.A. Cum Laude in Accounting and Computers in Business at St. Leo University, Florida before qualifying as a Certified Public Accountant with Price Waterhouse in Nassau. He began his accounting career in 1987 and has extensive experience in the insurance industry, having worked in senior management positions at a major life insurance company for over 10 years. He also worked for 5 years as the Financial Controller of the Nassau Guardian. Mr. Knowles has been in private practice for the past 14 years, serving mainly small businesses. He is an active member of St. George’s Church and has served on the Board of St. Anne’s School. Mr. Knowles is a member of the Bahamas Institute of Chartered Accountants.

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 Securities Commission of The Bahamas and 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. Janet Bostwick-Dean
Mrs. Janet Bostwick-Dean
Commissioner

Janet L. R. Bostwick-Dean is an attorney with more than 20 years of experience. She is a member of the Honourable Society of Gray’s Inn, and was called to the external Bar of England and Wales and The Bahamas Bar in 1996. She is a graduate of McGill University and Buckingham University.
Mrs. Bostwick-Dean is the managing partner of the family’s law firm Messrs. Bostwick and Bostwick, where she is also the firm’s Money Laundering and Reporting Officer. Mrs. Bostwick-Dean is a commercial lawyer who specializes in civil litigation and has appeared and presented arguments at all levels of our judicial system – the Magistrates’ Courts, the Industrial Tribunal, the Supreme Court, the Court of Appeal and the Privy Council. She also served as a member of the Board of the Bahamas Development Bank from 2007 to 2012.

Mr. Algernon Cargill
Mr. Algernon Cargill
Commissioner

Mr. Algernon Cargill holds an MBA degree with a specialization in International Business (Distinction) from the University of Miami, Florida. He has extensive experience in the Banking and Finance Industry, having served as the General Manager, Branch Banking of CIBC Bahamas Ltd and CIBC First Caribbean Ltd. Additionally, he held senior roles as Country Chair and Legal Representative for Chevron Puerto Rico LLC, as well as Director and CEO of the National Insurance Board. He has served as a director of Cable Bahamas Ltd, Commonwealth Brewery Ltd, and The Bank of The Bahamas Ltd. Mr. Cargill currently serves as an Adjunct Faculty member in the Banking, Economics and Finance department of the School of Business, Hospitality and Tourism studies at the University of The Bahamas, as well as the Bahamas Institute of Financial Services, and previously at the University of the West Indies campuses in Trinidad, Barbados and Jamaica, and the Sir Arthur Lewis Community College in St. Lucia. Mr. Cargill is currently the President of The Bahamas Aquatics Federation and was recently elected as one of 22 persons globally on the FINA Bureau for Aquatic Sports for a 4-year term. He previously served as a Vice-President of the Bahamas Olympic Committee.

Ms. Trevania Clarke
Ms. Trevania Clarke
Commissioner

Ms. Trevania Clarke was educated in The Bahamas and United States, earning a B.A in Finance and Human Resources at Temple University. She has served as accounting officer at McKinnney, Ban- croft & Hughes and AML Foods Limited for 10 years.   Since 2015 she has operated a local restaurant and also provides administrative assistance to small businesses.

Mr. Elijah Knowles
Mr. Elijah Knowles
Commissioner

Mr. Elijah A. Knowles was educated in The Bahamas and the United States of America, earning a B.A. Cum Laude in Accounting and Computers in Business at St. Leo University, Florida before qualifying as a Certified Public Accountant with Price Waterhouse in Nassau. He began his accounting career in 1987 and has extensive experience in the insurance industry, having worked in senior management positions at a major life insurance company for over 10 years. He also worked for 5 years as the Financial Controller of the Nassau Guardian. Mr. Knowles has been in private practice for the past 14 years, serving mainly small businesses. He is an active member of St. George’s Church and has served on the Board of St. Anne’s School. Mr. Knowles is a member of the Bahamas Institute of Chartered Accountants.