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.
Michele Fields
Michele Fields
Superintendent of Insurance

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.

Dana Munnings-Gray
Dana Munnings-Gray
Deputy Superintendent of Insurance

Dana L. Munnings-Gray serves as the Deputy Superintendent of Insurance at the Insurance Commission of The Bahamas. She has both regulatory experience and extensive industry knowledge in the financial services sector. A former Manager of the Supervision Department at the Securities Commission of The Bahamas, Mrs. Munnings-Gray has held various senior managerial positions with financial institutions in The Bahamas and The Cayman Islands, including head of risk and compliance and money laundering reporting officer.

Mrs. Munnings-Gray was called to the Bar of England and Wales as a member of the Honourable Society of Gray’s Inn, and to the Bahamas Bar as an Attorney in 2014. Mrs. Munnings-Gray holds both a Bachelor of Science and Arts in Political Science and Business Management from the College of Saint Benedict in Minnesota, United States, and obtained a Bachelor of Law – LL.B (Hons) from The University of Buckingham in England, while completing her Bar Professional Training Course at City University in London, England.

Mrs. Munnings-Gray recently served as a Financial Expert on the assessment team of the Caribbean Financial Action Task Force (CFATF), and is a Member of the Bahamas Bar Association, Association of Certified Fraud Examiners, Association of Certified Financial Crime Specialist, Association of Certified Anti-Money Laundering Specialist, and the International Compliance Association where she holds the designation of CFCS, CCCS, CAMS and MICA respectively. She also acquired a designation as a Certified International Risk Manager (CIRM), a Specialist Certification in Financial Crime Risk in Global Banking and Markets, Crypto Crime Compliance and currently occupies an observer status with The Bahamas Association of Compliance Officers (BACO). Mrs. Munnings-Gray has also completed regulatory and management training and certification with the International Organisation of Securities Commissions (IOSCO) and Harvard Law School, as well as with the London School of Economics.

 

Keith Major Sr.
Keith Major Sr.
Commissioner

Dr. Keith Major is a Motivational Speaker, Lecturer, Counselor, Educator and Business Consultant. He addresses concerns affecting individual’s self- motivation. The integral theme of his message is balancing physical, mental, social and financial around the spiritual to energize his listeners and actively improve their approach to life’s challenging situations.

He is founder and president of Kits International and speaks to audiences all across The Bahamas. He was born in Nassau, Bahamas and attended Bahamas Academy until 1970. He graduated from West Undies College High School in 1970. He has earned a B. A. Degree at Oakwood University, Huntsville, Alabama and in 2006 was awarded an honorary Doctorate Degree from Sojourner Douglass College, Baltimore, Maryland.

He served many years in the Insurance industry in the capacity of Vice President with three insurance companies. His career spanned 41 years.

In February of 2020, Dr. Major was given the Lifetime Achievement award for Managers by GAMA international, the largest association of its kind in the western hemisphere.

He lectures for The Bahamas Institute of Financial Services (formerly Institute of The Bahamas). The subjects he has tutored are Supervision, Introduction to Business, Effective Presentations and English courses

He served as a member of the Board of Governors of Northern Caribbean University in Mandeville Jamaica from 2010-2015.

Dr. Major served on the initial Executive Committee for The Atlantic Caribbean Union from 2010-2015.  He was the Host of the television program VOICES for 5 years.

He served the Johnson Park Seventh Day Adventist Church as organist from the age of 8.

He was a member of the Insurance Commission of The Bahamas from 2012-2015.

He has been affiliated with Toastmasters international for more than 41 years and has served in various capacities including Club President and Division Governor of the entire Bahamas. He has attained the highest designation Distinguished Toastmaster (DTM).

 

 

Dwayne Mortimer
Dwayne Mortimer
Commissioner

Dwayne Mortimer was educated in The Bahamas and Ireland, where he obtained a Bachelor’s Degree in Hotel Management from Shannon College of Hotel Management, Ireland. After holding several managerial positions in both the UK and The Bahamas’ hotel industry, in 1993 he left the hotel industry to join the Finance Department of one of the major insurance companies in The Bahamas. It was during his time in the insurance industry that he qualified as a Certified Public Accountant in the State of Georgia. Mr. Mortimer has held senior executive positions in a number of industries including Healthcare, Insurance, Real Estate Development, Maritime and Hospitality. He currently serves as the President of Balmoral Club, a position he has held from 2010.

Lourey Smith
Lourey Smith
Commissioner

Lourey C. Smith was educated at The University of the West Indies (Mona Campus) in Jamaica, where she achieved a Bachelor of Arts Degree with Honors and a Master of Science Degree in Economics  before returning home to work with The Bahamas Government and then transitioning into Law under the pupillage of the late Winston Saunders.    She was admitted to The Bahamas Bar in October 1986 and has extensive experience in Transactional Law involving Conveyancing, Mortgages, Contracts, Commercial and Corporate Structures, Business Ventures, Estate Planning and Administration and Intellectual Property.  She is a past Director/Deputy Charmain of The Bank of The Bahamas, past Director of The Airport Authority and past Director of The Bahamas Protected Area Fund.  She is presently the President/Director of The Exuma Foundation (Bahamas) Limited and a member of the Advisory Committee of The Moriah Harbour Cay National Park in Exuma.

Ansel Watson
Ansel Watson
Commissioner

Ansel Alexander Watson is a Chartered Accountant and Chartered Financial Analyst charter holder.

As a professional accountant, he has a broad range of knowledge and experience in finance, banking, operations, investments, investment funds, insurance, accounting and audits. Mr. Watson is President and CEO of Investar Securities Ltd and Brickell Management Group Ltd. Over the past thirty years he has worked with several financial and international institutions starting with Deloitte.

During his career, Mr. Watson was strategically involved in the transition of an offshore bank & trust company to Bahamian ownership and the expansion & acquisition of investment fund operations.

Mr. Watson served on the Bahamas Institute of Chartered Accountant’s (BICA) Council for several years as well as Chairman of the Continuing Professional Education Committee.

A past President and Treasurer of the Rotary Club of New Providence and a former Deputy Chairman on the Board of Directors of Bahamas Electricity Corporation/BPL, Mr. Watson currently serves on the Catholic Board of Education.

Janique Wilson
Janique Wilson
Commissioner

Janique Wilson is an established and experienced senior executive with nearly 20 years in the financial services industry. She is a graduate of St. Mary’s University, Canada, earning a Bachelor of Commerce degree in Finance. Mrs. Wilson’s professional qualifications include certifications from several recognized industry institutions, namely the Canadian Securities Institute, the International Compliance Association and the Association of Certified Anti-Money Laundering Specialists. Along with her many years in financial services, she began her career in accounting, working in both the technology and insurance industries.

Mrs. Wilson is currently employed at a leading Private Wealth Management company as the Head of Risk & Compliance and Money Laundering Reporting Officer. She is also a member of the institution’s Executive Committee.

 

 

 

 

Michele Fields
Michele Fields
Superintendent of Insurance

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.

Dana Munnings-Gray
Dana Munnings-Gray
Deputy Superintendent of Insurance

Dana L. Munnings-Gray serves as the Deputy Superintendent of Insurance at the Insurance Commission of The Bahamas. She has both regulatory experience and extensive industry knowledge in the financial services sector. A former Manager of the Supervision Department at the Securities Commission of The Bahamas, Mrs. Munnings-Gray has held various senior managerial positions with financial institutions in The Bahamas and The Cayman Islands, including head of risk and compliance and money laundering reporting officer.

Mrs. Munnings-Gray was called to the Bar of England and Wales as a member of the Honourable Society of Gray’s Inn, and to the Bahamas Bar as an Attorney in 2014. Mrs. Munnings-Gray holds both a Bachelor of Science and Arts in Political Science and Business Management from the College of Saint Benedict in Minnesota, United States, and obtained a Bachelor of Law – LL.B (Hons) from The University of Buckingham in England, while completing her Bar Professional Training Course at City University in London, England.

Mrs. Munnings-Gray recently served as a Financial Expert on the assessment team of the Caribbean Financial Action Task Force (CFATF), and is a Member of the Bahamas Bar Association, Association of Certified Fraud Examiners, Association of Certified Financial Crime Specialist, Association of Certified Anti-Money Laundering Specialist, and the International Compliance Association where she holds the designation of CFCS, CCCS, CAMS and MICA respectively. She also acquired a designation as a Certified International Risk Manager (CIRM), a Specialist Certification in Financial Crime Risk in Global Banking and Markets, Crypto Crime Compliance and currently occupies an observer status with The Bahamas Association of Compliance Officers (BACO). Mrs. Munnings-Gray has also completed regulatory and management training and certification with the International Organisation of Securities Commissions (IOSCO) and Harvard Law School, as well as with the London School of Economics.

 

Keith Major Sr.
Keith Major Sr.
Commissioner

Dr. Keith Major is a Motivational Speaker, Lecturer, Counselor, Educator and Business Consultant. He addresses concerns affecting individual’s self- motivation. The integral theme of his message is balancing physical, mental, social and financial around the spiritual to energize his listeners and actively improve their approach to life’s challenging situations.

He is founder and president of Kits International and speaks to audiences all across The Bahamas. He was born in Nassau, Bahamas and attended Bahamas Academy until 1970. He graduated from West Undies College High School in 1970. He has earned a B. A. Degree at Oakwood University, Huntsville, Alabama and in 2006 was awarded an honorary Doctorate Degree from Sojourner Douglass College, Baltimore, Maryland.

He served many years in the Insurance industry in the capacity of Vice President with three insurance companies. His career spanned 41 years.

In February of 2020, Dr. Major was given the Lifetime Achievement award for Managers by GAMA international, the largest association of its kind in the western hemisphere.

He lectures for The Bahamas Institute of Financial Services (formerly Institute of The Bahamas). The subjects he has tutored are Supervision, Introduction to Business, Effective Presentations and English courses

He served as a member of the Board of Governors of Northern Caribbean University in Mandeville Jamaica from 2010-2015.

Dr. Major served on the initial Executive Committee for The Atlantic Caribbean Union from 2010-2015.  He was the Host of the television program VOICES for 5 years.

He served the Johnson Park Seventh Day Adventist Church as organist from the age of 8.

He was a member of the Insurance Commission of The Bahamas from 2012-2015.

He has been affiliated with Toastmasters international for more than 41 years and has served in various capacities including Club President and Division Governor of the entire Bahamas. He has attained the highest designation Distinguished Toastmaster (DTM).

 

 

Dwayne Mortimer
Dwayne Mortimer
Commissioner

Dwayne Mortimer was educated in The Bahamas and Ireland, where he obtained a Bachelor’s Degree in Hotel Management from Shannon College of Hotel Management, Ireland. After holding several managerial positions in both the UK and The Bahamas’ hotel industry, in 1993 he left the hotel industry to join the Finance Department of one of the major insurance companies in The Bahamas. It was during his time in the insurance industry that he qualified as a Certified Public Accountant in the State of Georgia. Mr. Mortimer has held senior executive positions in a number of industries including Healthcare, Insurance, Real Estate Development, Maritime and Hospitality. He currently serves as the President of Balmoral Club, a position he has held from 2010.

Lourey Smith
Lourey Smith
Commissioner

Lourey C. Smith was educated at The University of the West Indies (Mona Campus) in Jamaica, where she achieved a Bachelor of Arts Degree with Honors and a Master of Science Degree in Economics  before returning home to work with The Bahamas Government and then transitioning into Law under the pupillage of the late Winston Saunders.    She was admitted to The Bahamas Bar in October 1986 and has extensive experience in Transactional Law involving Conveyancing, Mortgages, Contracts, Commercial and Corporate Structures, Business Ventures, Estate Planning and Administration and Intellectual Property.  She is a past Director/Deputy Charmain of The Bank of The Bahamas, past Director of The Airport Authority and past Director of The Bahamas Protected Area Fund.  She is presently the President/Director of The Exuma Foundation (Bahamas) Limited and a member of the Advisory Committee of The Moriah Harbour Cay National Park in Exuma.

Ansel Watson
Ansel Watson
Commissioner

Ansel Alexander Watson is a Chartered Accountant and Chartered Financial Analyst charter holder.

As a professional accountant, he has a broad range of knowledge and experience in finance, banking, operations, investments, investment funds, insurance, accounting and audits. Mr. Watson is President and CEO of Investar Securities Ltd and Brickell Management Group Ltd. Over the past thirty years he has worked with several financial and international institutions starting with Deloitte.

During his career, Mr. Watson was strategically involved in the transition of an offshore bank & trust company to Bahamian ownership and the expansion & acquisition of investment fund operations.

Mr. Watson served on the Bahamas Institute of Chartered Accountant’s (BICA) Council for several years as well as Chairman of the Continuing Professional Education Committee.

A past President and Treasurer of the Rotary Club of New Providence and a former Deputy Chairman on the Board of Directors of Bahamas Electricity Corporation/BPL, Mr. Watson currently serves on the Catholic Board of Education.

Janique Wilson
Janique Wilson
Commissioner

Janique Wilson is an established and experienced senior executive with nearly 20 years in the financial services industry. She is a graduate of St. Mary’s University, Canada, earning a Bachelor of Commerce degree in Finance. Mrs. Wilson’s professional qualifications include certifications from several recognized industry institutions, namely the Canadian Securities Institute, the International Compliance Association and the Association of Certified Anti-Money Laundering Specialists. Along with her many years in financial services, she began her career in accounting, working in both the technology and insurance industries.

Mrs. Wilson is currently employed at a leading Private Wealth Management company as the Head of Risk & Compliance and Money Laundering Reporting Officer. She is also a member of the institution’s Executive Committee.