The Government of Barbados is determined that the ability of European and other overseas insurance companies to do business with their local counterparts, would not be compromised because of inadequate regulations.
That was the promise from Minister of State in the Ministry of Finance, Investment, Telecommunications and Energy, Senator Darcy Boyce, as he delivered an address at the 25th anniversary of Toronto Dominion Bank Financial Group’s (TDBFG) operations in Barbados on October 27, 2009.
Senator Boyce noted that the new Solvency II Rules, which will be implemented across the European Union Member States in October 2012, would introduce “new economic risk-based solvency requirements” which would be more sophisticated than in the past.
He explained that currently, the solvency regime concentrated mainly on the insurance risk, while Solvency II would also include the asset risk, which he described as “total balance sheet” type of regime.
“Already, the Government of Barbados has obtained, and put in place, international technical assistance for the Office of the Supervisor of Insurance. Government has also established a number of new professional positions for that Office and is in the process of recruiting staff to fill those positions.
“In addition, the Financial Services Commission will be established in the first half of next year to further strengthen the level of supervision in the non-bank financial services sector,” he stated.
Senator Boyce also mentioned that the TDBFG was interested in partnering with government, and the various supervisory bodies, to ensure that Barbados remained a preferred financial services domicile.
“I know that with the ever-increasing international regulations, the TD Bank Financial Group of companies consider it critical to their future success in Barbados, that the level of supervision in the banking sector continues at a high level and becomes also the hallmark of regulation and supervision in the rest of the financial services sector,” he observed.
Commending the group for the great faith it showed in a small, new international financial sector 25 years ago, the Minister said that, together, the companies had a record of solid financial performance and continual business growth since their inception.
“The companies have also been good corporate citizens, donating to a number of charitable and environmental causes annually, (such as) Barbados Cancer Society, Verdun House (Substance Abuse Programme), The Duke of Edinburgh Foundation Trust, Barbados National Trust, Special Olympics, and to various schools and district associations,” Senator Boyce observed.
There are four members of TDBFG currently operating in Barbados, namely, Canada Trustco International Ltd., TD Reinsurance (Barbados) Inc., Toronto Dominion International Inc., and TD Capital Private Equities Investors Management (Barbados) Limited.