Along with its regulatory function, the Commission is also keen to fulfil its developmental role, he further added. This aims to allow the FSC to adopt an even more “business-friendly” approach, which will, in turn, help to safeguard the integrity of the financial sector.

The FSC Chief Executive also informed members of the Insurer’s Association about the coming into operation of the new Financial Services (Consolidated Licensing and Fees) Rules 2008 on the 22nd of March.

Moreover, he revealed that the Commission is working on an Occupational Pensions Bill that will be submitted to the Ministry of Finance and Economic Development. This piece of legislation will include provisions relating to the licensing of pension managers and pension schemes for employees.

Mr Meetarbhan also emphasised the importance of starting discussions on a Compensation Fund for the insurance industry, and highlighted that a key objective of the Commission is to safeguard consumer interest.

He welcomed the decision of the Association to carry out a survey for a proper assessment of the insurance industry and the revision of the code of practice for the sector.

The outgoing president, Louis Rivalland, highlighted the very good working relations between the association and the FSC. He added that regular discussions between both entities have proven to be very productive and efficient.

Mr Rivalland revealed that he was of the view that “with the new legislative framework, the FSC has now at its disposal a choice of legal instruments which allows it to take swift action even before an insurance company finds itself in serious financial trouble”.

In conclusion, he expressed satisfaction that the Commission has considered the Association’s recommendations while elaborating the Insurance Act 2005.