Insurance executives, regulatory professionals, legal experts and compliance officers graduated from a six-week inaugural InsurTech Compliance, Innovation, and Regulatory Practices (ICIRP) course, which was commemorated in a ceremony April 30, 2025 at Balmoral Club under the theme, ‘Transforming Tradition: Innovating the Insurance Landscape.’
During the six weeks, 61 students explored the insurance industry’s evolving digital infrastructure — its value chain, technologies, business models, and the regulatory guardrails required to keep pace with trends in the industry.
In attendance at the graduation ceremony were Attorney General and Minister of Legal Affairs, Senator, the Hon. Ryan Pinder and Chief Justice, Sir Ian Winder.
While delivering the keynote address, Senator Ryan Pinder said this occasion marked an important milestone for the Insurance Commission of The Bahamas, the insurance sector, the financial services sector, The Bahamas as a jurisdiction and particularly this region.
“The ICIRP course marks a bold and strategic step forward in our country’s commitment to regulatory excellence, financial innovation, and regional leadership. It is a product of meaningful collaboration and shared vision between the Insurance Commission of The Bahamas, the Cambridge Centre for Alternative Finance at the University of Cambridge, and the Bahamas Institute of Financial Services,” said Mr. Pinder.
The Attorney General said that The Bahamas has been the leading financial center when it comes to professional education, compliance expertise, progressive regulatory reform and innovative industry innovation.
“We have demonstrated as a jurisdiction excellence in international regulatory compliance with obtaining compliance with all 40 FATF AML Recommendations. We have historically led the region, and I might argue the world when you consider our size in compliance professionals. We also have demonstrated that we are nimble and innovative when it comes to policy and legislative reform to support industry innovation, better than any other country. The Bahamas indeed sets the pace.”
He said that innovation in financial services is a necessity, however, practitioners have to exercise the highest level of responsibility. “We must innovate with purpose and within frameworks that protect the public interest. That is why regulatory innovation must go hand in hand with technological advancement. This balance between progress and protection distinguishes a sustainable financial system from a speculative one.”
By Betty Vedrine/Bahamas Information Services
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