From Bahamas Information Services
The Insurance Commission of The Bahamas expanded its reach and accessibility with the opening of a new office in Freeport during a grand opening ceremony on Tuesday, May 27, 2025 on the grounds of Pajaro House on West Mall Drive.
This new office for insurance regulators in the country is expected to benefit Grand Bahamians, who have experienced some insurance wranglings over the years in the wake of hurricanes.
Guest speaker at the opening ceremony was Mr. Kingsley Smith, Member of Parliament for West Grand Bahama and Bimini and Parliamentary Secretary in the Ministry for Grand Bahama, who attested to the dedication and commitment of the Insurance Commission of The Bahamas.
“Many of us, myself included, have heard the difficult stories, particularly in the aftermath of Hurricane Dorian,” said Mr. Smith. “These stories, whether entirely accurate or not, can affect public perception and hinder confidence. They can lead people to feel that they have no other option but to accept what is given, simply because there is no other recourse.
“This is where your presence on Grand Bahama becomes so critical. Your office here will actively work to combat those negative narratives. It will promote good business practices within the insurance sector. It will protect consumers, ensuring that their rights and interests are upheld. And perhaps most importantly, your presence will develop insurance consciousness among the general public. So, I guess, in practical terms, the big question is, ‘what does this mean for the people of Grand Bahama?’”
Mr. Smith listed several advantages to Grand Bahamians with the expansion of the Insurance Commission to Grand Bahama.
Firstly, he said it means greater accessibility to information and support, pointing out that no longer will residents have to travel to and from Nassau for certain inquiries or to address concerns with the commission. Having an office in Grand Bahama, Smith says, makes the process more convenient and less intimidating.
Secondly, he noted that the Insurance Commission’s office in Grand Bahama will provide enhanced consumer protection. He noted that when disputes arise or when there are questions about policies, consumers will have a local point of contact. This direct access, he said, will empower individuals to understand their rights, and to seek resolution when needed.
Thirdly, Mr. Smith assured that the Insurance Commission’s presence in Grand Bahama will foster greater accountability within the insurance industry on the island. With a local office, the commission will have a more direct pulse on the activities of insurance providers in the Grand Bahamian community, which will lead to a more regulated and trustworthy environment.
“Finally, and significantly,” Mr. Smith added, “the opening of this office here in Freeport will mean the creation of additional jobs, which comes as a welcomed boost to our local economy. Your presence on Grand Bahama is not just about a physical office, it’s about building trust, providing education, and ensuring fairness for every Bahamian who relies on insurance. It’s about making sure that when unforeseen events occur, people are not left feeling vulnerable or without recourse.
“Your presence here today is a testament to the commitment to the Bahamian people and to the economic development of our islands. It is no secret that the Insurance Commission plays a vital role in our nation. One of their core responsibilities is to ensure a sound and stable marketplace and to foster consumer confidence in the insurance industry. I want to underscore the immense importance of this, especially the aspect of consumer confidence.
“My charge to you today — as it was before — is to continue to prioritize the protection of consumers and their rights. Your commitment to expanding to the Family Islands, and especially to Grand Bahama, demonstrate that you are truly listening and responding to the needs of our communities. You are reading the room.
“We eagerly anticipate the positive impact that your presence will have on Grand Bahama. We look forward to a future where consumer confidence in the insurance industry is [at] an all-time high, driven by the good work of the Insurance Commission of The Bahamas. I wish you every success in your new office.”
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