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Insurance Institute of
The Bahamas
The Bahamas
IIB - Our History:
ORIGINS AND HIGHLIGHTS OF IIB’s DEVELOPMENT
MARCH 2006
As noted in the IIB’s promotional pamphlet, “Records show that in the late 1960’s an insurance
institute was formed in the Bahamas. Due to lack of support, it was dissolved in the mid 1970’s.” Over
the next 23 years or so the tremendous growth in the local market, encouraged a number of thoughtful
insurance professionals to think the Bahamas needs to reform the institute. These persons began
discussions, gathered facts on institutes from the wider Caribbean region and encouraged others from
the insurance industry to join them. Three key contact persons of the initial organizing committee were:
Dr. Roger Brown, then Coordinator of the BGIA; Telzena Coakley, Bahamas Association of Life & Health
Insurers; and Timothy Ingraham, from the Insurance Professionals Association. A Steering Committee
was formed with the objective of encouraging other employees in the industry to join the IIB and attend
the first formal meeting in September 1999. Having been initially Chairman of the Steering Committee,
on June 1, 2000 Mr. Timothy Ingraham, was elected the President of the IIB. With an enthusiastic
Executive Council, IIB over the next few years, achieved international affiliation with the Chartered
Insurance Institute (UK) and the Association of Insurance Institutes of the Caribbean (AIIC) as well as
opening dialogue with the Office of the Registrar of Insurance Companies, the BGIA and LUABh (Life
Underwriters Association of the Bahamas).
The relationship with the AIIC was cemented such that the IIB hosted in 2002 the 5th AIIC Annual
Education Conference with delegates and speakers from several Caribbean countries and the United
States. This was a first for the IIB. Since that time the IIB has been a regular participant on the executive
committee of the AIIC and at the Annual Education Conference which is hosted in different countries
each year.
The activities of the institute locally included holding interesting seminars, social and formal meetings
for members, sporting and some fundraising events. The institute participated in industry-wide events
including Insurance Month’s public awareness activities and The Insurance Awards Ball. Individual
executive members also assisted the industry with examination tutoring, talks and displays on career
opportunities in insurance for high school and college students.
Locally, over the last 4 years, the IIB executive members have participated in the industry-wide working
group for the drafting of the new Domestic Insurance Act. It also maintains annually its representation
on the Professional Industry Association Working Group (PIAWG), a body formed under the auspices
of the Bahamas Financial Services Board to promote awareness of financial institutions and the
employment opportunities in the Bahamian economy for the public at large and high school and
college students in particular.
Internationally, in addition to the AIIC, the IIB has attracted attention from institutions (and private
individuals) from abroad, especially those involved in gathering and disseminating information on
developments and trends in insurance in the Caribbean and the Bahamas itself. Such organizations
as the CII and AXCO publish regular reports on the insurance and financial services industry for
international subscribers. The IIB has been featured in the newsletter of the CII during 2004.
Richard G. Adderley
Chairman, Education Committee, IIB
Secretary, AIIC
ORIGINS AND HIGHLIGHTS OF IIB’s DEVELOPMENT
MARCH 2006
As noted in the IIB’s promotional pamphlet, “Records show that in the late 1960’s an insurance
institute was formed in the Bahamas. Due to lack of support, it was dissolved in the mid 1970’s.” Over
the next 23 years or so the tremendous growth in the local market, encouraged a number of thoughtful
insurance professionals to think the Bahamas needs to reform the institute. These persons began
discussions, gathered facts on institutes from the wider Caribbean region and encouraged others from
the insurance industry to join them. Three key contact persons of the initial organizing committee were:
Dr. Roger Brown, then Coordinator of the BGIA; Telzena Coakley, Bahamas Association of Life & Health
Insurers; and Timothy Ingraham, from the Insurance Professionals Association. A Steering Committee
was formed with the objective of encouraging other employees in the industry to join the IIB and attend
the first formal meeting in September 1999. Having been initially Chairman of the Steering Committee,
on June 1, 2000 Mr. Timothy Ingraham, was elected the President of the IIB. With an enthusiastic
Executive Council, IIB over the next few years, achieved international affiliation with the Chartered
Insurance Institute (UK) and the Association of Insurance Institutes of the Caribbean (AIIC) as well as
opening dialogue with the Office of the Registrar of Insurance Companies, the BGIA and LUABh (Life
Underwriters Association of the Bahamas).
The relationship with the AIIC was cemented such that the IIB hosted in 2002 the 5th AIIC Annual
Education Conference with delegates and speakers from several Caribbean countries and the United
States. This was a first for the IIB. Since that time the IIB has been a regular participant on the executive
committee of the AIIC and at the Annual Education Conference which is hosted in different countries
each year.
The activities of the institute locally included holding interesting seminars, social and formal meetings
for members, sporting and some fundraising events. The institute participated in industry-wide events
including Insurance Month’s public awareness activities and The Insurance Awards Ball. Individual
executive members also assisted the industry with examination tutoring, talks and displays on career
opportunities in insurance for high school and college students.
Locally, over the last 4 years, the IIB executive members have participated in the industry-wide working
group for the drafting of the new Domestic Insurance Act. It also maintains annually its representation
on the Professional Industry Association Working Group (PIAWG), a body formed under the auspices
of the Bahamas Financial Services Board to promote awareness of financial institutions and the
employment opportunities in the Bahamian economy for the public at large and high school and
college students in particular.
Internationally, in addition to the AIIC, the IIB has attracted attention from institutions (and private
individuals) from abroad, especially those involved in gathering and disseminating information on
developments and trends in insurance in the Caribbean and the Bahamas itself. Such organizations
as the CII and AXCO publish regular reports on the insurance and financial services industry for
international subscribers. The IIB has been featured in the newsletter of the CII during 2004.
Richard G. Adderley
Chairman, Education Committee, IIB
Secretary, AIIC
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