The Permanent Secretary of the Ministry of Finance and Energy, Mr Timothy Antoine, met with representatives of the Grenada Association of Investment and Financial Advisors and the Grenada Life Underwriters Association, on 29 January 2015. The insurance delegation was led by Mr Timothy Redhead and comprised other senior leaders of the insurance industry in Grenada.
The meeting was requested by the insurance industry leadership who wanted to open a dialogue with Government on how both parties can work together to strengthen insurance in Grenada and help grow the economy. The Permanent Secretary indicated that the Insurance Industry is a key component of the financial sector and an important player in the economy and welcomed the opportunity to enhance this relationship.
Coming out of the meeting it was proposed that an insurance advisory body be established. This body will provide guidance to Government on polices and other matters pertaining to insurance. This proposal will be presented to Cabinet soon.
At their request, Mr Antoine also took the opportunity to update the representatives on the British American/CLICO matter. He informed them that to date, over $100 million has been paid out to policy holders throughout the Eastern Caribbean Currency Union (ECCU) and that a further payment would be made as soon as another disbursement is received.
Government and the insurance industry are expected to meet regularly on critical issues.