The fear is that if the FTRA’s beneficial ownership verification requirements are applied to the general insurance industry, agents and brokers, in particular, will be over-burdened with time-consuming bureaucracy that could increase their costs.
Tribune Business was told that the Compliance Commission, which previously regulated the Bahamian insurance industry’s anti-money laundering defences, ultimately decided that the premium sums involved in the property and casualty sector – especially for motor insurance – were so small, and the business volumes so high, that it would be impractical to impose the FTRA’s requirements
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