SOME 3 500 APPLICATIONS have flooded the Financial Services Commission for 30-odd posts in the regulatory institution.
Minister of Finance Chris Sinckler, disclosed this in an interview at the opening ceremony of the FSC at Warrens yesterday.
He said that the Commission’s recruitment drive had been done locally and at Barbados’ embassies in London, Washington, Miami and New York in order to ensure that its officers reflect the highest level of competency, skill and propriety.
He said appropriate staffing was the immediate objective of the FSC, which was started in April to regulate non-banking financial institutions including mutual funds, securities, insurance and credit unions.
The Commission’s priority plans include forwarding recommendations to the Ministry of Finance after its review of the Occupational Pension Benefits Act 2003, and reviewing the Insurance Act Cap 310 in the hope of strengthening the legislation in relation to capital adequacy of locally-based insurance companies.
“The insurance industry can therefore look forward to additional capital requirements based on risk assessment,” said Sinckler. “In particular there will be the introduction of the concept of Minimum Continuing Capital and Surplus Requirement (MCCSR) for life insurance companies, the miminum capital test for general insurance companies and the branch adequacy of assets test for branches of foreign companies operating in Barbados.”
The Commission, led by chairman Frank Alleyne and chief executive officer Ian Carrington, has also placed terms of reference for three subcommittees dealing with human resources management; finance, tendering and audit; and policy and legislation.
