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Call To Revoke Bank Insurance Licences

The Bahamas Insurance Brokers Association’s (BIBA) president has called for the revocation of agency/brokerage licences held by commercial banks, telling Tribune Business the situation creates “a really unfair playing field” that prevents smaller firms from competing and squeezes them out of the market.

Vaughn Culmer, of Vaughn Culmer & Associates, told this newspaper that while some Bahamian commercial banks were able to compete in the insurance market through their agency and brokerage licences, insurance firms were unable to get the relevant permits and do the reverse.

And he pointed out that small, independent Bahamian insurance brokers often lost clients when they took out mortgages, as the banks directed them to insure through carriers they had a ‘relationship with.

Posted in Business

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