Head of the country’s Inland Revenue Department Everett Christian is calling on regional insurance companies to adopt measures to rebuild confidence in the sector.
Delivering the feature address at a meeting of the Caribbean Association of Insurance Companies and Financial Advisors Christian called for an agency to protect consumers against unfair practices.
Christian says since the collapse of the CL Financial group, insurance companies have been recording reduced revenue because of the loss in public confidence.
He says a body to regulate insurance companies may help to restore that confidence.
Caribbean people including citizens of Antigua and Barbuda lost hundreds of million dollars that they’ve yet to recover since the collapse of BAICO and CLICO.
Representatives of insurance companies are meeting here for a third consecutive day among matters being discussed is strategies for restoring public confidence in the sector.