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McCartney stepping down from Insurance Commission

After nearly three years with the Insurance Commission of The Bahamas as its superintendent, Lennox McCartney is stepping down on March 31.

McCartney toldGuardian Businessthat his decision to resign was based on his desire to”pursue other ventures,”and is confident that the commission will continue to move in the right direction.

“The commission has a good team in place and the team is expanding and obtaining greater depth,”McCartney said.”They will continue to do well after my departure.”

During his tenure with the Insurance Commission, McCartney was instrumental in raising the awareness of the insurance legislation, which expanded the commission’s ability to regulate the domestic industry. He also played a big part in removing CLICO-based subsidiary British American Insurance Company Limited(BAICO)in 2009, after an affidavit submitted to the Supreme Court revealed the company had$91.65 million unpaid claims.

Chairman of the Bahamas Insurance Association Tim Ingraham was surprised to hear of McCartney’s plans to resign, and toldGuardian Businessthat it was a pleasure working with him.

“We’ve had a decent relationship with McCartney and the Insurance Commission and he has continued the process that has been started by his predecessors,”Ingraham said.”We feel that he has done a good job and he has always been open to talking to[the Insurance Association].”

McCartney also serves as a board member on the Bahamas Securities Commission and was previously a member of the boards of The Central Bank of The Bahamas and the Bank of The Bahamas. He also was the director of the National Insurance Board from 1995 to 2008 and between 1987 and 1988.

Ingraham said McCartney did his part during his tenure as superintendent and he has left a good foundation for the next person that will fill his position.

“I think that he carried out his job effectively and it will be interesting to see who will succeed him,”he said.”The government will have a role in selecting the next person to fill that post, and myself along with the Insurance Association of The Bahamas is looking forward to working with them.”

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