McCartney to continue as superintendent of insurance
Following a report in this newspaper that there was nobody at the helm of the Insurance Commission, Guardian Business has learned that Lennox McCartney will continue as superintendent until his replacement has been selected.
Guardian Business reported yesterday that McCartney had been out of office since his appointment as superintendent of the Insurance Commission of The Bahamas (ICB) expired on June 30th. However, whether Mr. McCartney’s agreement to stay on occurred prior to or after yesterday’s story is unclear. According to a press release from the commission yesterday, “The Insurance Commission of The Bahamas wishes to advise the general public that Mr. Lennox McCartney has agreed to stay on as superintendent of the commission until the selection process of his successor has been completed.” The release continued, “The commission is currently in the process of completing a comprehensive search for a replacement.”
According to ICB member Julian Francis, McCartney was “always of the mindset to continue” until his replacement was found, having agreed the same “a few months ago.”
“He was very good and had agreed to stay until the new person was identified,” Francis told this newspaper yesterday.
Procedurally, Francis said an extension of the superintendent of insurance’s appointment is made by the governor general after Cabinet would have approved it. McCartney was initially scheduled to demit office on March 31st, but with no replacement in place at the end of March his appointment had been extended to June 30th. Francis was certain Cabinet had approved that extension, but not certain the latest extension had the formal Cabinet nod yet.
According to Francis there have not been any interruptions at the ICB since McCartney’s appointment expired. The commission now has a wealth of resources available with a number of professionals added to its ranks as the process of reforming the commission moves forward, according to Francis. He expects that the new superintendent is likely to be selected in short order.
“We have a number of promising candidates we are looking at and we expect to be able to bring this process to a conclusion within a reasonable period of time,” Francis said. “I can’t say right now how long it is likely to be, but my personal view is it won’t be that long before the process is concluded.”
Francis also expressed concern about the image of an empty office used to compliment yesterday’s story, charging there may have been some ‘sensationalism’ underlying its choice. According to Francis, McCartney had been in office at points since Thursday.
McCartney’s plans to move on from the ICB were made public in January. He told this newspaper at the time that his decision to resign from the commission was based on a desire to “pursue other ventures.”