The Insurance Commission of The Bahamas (ICB) said in a statement yesterday that it is seeking clarity or modification from government on its suggestion to Bahamians to suspend their payments of life and health insurance.
The ICB also appealed to policyholders to continue making their payments if they are able.
The commission said it has communicated with government on the matter and is expecting a response shortly.
“On March 30, 2020, the Office of The Prime Minister issued an Emergency Powers Order 2020, that directed policyholders to suspend the payment of life and health insurance premiums,” the statement read.
“The Insurance Commission of The Bahamas has communicated with the government of The Bahamas regarding the need for modification and clarification of this order, to prevent any unintended consequences for the industry.
“The commission expects such clarification to be forthcoming.”
In its statement, the ICB encouraged policyholders who are financially able, to continue to honor their contractual agreements with their insurers by making payments.
“Policyholders are encouraged to contact their insurance company to confirm the available methods in which their premium payments can be facilitated,” the statement read.
“The commission is aware of the adverse impact the continued spread of the COVID-19 will have on the health of Bahamian citizens and residents and the overall economy of The Bahamas, and urges everyone to follow the guidance issued by the government to contain the spread of the virus.”