Banking, Insurance & Investment Funds
Ms. Gonsalves-Sabola can help you to understand and navigate the insurance and banking laws of The Bahamas to ensure that you are complying with the law and making decisions that ultimately benefit your business. She has advised clients on bank and trust company licensing, insurance licensing and regulatory matters in both areas. She has also advised clients involved in complex banking and insurance transactions and disputes.
The investment funds industry is a growing area in the Bahamian financial services sector. Legislation enacted in 2003 to regulate the industry is currently undergoing revision. Gonsalves-Sabola Chambers has been engaged as the legislative drafting consultant to carry out the overhaul of the investment funds legislation and regulatory framework.
The banking sector is the pinnacle of The Bahamas' financial services industry. As of March 2017, there were approximately 250 banks and trust companies licensed in The Bahamas under the Banks and Trust Companies Regulation Act of 2000. Banks and trust companies in The Bahamas are licensed and regulated by the Central Bank of the Bahamas. In The Bahamas, commercial banking and international private banking are the main areas in which businesses and individuals do business.
Anyone who wishes to carry on insurance business in or from The Bahamas must have the appropriate license. Completing the requirements for making the application for a license may require legal assistance. The Insurance Commission of the Bahamas is responsible for regulating insurance business and licensing in The Bahamas. Ms. Gonsalves-Sabola can help companies follow the law and have all their paperwork and steps in place so they can become licensed to conduct insurance business under the country's laws.