Insurance Bill 2016 passed in National Assembly

first_img…Opposition’s suggestions ignoredFollowing a lengthy debate in the House, Government on Thursday passed the Insurance Bill 2016 despite petitions from the Opposition that the bill ought not to be rushed and instead sent to a select committee.Shadow Finance Minister Irfaan AliThe Opposition argued that whilst the Bill was much needed there were still some fine-tuning necessary for its passage into law. Shadow Finance Minister Irfaan Ali assailed the Bill, pointing out a number of discrepancies. He stated that although the piece of legislation will ensure the further amplification of the financial architect of Guyana, the Bill has to make certain it allows local companies to have fair competition since they would now be contending under unfamiliar guidelines beside larger companies, which might have the upper hand in achieving the requirements of the bill laid out in the legislation.He told the Assembly that Section 12 needs to be strengthened in order to sustain consumer protection. “This section provides a very weak position for consumer protection,” he said, noting that it gives room for the insurers to take advantage of consumers. In addition to other inconsistencies, Ali urged the House to have the Bill sent to a special select committee.Finance Minister Winston Jordon, who tabled the legislation, asserted that the Bill was important and timely. He stated that the Financial Sector regulatory standards comprise the essential principles for well-functioning regulatory systems and so the assessment of the quality of institutional and regulatory structures form an integral part of the overall assessment of the financial sector carried out under the Financial Sector Adjustment Programme (FSAP).He pointed out that the joint World Bank-International Monetary Fund forms international standards and codes initiatives provides the overall context for the work relating to financial standards and thus assessments are based on internationally adopted regulatory standards using the assessment methodology prescribed by the standard setters.According to Jordon, Guyana as a member country has seen its fair share of assessments, including the recently completed assessment in May 2016. Prior to this the last assessment was done in 2005-2006. The report from that assessment highlighted several gaps in the insurance regulatory regime, pinpointing: “The insurance sector in Guyana is underdeveloped relative to its potential and compared to its neighbouring countries.”These sentiments Jordon said, were echoed by an industry diagnostic conducted by the World Bank First Initiative in 2012.The programme found that while there was an institutional legal framework in place it did not satisfy international best practice, particularly in the areas of licencing, solvency margins, governance, and transparency and investments.It was recommended that clear and prudent licensing criteria, including minimal capital levels, shareholder eligibility requirements, management skills, and governance rules should be issued in order to ensure quality companies into the market.The present legal framework for solvency reserve requirements and early intervention did not cover the same potential issues when compared with contemporary equivalents elsewhere, he said.Guyana’s analysis of financial statements as part of ongoing supervision was described as primitive owing to a lack of onsite inspection programme, he said.According to the report the Office of Commissioner of Insurance suffers from the lack of exchange of information among the regional supervisory bodies. The problem the FSAP faced in collecting information from CLICO accounted for 70 per cent of total premiums in Guyana and is part of the Trinidad-based CL financial group composed of companies that provided ample evidence for the need for better information sharing.It also highlighted the lack of implementation and enforcement of legislative requirement, which it pointed out created the most important obstacle for the development of the insurance sector and the establishment of environment trust.Jordon stated that the Anti-Money Laundering and Countering the Financing of the Terrorism Act 2015 amended the current Insurance ACT by the insertion of Section 23 B, empowering the regulator to share information with “supervisors in a foreign country for their lawful supervisory and regulatory purposes”.This he said is also reflected in the Insurance Bill with the requirement of a MoU exchange agreement between Guyana and that of foreign jurisdiction.The bill also allows the regulator to share information with any domestic government agency for enforcement purposes.Apart from this amendment, regulations pertaining to financial reporting and registration of insurance companies, no major changes were made to the regulatory infrastructure in line with international best practices and the FSAP team.The Insurance Bill follows international best practices for insurance regulation, including a risk-based approached to supervision, under which insurers with higher risk receive more stringent scrutiny and intervention.The bill seeks to improve corporate governance and internal control, impose risk-based capital requirement and raise professional standard in the insurance industry.It is envisioned that this bill will replace those sections of the current Insurance Act Chapter 9102 that pertain to insurance issues but the sections dealing with pensions will be retained until a Pensions Act comes into effect.“The objective of the Bill is to promote the maintenance of a fair, safe and stable insurance market for the benefit and protection of policy holders by establishing a legal framework for insurance and insurance groups which: facilitates the monitoring of the safety and soundness of insurers; enhances the protection of policy holders and potential policy holders; contributes to the stability of the financial systems in general” he asserted.He said it also satisfies those regulatory gaps identified by the last IMF-World Bank FSAP in 2005.Also for the first time Central Bank will be empowered to periodically verify data and risk management systems by conducting onsite inspections in addition to its usual reliance on third parties such as external auditors.The bank can also impose fines and penalties for failure to comply with the bank’s directors and other offenses under the ACT.last_img read more

Viraat Sabhaa holds graduation ceremony for spirituality training

first_imgIn an effort to sustain and enhance spirituality and the Hindu culture, the Viraat Sabhaa (Guyana) has initiated programmes to educate Hindus and non-Hindus.“The Viraat Sabhaa has placed spirituality at the pinnacle of its agenda.” This is according to Pandit Ravi Persaud, the President of the organisation, who is convinced that for there to be self-transformation, the process must include higher spiritual education wherein foundational principles are based on truth.As such, the Sabhaa is encouraging Guyanese from different backgrounds to pursue educational and capacity building initiatives.It is against this backdrop that the Sabhaa awarded certificates to persons who took part in its four training courses.The Sabhaa distributed certificates of participation to the persons on Sunday at the Hall of the Valmiki Vidyalaya High School inThe Viraat Sabhaa team poses for a picture with Swamiji in the centreQueenstown.Pandit Persaud outlined that there were four courses held over the past six months. Those started last November and concluded this month (May). Courses were conducted by Swami Kaivalyaananda Saraswati of the Kaivalya Ashram, India. Swamiji is a senior disciple of world renowned Swami Chinmayananda and Swami Dayananda Saraswati. He is also the spiritual head of the Viraat Sabhaa.One course was for in-service Pandits. In this Module-One programme, over 20 Pandits participated. The course was conducted at the Guyana Pandits’ Council headquarters.An introductory course on the theoretical study of the Puja System for aspiring Pandits was also offered, attracting 26 participants.The Viraat Sabhaa also indicated that for the “Introduction of Vedanta course”, the organisation saw 40 students pursuing the six-month training programme in various aspects of Hinduism, inclusive of Sanskrit, Bhagavad Gita and philosophy.Also notable was the establishment of the youth training programme. Swamiji conducted a two-month training course, “Introduction to Hinduism”. That programme was attended by 21 young persons, many of whom are full-time professionals in the Public and Private Sectors.Executive member of the Viraat Sabhaa, Bhaiji Siri Persaud called on the graduates to use the knowledge imparted by Swamiji for the upliftment of themselves and their respective communities. He also applauded the participants who overlooked organisational affiliations to benefit from the courses offered by the Sabhaa.last_img read more

Man killed in suspected hit and run on Linden Highway

first_imgThe body of an unidentified man suspected to be the victim of a hit-and-run accident was on Saturday morning found along the Loo Creek, Linden-Soesdyke Highway.Based on reports received, the man’s body bore multiple injuries including to his head, left arm and leg. His body was also in a semi-nude state when he was discovered.The man was of African descent and is believed to have been in his 30s. Police were informed of the discovery and immediately launched an investigation, during which several pieces of a vehicle light were found in close proximity to the man’s body.The area, according to reports, is dangerous after dark and the distance from where the body was found to the closest village is about three miles. The body was picked up and taken to the Linden Hospital Complex to await identification and a post-mortem.The Police are continuing their investigations.last_img read more

AFC nominates former MP to replace Jones at GECOM

first_imgAlliance For Change (AFC) Chairman Khemraj Ramjattan has confirmed reports that the party has nominated one of its members, former Member of Parliament, Trevor Williams for the post of Commissioner at the Guyana Elections Commission (GECOM).Former AFC spokesperson Beverly AlertRamjattan said following the death of Sandra Jones, President David Granger had requested that the party present a name to fill this vacant post. He said Williams was suggested and the party agreed on having his name submitted which it did.He noted that the AFC, as a third party, has always pressed to have one of its members sit on the body. He said this was mainly on account of the fact that the party had representation in Parliament where at one time it held five seats and another time it had seven seats.Williams has been active in politics since 2006 and at one time headed the youth arm of the AFC. He was suggested to be Director of Youth, but was never appointed to that position.Former AFC MP Trevor WilliamsRamjattan said should the President for some reason not find favour with Williams, there is Beverley Alert, a former spokesperson for the party, who will be the alternative nominee.Alert was appointed the head of the then Government Information Agency (GINA) now the Department of Public Information (DPI). However, following certain alleged financial irregularities she was seconded to another role at the National Communications Network (NCN).The GECOM post would be a key one for the party. The Commission comprises three members from the Opposition and three from the Government. The Chairman is the seventh person.last_img read more

Sensei contented with successes of student

first_imgAfter the dust has settled in the 2018 Pan- Caribbean Martial Arts Championships, participant and instructor Troy Bobb revealed that he has received a greater gift than his gold medals.Troy Bobb and Niquann Fevrier display their gold medals as they met Cynthia RothrockWhen Bobb participated in the competition hosted by the Caribbean National Martial Arts Alliance last weekend, he took along 12-year-old Niquann Fevrier to Barbados, giving him a shot at meaningful exposure.There the young man proved himself to be a great student, capturing a gold in weapon form competition and a silver in open form competition. His performance has also shown that he has a great teacher.Sensei Bobb also copped three gold medals, respectively in self-defence, weapon, and open form competition.Speaking with Guyana Times Sport, Bobb noted that participating in the Caribbean championships is always important to him, since he has been doing so for countless years.“For me, competing since the age of six in martial arts until 45 this year, it’s a big achievement for me. All the years I’ve been involved, but I’m always trying to get youths involved and try as much to maintain the discipline in the sport,” Bobb stated.However, the Sensei went on to disclose that what was more meaningful than his continued participation is the opportunity to gift students with a platform to showcase their skill. He noted that taking Fevrier to the championships and seeing him excel has been a highlight of his tenure. He disclosed that he now wants to continue in this path.“…as to ensure the youths have reached the stage that I’m at right now, and still I’m always willing to share,” Bobb said.He will soon be given this opportunity, since he was quickly approached, after Fevrier’s success, with an invitation to participate at another Martial Arts competition in Barbados, from November 24.Bobb revealed that he is looking to take along a bigger national team to that upcoming competition.While in Barbados, Bobb and Fevrier got the golden opportunity of meeting martial arts movie star and grand master Cynthia Rothrock. In other positives coming out of the tournament, Bobb was upgraded to Junior Master Fifth Degree Blackbelt.last_img read more

Lazio, Inter keep Champions League push alive, Benevento relegated

first_imgRoma and Lazio both have 67 points from 34 games with Roma ahead on head-to-head clashes. Inter Milan are just outside the Champions League places in fifth one point behind after a hard fought 2-1 win over Chievo.Lazio dominated Sampdoria in their Stadio Olimpico with Sergej Milinkovic-Savic breaking through after 32 minutes and a Stefan de Vrij’s diving header giving the hosts a second just before the break.Immobile tapped in a Milinkovic-Savic assist five minutes from the end, quickly adding a second to consolidate his position as leading Serie A scorer with 29 goals this season.“We’re not in the top four by chance, we’ve earned this on the pitch,” said Lazio coach Simone Inzaghi. “Roma and Inter are also going strong, but we’ll fight to the end and hope to leave one of them behind us.“We’ll give our heart and soul to make it.”Sampdoria, meanwhile, are now four points off the Europa League places with four games to play.After being pegged back in the first half by 16th-placed Chievo, Inter’s top scorer Mauro Icardi broke through on 50 minutes — for his 26th Serie A goal this season second behind Immobile — with Ivan Perisic adding a second six minutes later.Mariusz Stepinski pulled a goal back for Chievo who are just two points above the drop zone.The battle for Europe could go down to the wire with Lazio hosting Inter in their final game of the season.“I don’t know if it’ll be the key, but this team has realised it’s in the running right to the end,” said Inter coach Luciano Spalletti.– Benevento relegated –Atalanta moved sixth into the Europa League places with a 2-1 win over Torino at the expense of AC Milan who dropped to seventh after a 1-0 defeat at home to bottom club Benevento on Saturday.Benevento’s relegation from Serie A was confirmed after just one year in Italy’s top flight and less than 24 hours after an impressive 1-0 win at AC Milan. Crotone’s 2-1 victory away to Udinese on Sunday condemned Benevento to an immediate return to the second division after they were left 14 points from safety with just four matches to play.The club based some 60 kilometres to the east of Naples began the season in disastrous fashion, losing 14 consecutive matches to break the record for the worst start to a campaign in any of Europe’s top five leagues.The arrivals of Bacary Sagna, Sandro and giant Malian striker Cheick Diabate — who has scored seven goals in eight games — in the winter transfer window helped Benevento improve but couldn’t spare them from the inevitable drop. 0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Lazio’s Ciro Immobile celebrates with Dutch defender Stefan de Vrij © AFP / Andreas SOLAROTurin, Italy, Apr 22 – Lazio and Inter Milan kept their push for Champions League football alive on Sunday with champions Juventus and Napoli set to meet in a top of the table clash in Turin.Ciro Immobile scored a brace as Lazio crushed Sampdoria 4-0 to return joint third with Roma who warmed up for next week’s Champions League semi-final against Liverpool with a 3-0 win at SPAL on Saturday.last_img read more

Tottenham nearly signed Liverpool sensation, reveals Sherwood

first_img Liverpool’s Raheem Sterling 1 Aston Villa boss Tim Sherwood has revealed he tried to sign Raheem Sterling for Tottenham when he was working with the youth team there.Sterling came through the ranks at Queens Park Rangers, but he was snapped up by Liverpool in 2010 for a fee which could reach £5million.However, Sherwood has now revealed how he attempted to bring the talented winger to White Hart Lane while he was working with Spurs’ youth setup.“He’s [Sterling] a great talent, a good guy as well. I have known him since he was a young boy,” said Sherwood.“He’s got a real winner’s mentality and he is one we have to watch [on Sunday] and show a lot of respect to.“Everyone knew about Raheem when he was at Queens Park Rangers and people made efforts to try and get him.“Liverpool were the fortunate ones. I am not sure Tottenham wanted to send the money that was asked at the time, but I think he has possibly made the correct decision there because he has gone to a club with a manager who wants to give him an opportunity to play.”last_img read more

COMMUNITY NEWS: HOST OF COURSES AT DUNKINEELY COMMUNITY LTD

first_imgDunkineely/Bruckless/Killaghtee notesDunkineely Community Ltd Office HoursPlease note that DCL Office Hours will be Monday, Wednesday and Friday, from 9:30am to 12:30pm. Tuesdays and Thursdays are dedicated to projects outside the office. If someone is in the office on these days, please come in. Car Boot SaleA Car Boot Sale is planned for Saturday September 5th at Killaghtee. This is an extra event to make up for the cancellation of the June Bank Holiday wash-out Car Boot Sale. Fingers crossed for reasonable weather!Men’s Walk Over Slieve LeagueDunkineely Methodists are organising a walk up Slieve League on Saturday the 5th September, meeting at Carrick supermarket at 11am. For more information ring Rev Davis on 9737052 or 0894831156. All are welcome. Words and MusicMeas Writers’ Group will be having an evening of song, poetry and readings, in the Manhattan Steakhouse in Donegal Town on Wednesday 9th September at 8pm. Featuring local and Irish-American performances.Nursing StudiesSt. Catherine’s V.S. Killybegs, still has places still available on its FETAC Level 5 Nursing Studies course commencing in September. Contact 074 9731491 for details.Autumn Program of Courses DCL is trying to put together an autumn program of courses and would love to hear for people who are interested in any of the following courses.• Basic Computers*• Calligraphy*• 1st Aid (Basic 1 day)*• 1st Aid (3 day Occupational) *• Defibrillator Course• Creel Making*• Carpentry*• Art*• Creative Writing• Interior design *• Upcycling (i.e. converting old and waste materials into something new and useful)• Family HistoryThe courses marked with an asterisk (*) have been run before.If you are interested in any of the above, please call to the DCL office, phone us on 0749737678 (9:30-12:30) or email us on dunkineelycommunity@gmail.com. Also if anybody has any ideas for courses, please let us know.Photoshop – An Introduction To Image ManipulationDunkineely Community Ltd is hoping to run an introductory course for people who already have Photoshop on their computers. Contact us if you are interested on 074 9737678 (9:30-12:30) or at dunkineelycommunity@gmail.comAdult Religious Education Course 8/10 weeks – one evening per week starting in September (PG). Topics covered: Baptism, Penance, Eucharist, Extreme unction, Holy Orders, Matrimony, Our Lady, The Saints. This will be a short course with basic information on the Sacraments and is suitable for anyone with an interest in Catholicism. It will be helpful for those who would like to gain more knowledge about the faith; the title of the course is “I Believe”. Contact Parochial House Bruckless 074 97 37015 for details/booking. The cost will be €5 per night to cover rent/course materials/refreshments.Ceol agus CraicTraditional music session each Wednesday at McIntyre’s Bar, Dunkineely at 10pm. All musicians and singers welcome.Recovery from Emotional DistressG.R.O.W. – Gradually, Regaining, Our, Wellbeing! Support and a program for recovery. Weekly Meetings at Niall Mor Centre, Killybegs on Thursday evenings at 7:30pm. Also in the Day Hospital, adjacent to Donegal Hospital on Tuesday evenings at 8:00pm. For further information contact Marian on (086)7856912. All are welcome.DCL OfficePlease feel free to pop into the office any morning Mon-Fri 9.30-12.30 and chat with Michael, use the Internet (20c per half hour), print or photocopy documents (20c per page) or borrow a book (20c per book).Going on a Sun Holiday?Print your Boarding Pass with us in the DCL office.Researching a Family Tree?DCL has a copy of the adjoining Methodist Church index of Births & Marriages 1860 -1899 (Ardara and Dunkineely). Also the Burials Register for the same congregations from 1950 to 2007.LibraryDunkineely Community Ltd (DCL) – Has a small library of over 500 books from Children’s Literature, Teenage Fiction (The Fault in our stars), Classics (Jane Austen – Pride and Prejudice), Horror, Comedy, Booker-Prize etc. Borrowing 20c per book.COMMUNITY NEWS: HOST OF COURSES AT DUNKINEELY COMMUNITY LTD was last modified: August 31st, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Bruckless notesdonegalDunkineelylast_img read more

DONEGAL EMPLOYER FINED FOR NOT PAYING THE MINIMUM WAGE

first_imgBy Rachel McLaughlin: A Co. Donegal man apologised to a judge after admitting that he had paid two employees salaries below the minimum wage.Letterkenny District Court heard Ciaran Porter, 429 Cavan Hill, Lifford, was paying his two employees wages of €8 and €7.50 per hour for part-time work over a nine month period.They should have received €8.50 per hour. When Judge Paul Kelly asked Porter what was he doing employing people under the minimum wage, he replied, “I didn’t know what the minimum wage was”.Porter operated two stores in Lifford and Raphoe. He is no longer trading.He has since taken over his father’s coal delivery service, where he now works part-time, said Porter who represented himself.Inspector Thomas Hayes of the National Employment Registry Authority told the court that he was notified that Porter’s employees were receiving payment below national minimum wage limits.Through conversations with employees, he then sent letters requesting for payment details under the Payment of Wages Act 1991.Inspector Hayes told the court that Porter failed to attend an appointment arranged by him. Porter told him over the phone that he was unable to produce employment records. After a 14-day demand, Inspector Hayes requested that a summons be issued.Porter apologised to the court. He said he was going through a tax audit at the time that Inspector Hayes requested employment details. He said he assumed that Revenue could get the details from the audit information that they already had.Porter said he amended the shortfall in the wages to €8.50 after he received the phonecall from Inspector Hayes.Judge Kelly said Porter should have been aware of the National Minimum Wage through the media.He was fined €500.DONEGAL EMPLOYER FINED FOR NOT PAYING THE MINIMUM WAGE was last modified: September 4th, 2013 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:District Courtletterkennyminimum wagelast_img read more

BRICS a boost to Brand South Africa

first_img13 May 2011South Africa’s ascendance to the BRICS group of major emerging economies is a boost to the country’s brand, Miller Matola, CEO of the International Marketing Council, said at an IMC roundtable discussion with London’s Financial Times on Tuesday.“One way or another this will help us achieve our country’s development objectives,” Matola said.He added that membership of BRICS – the economic alliance that includes Brazil, Russia, India and China – puts South Africa on the centre stage of global change, rather than on the sideline, he said.“This helps us as a brand. What it says to the world is, consider us a serious economic player.”The roundtable event, held at Summer Place in Johannesburg, brought together South Africa’s top business executives and politicians to examine South Africa’s role in BRICS and the opportunities membership presented to the country and the rest of the African continent.It included a panel discussion among top CEOs, some of the best brains in South African business: Maria Ramos of the Absa banking group, Jerry Vilakazi of Business Unity South Africa, Frontier Advisory’s Martyn Davies, and Benjamin Mophatlane of Business Connexion. The discussion was facilitated by Financial Times bureau chief Andrew England.Most speakers made the point that, in addition to South Africa’s strong economy and developed infrastructure, the country’s position as the gateway to the rest of Africa gave it a valuable role in BRICS.Davies made the point that the “S” in BRICS should actually stand for SADC, and not South Africa, referring to the Southern African Development Community of 15 African states, including Botswana, the DRC, Angola and Tanzania.“This partnership will not only benefit South Africa, but also the continent, as it will open up trade in Africa,” Davies said.Speaking before the discussion, Deputy International Relations and Cooperation Minister Ebrahim Ebrahim said that while South Africa does not officially represent the continent in BRICS, its membership would give Africa a stronger voice, not only within BRICS, but also across all international platforms in which the BRICS countries are individually represented.Ebrahim added that South Africa’s accession to BRICS was a natural fit.“Our positive attributes that put us in a different category include our role as a major economic player in Africa, our mineral and industrial output, our electricity generation capacity, our road, rail, ports, communication infrastructure, our sophisticated financial markets and service industries, our manufacturing capacity, our membership in the G20, and our level of industrialisation,” he said. “All these, and many more, profile us in a very positive way.”The membership was the result of two years of in-depth planning and joint efforts by the public and private sector, Ebrahim said, adding that South Africa should not underestimate its status as a deserving member of BRICS.“We agree that we do not have a major world population size in comparison to other BRICS member states, including the high-digit growth rates enjoyed by its BRICS partners,” he said.“We move from the premise that, there are attributes that fellow BRICS member-states see in us, that we choose to overlook or undermine. We also argue that, if we consistently profile ourselves as that small country on the southern tip of Africa, we will go nowhere.”First published by MediaClubSouthAfrica.com – get free high-resolution photos and professional feature articles from Brand South Africa’s media service.last_img read more