business@tribunemedia.net
Friday, July 17, 2026
$ 6.75
$ 6.54
$ 6.75
Sagicor agent challenge survives Insurance Commission strike-out BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT broker’s bid to obtain regulatory clarity and generate increased Bahamas-based business from foreign carrierrs has survived the Insurance Commission’s efforts to have its legal challenge struck out. Justice Simone Fitzcharles, in a June 30, 2026, verdict rejected the insurance regulator’s arguments that she should dismiss Orry J Sands & Company’s attempt for Supreme Court affirmation that it represents Sagicor as a standalone agent rather than as a “branch” of the pan-Caribbean insurance and financial services giant. The East Shirley Streetbased broker is arguing that the outcome of the dispute, which centres on “the correct interpretation of Sagicor’s
Orry J Sands fight-off regulator’s dimissal bid on ‘branch’ dispute Pan-Caribbean giant eyes Bahamas wind-up on ‘erroneous’ status Outcome critical for regulatory regime, foreign insurer business Bahamas operations” and whether it conducts these as an independent agent or “branch of a foreign company”, is critical to its ambitions to attract more foreign insurance underwriters into this market and increase business for itself. Its position is that the Insurance Commission’s decade-long belief that it acts as a Sagicor “branch”, rather than as its local agent, is “erroneous” and impacting
how the business is registered under the Insurance Act. Justice Fitzcharles wrote that this impacts not only Orry J Sands’ “legal and financial position”, but has wider regulatory implications for the insurance industry and how “foreign companies may conduct business through local agents. The Insurance Commission, though, had moved to have the 41 year-old agent and broker’s action struck out, or
obtain summary judgment in its favour, on the basis that Orry J Sands had no standing to bring such a claim, there were no “reasonable grounds” for launching it, and there was “no real prospect of succeeding”. Justice Fitzcharles, who ultimately dismissed the regulator’s bid to kill-off the action, said Orry J Sands has been in business since October 1985 and represented both Bahamian and international insurers as “managing” or “exclusive” agents. One such client is Sagicor, for whom it acts as its general managing agent. The Insurance Act and its accompanying regulations give overseas insurance underwriters the option of registering as either a branch or operating through Bahamian agents and brokers.
BAHAMAS-based commercial banks must “debunk the theory” it is too hard to open accounts with them, a senior executive argued yesterday, while conceding the industry “should shoulder some criticism” for failing to fully educate residents on digital financial services access. Gowon Bowe, the Clearing Banks Association’s (CBA) head, told Tribune Business that the Gaming Board’s crackdown on the use of web shop accounts as alternatives to the banks for moving
money further exposed the need to better inform Bahamians and residents of legally permitted tools, such as the Sand Dollar, the Central Bank-backed Bahamian digital dollar, and the soon-tolaunch ‘basic bank account’. Conceding that some will argue the commercial bank exit from many Family Islands drove businesses and residents in those locations to use the web shops, as they sought convenient, low-cost and relatively safe ways to deposit, withdraw and move money through every-day financial transactions, he added that it was vital that banks and
Finance chief: Bahamas ‘in a special place financially’ BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE Ministry of Finance’s top official yesterday declared The Bahamas is in "a special place financially" as it awaits confirmation of its first-ever annual Budget surplus, while warning that hurricanes, healthcare costs and infrastructure overruns could quickly erode those gains. Simon Wilson, the financial secretary, addressing the Rotary Club of West Nassau, said The Bahamas’ fiscal position has improved significantly since the COVID-19 pandemic when the annual deficit exceeded
SIMON WILSON 13 percent of gross domestic product (GDP). "I think I can say without any contradiction that The Bahamas really is in a special place financially at this point," he said. "Our objective is that 2025-2026 will be the first year in our history
FISCAL - See Page B6
Private cruise islands’ value ‘under-estimated’ BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE Ministry of Finance’s top official yesterday defended the growing role of cruise line-owned private destinations in The Bahamas, arguing they are creating significantly more value for Bahamian businesses and government revenues than many critics admit. Simon Wilson, the financial secretary, speaking at the Rotary Club of West Nassau, said the
country's tourism recovery continues to support the Government's improving fiscal position, with cruise visitors increasingly spreading economic activity beyond New Providence. "Underpinning all of this is the extraordinary recovery of tourism," he said. "Our cruise tourism is providing more value and driving growth - not just in Nassau, but in the Family Islands." Mr Wilson pointed to developments such as Carnival’s $600m Celebration
SAIL - See Page B4
GOWON BOWE regulators partner to address “perceptions” that it is still too expensive, time-consuming and challenging to open regular bank accounts.
$ 6.87
TUC chief pledges to revive $350 for minimum wage Targeting up to 35% increase in ‘worker’s agenda’ Asserts: ‘Everyone getting their share apart from us’ Union body wants House of Labour as ‘historical site’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@ tribunemedia.net
Mr Bowe, revealing that his Fidelity Bank (Bahamas) is “on the verge of opening Eleuthera offices” to go with its existing Exuma presence, with Cash n’Go set to again act as its “cash partner”, he told this newspaper that the BISX-listed lender is now regularly visiting other Family Islands to on-board new clients, open accounts and conduct the necessary Know Your Customer (KYC) due diligence, with debit cards following swiftly behind. Speaking after the Gaming Board warned it may take “further regulatory action”
TRADE union leaders are pledging to renew their push for an up to-35 percent OBIE FERGUSON increase in the minimum wage to $350 per week, with one asserting: “Everybody seems to be getting their share apart from the workers.” Obie Ferguson KC, the Trades Union Congress (TUC) president, speaking following a recent meeting of the umbrella body and all its affiliates said that - post-general election - the labour movement plans to revisit key issues with many asserting they have “had enough of it” and “have waited long enough”. He revealed that increasing the minimum wage from the present $260 per week, which was implemented just three-and-a-half years ago on New Year’s Day 2023, to $300-$350 remains among the TUC’s priority items. That, if achieved, would represent between a 15.4 percent to 34.6 percent increase on the present $260, which was itself raised by $50 or 23.8 percent from the previous $210. The TUC’s ambitions would, at their peak, represent a $140 or 67.7 percent or two-thirds increase in the minimum wage in three-anda-half years if it ever came to pass. While the Government has acknowledged the continued cost of living and inflationary pressures impacting many Bahamian families, it has given no indication that a minimum wage increase is likely in the near future although
FACILITY - See Page B7
PAY - See Page B6
CHALLENGE - See Page B7
Bank account opening fear must be ‘debunked’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$ 6.60