A Turks and Caicos Islands regulator hopes to revamp and clarify new rules to strengthen oversight of the territory’s banks and insurance companies, changes that come in the wake of bank failures.

The five-year “action plan” issued by the territory’s Financial Services Commission yesterday states that the organisation hopes to rewrite manuals to supervise the islands’ banks and domestic insurance providers by the end of 2012. The new manuals will also detail how to resolve “problem banks” and manage crises, according to the plan.

Calling the islands’ current regulatory framework “outdated,” the FSC stated that it hopes to see new laws to regulate bank insolvency, deposit insurance, trusts and the work of the commission itself.

The territory’s insurance industry will also see new guidelines and face stronger reporting requirements from regulators.

 

See the April 26, 2012 edition for full coverage.