National

Bahamas Insurance Association: Meeting Should Produce Good Results

NASSAU, BAHAMAS – Officials from the Bahamas Insurance Association (BIA) seeing the light at the end of the tunnel on the treatment of value added tax on behalf of its policyholders.

Published

2 years ago

April 20, 2023

Joshua Williams

NASSAU, BAHAMAS – Officials from the Bahamas Insurance Association (BIA) seeing the light at the end of the tunnel on the treatment of value added tax on behalf of its policyholders.

Value Added Tax (VAT) continues to be the topic of much discussion between government and the Bahamas Insurance Association.

In February, the BIA rejected the assertion that health insurers were operating in contravention to the law by health insurers paying vat on behalf of their policyholders.

Vice-Chairman of the Bahamas Insurance Association responsible for life and health Felicia Knowles revealed that a meeting was held a few weeks ago between the association, medical industry, and other government stakeholders.

Knowles says she is hopeful for favourable results promised by Financial Secretary Simon Wilson.

She added that these decisions are vital for the association as their number one concern is the protection of its members.