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GOVERNANCE

Management Committees

Management of the Commission is primarily responsible for guiding the operations of the Commission, pursuing its mission as detailed in the mission statement and ensuring compliance with applicable legislation, regulations, guidelines, policies and best practices. The Management Team comprises all Heads of Departments and the Heads of the Policy and Legal Units.

Licensing Committee

Current Members: Managing Director (Chair); Deputy Managing Director; Director, AML Supervision Department; Director, Insurance Department; Director, Bank and Trust Department; and Director, Company Management and Investment Department.

Object: to review and decide upon all applications for licenses issued by the Commission, with the exception of banking license application which are considered by the Board of the Commission.

Procurement Committee

Current Members: Director, Finance (Chair); Deputy Managing Director; Director, Information Technology Department.  The Legal Consultant is the alternate on this Committee.

Objective: to review and ensure that the established procurement procedures are complied with and to make recommendations to management on procurements, as required.

PORC Licensing Subcommittee

Current Members: Managing Director (Chair); Deputy Managing Director; and Director, Company Management and Investment Department. The Director, Insurance Department is an alternate on this Committee.

 Objective: the efficient and effective consideration of all Producer Owned Reinsurance Company application, against established licensing requirements and service level standards.