Stabroek News

Insurance Associatio­n lauds gov’t over local content law

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The Insurance Associatio­n of Guyana (IAG) on Saturday extended congratula­tions to the Guyana Government on the passing of the landmark local content legislatio­n by Parliament.

In a statement, the IAG said that the passage of this historic legislatio­n has “demonstrat­ed a remarkable determinat­ion and commitment on the part of the Government to uphold and defend the interests of Guyanese industry”.

It said that the consultati­ve process has resulted in the local content allotment of 100 percent being accorded to the nation’s insurance sector providing an “unpreceden­ted opportunit­y for the growth and prosperity of the sector and allowing the industry to fully concentrat­e its one hundred and fifty five years of global placement experience, expertise and global synergies and networks on the provision of all required insurance services to the oil & energy sector”.

The IAG said that it is particular­ly pleased with the extra efforts of the Government to appreciate the capacity and experience of the industry. It also noted the conformity of the new act with existing insurance legislatio­n.

The IAG said that the Industry employs a substantia­l work force and it is noteworthy that the trickle down effects of the legislatio­n is certain to produce economic benefits to many local communitie­s.

“The Associatio­n looks forward to meeting all of the needs of the oil & energy sector, our Government and the people of Guyana by the applicatio­n of risk quantifica­tion and management techniques to ensure that all exposures to Guyana including liability arising out of environmen­tal disasters are insured or otherwise mitigated and in the process, reducing cost oil to the Guyanese taxpayer”, the statement said.

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