Haiti is working on the adoption of a system of insurance regulation.

© thejournalofregulation

A bill designed by the Ministry of the Economy whose purpose is the regulation of the insurance industry will be before the Parliament of Haiti.

In a symposium organised by the main operator, Alternative Insurance Company on May 11, was emphasised the specificity of insurance regulation when the population of the country is poor and poorly educated. Indeed, it is the infamous earthquake of Haiti which made the population sensitive to the interests of the insurance and, correlatively, showed the absence of insurance the greatest possible number of people and the lack of regulation of a sector that is inadequately developed, its development is not possible without being accompanied by an appropriate regulation.

These successive correlations are particularly shown here, because insurance is not required when the economy is poorly developed or that the concept of risk, including natural risk, is not relevant. If the risk is present, then the insurance also and it generates in turn its own risk, including against the insured, this one that is protects. The regulation must then intervene. But we must be sure that, as noted at the symposium the Director General of the Investment Facilitation Center (Centre de Facilitation des Investments -CFI) that the "culture of insurance" exists in an economy. We can say the same for what would be a "culture of the regulation".