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.
