Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697643642696.pdf (Bahamas)
Vol.

I Issue I March/aprIl/May 2014 l l • • • l e b e ; i n g a b r o a d .

l y u n d e r s t a n d .

l e a s e a g r e e m e n t .
– M i n i s t r y o f L a b o u r & N a t i o n a l l Fa m i f u n c t i o n : & • • • • • • • • • l B a h a m a s • PG 2 ● Tuesday, March 18, 2014 MINISTRY OF LABOUR & NATIONAL INSURANCE THE TRIBUNE The Tribune MiniSTRY oF LaboUR & na TionaL inSURanCe Tuesday, March 18, 2014 ● PG 3 RemaRks by the ministeR of LabouR and nationaL insuRance Islands, for their continued vigi- lance and renewed commitment to safeguarding and protecting the consumer interest through- out the Bahamas.
the hon.

d. Shane gibSon, M.P.

JP MiniSter of labour & national inSurance Shane gibSon The h on.

D. Shane Gib Son, MP, JP tHIs year, the Ministry of Labour and National Insurance is observing Consumer Educa- tion Month during the month of March, which will include joining with other members of the United Nations around the world, to mark 15 March 2014 as World Consumer Rights Day under the theme “Fix Our Phone Rights!
Justice for Mo- bile Consumers.” Consumer rights was first ad- dressed in a significant man- ner, by President John F. Ken- nedy in his speech to Congress on 15 March 1962, in which he outlined the right of the con- sumer to safety, to be informed, to choose and to be heard.
As products and producers multiply exponentially around the world every day, and as information and advertising are so readily accessible, it is incumbent upon governments to ensure that con- sumers are protected from ele- ments in our society, globally and otherwise, that are injuri- ous, destructive and risky.
the international theme for WCRD 2014 is particularly timely, as the Government of the Bahamas has recently successfully negoti- ated the return of the majority shares in BtC, to and on behalf of the Bahamian people.

As the Minister responsible for consumer protection, I am pleased to announce that the Consumer Welfare Unit has em- barked upon a sustained, long- term consumer education ini- tiative, which will extend beyond the month of March, throughout this year and foreseeably into the future.
Consumer Welfare, despite the common misconception, is much bigger than the enforce- ment of Price and Rent Control regulations.

It is all encompass- ing, affecting and impacting so- ciety as a whole and is inclusive of both goods and services.

to be adequately and effectively ad- dressed, it requires a multifacet- ed, multi-ministerial approach, which we will all seek to achieve moving forward.
the Minis- try and the Consumer Welfare Unit, therefore, will be seeking to forge new partnerships with the Ministry of transport, Royal Bahamas Police Force, the Road traffic Department, the local insurance industry and other key stakeholders to protect our consumers, particularly during this challenging period in our economy.
the large number of consum- er officers: eleven in New Provi- dence, ten in Grand Bahama and the strategic placement of at least one officer on each ma- jor Family Island inclusive of Abaco, Eleuthera, Andros, Cat Island, Acklins, Bimini, Exu- ma, Long Island and Inagua, and the now heightened visibil- ity of these officers, underscore the Government’s mandate and commitment to assist and protect our citizenry.
Indeed it is a recognized truism that a country’s development is not measured by the way its affluent citizens live, but much more im- portantly by how it cares for its indigent, widows, orphans, and its elderly.

the work of our Unit will be supported by the Prices Com- mission and the Consumer Protection Commission, which will be staffed with its own sec- retariat to which the public will have immediate access.
Further, I invite you to avail yourselves of pertinent information in our quarterly newspaper supple- ment, ‘the Consumer Voice.’ As I conclude, I wish to com- mend the hardworking and dedicated staff of the Consumer Welfare Unit in New Provi- dence, as well as our Consumer Officers throughout our Family Permanent Secretary’S remarkS for conSumer education month It Is indeed commendable that Prime Minister, the Right Honourable Perry Gladstone Christie, has declared the month of March 2014 ‘Consumer Edu- cation Month.’ this month’s celebration is also in keeping with international celebrations commemo- rating World Consumer Rights Day on the 15th of March under the theme “Fix Our Phone Rights!
Jus- tice for Mobile Consumers.” to mark this special occasion, the Consumer Welfare Unit of the Ministry of Labour & National Insurance, will hold a series of informative and edu- cational activities during the course of this month, which will include a church service, an exciting ex- hibition at the Mall at Marathon, as well as school visits throughout the Bahamas including the islands of New Providence, Grand Bahama, Bimini, Abaco, North Andros, Eleuthera, Exuma, Cat Island and Acklins.
I take this opportunity to publicly commend the Consumer Welfare Unit on the successful re-launch of ‘the Consumer voice,’ a publication of the Min- istry of Labour and National Insurance, geared to educating consumers on their rights as consumers.

the Consumer Welfare Unit continues to safe- guard consumers while recognizing that an integral component of consumer protection revolves around ensuring that consumers are indeed knowledgeable and aware of the mechanisms in place to protect them.
I wish to encour- age consumers in New Providence to continue to visit the offices of the Con- sumer Welfare Unit, presently located in the National Insur- ance building on Wulf Road, or to tel- ephone them at the numbers 356-9391/4.

the Consumers Family Islands may contact Consumer Officers in their respective islands on Grand Bahama, Abaco, Eleuthera, Andros, Cat Island, Acklins, Bimini, Ex- uma, Long Island and Inagua.
Marco rolle in Additionally, the Government of the Bahamas has multiple Boards in place to assist with its con- sumer protection mandate.

these include the Prices Commission and most recently, the Consumer Pro- tection Commission.
I, therefore, extend best wishes to all consumers and Consumer Officers throughout the Bahamas, during this ‘Consumer Education Month.’ Marco rolle acting PerManent Secretary MiniStry of labour and national inSurance PG 4 ● Tuesday, March 18, 2014 MINISTRY OF LABOUR & NATIONAL INSURANCE The Tribune the PrOtECtiNg rights CONsUMErs or service providers.
of By definition “a consumer is a person or thing that con- sumes; specifically, one who buys goods or services for his own needs and not for resale.” (Collins Pocket English Dictionary 1984) It is generally accepted and proven that consumers are susceptible and challenged by the vagaries of mar- ket forces and therefore possess very little economic power to influence change to better their conditions.
Consumers need protection from hazards to their health and safety, and also they need to have access to adequate information to enable them to make informed reasonable choices according to their separate needs and wishes.

Most importantly, consumers need to be provided with a system that adequately provides ef- fective consumer redress whenever they are aggrieved by merchants and Governments exercise the respon- sibility to develop and maintain poli- cies aimed at protecting consumers.
Usually such policies are adminis- tered in conjunction with recognized international standards and univer- sal agreements.

With the enactment of The Price Control Act of 1971, The Govern- ment of The Bahamas created an agency with responsibility for con- sumer protection.

By the enactment of this legislation, the government sought to provide consumers with some degree of relief from high prices, by imposing price control on certain categories of goods which were deemed essential for daily sus- tenance.
The Price Control Act placed spe- cific mark-ups on the price of con- See pg pg6 THE TRIBUNE MINISTRY OF LABOUR & NATIONAL INSURANCE Tuesday, March 18, 2014 ● PG 5 PG 6 ● Tuesday, March 18, 2014 PG 6 ● Tuesday, March, 18, 2014 MINISTRY OF LABOUR & NATIONAL INSURANCE OBITUARIES The Tribune The Tribune Protecting the rights of consumers From pg pg4 trolled goods at the wholesale and retail level, and prescribed stiff and stringent penalties for infractions.
The Act also created a Prices Commission whose func- tion is to advise and assist the Minister on matters relating to the control of prices of goods and services in The Bahamas and otherwise in relation to the exercise of his functions under the Act.

The Inspectorate Division of the Con- sumer Welfare Unit of The Minister of Labour and National Insurance enforc- es the Price Control Act and Regula- tions and serves as agents to the Prices Commission.
Consumer Officers of this Division conduct daily inspections of the market place to ensure that the Act and Regulations are not being violated.

Additionally, the Division responds to complaints, regardless of the nature and serves as referee in attempting to bring resolution to disputes through use of moral suasion.

However, consumers have the right to pursue any unresolved issues in a court of law.
Consumer officers are stationed in New Providence, Grand Bahama, Aba- co, Acklins Andros, Bimini, Cat Island, Eleuthera and, Exuma.

Price inspectors, acting under the au- thority of the minister responsible for price control, are empowered to enter into any premises at any reasonable time to conduct inspection of goods offered for sale or stored, and where services are provided or made available to members of the public in cases where such goods or services are under price control.
Price control has been a prominent fea- ture in consumer protection in The Baha- mas for decades.

However, its primary fo- cus has been the policing of breadbasket items where there is a maximum percent- age mark-up placed on those breadbasket items at the wholesale and retail levels.

This particular policy regulation and leg- islation has been debated for decades and those in opposition to the continuance of price control maintain that it hurts the very same consumers that it is intended to help.
In fact, the proponents for the abolition of price control do not see the need for government involvement in the market place whatsoever, believing that market forces through competition will steer prices and afford benefits to the consum- er accordingly.

Those who favour price control maintain that it is critical to con- sumer protection.
Moving forward, it will be necessary to expand the mandate of the Consumer Af- fairs Unit of The Ministry of Labour and National Insurance to effectively address every aspect of economic activity that af- fects consumer spending.
Professional services such as medical and hospitali- zation, banking and finance, insurance, real estate, automobile sales and repair services, funeral and burial services are critical and affect consumers daily con- suming large portions of their limited incomes wages and salaries.

The noted areas will be sustainably addressed in the expanded mandate as they affect con- sumer spending.
In the meantime, to meet the expand- ing challenges, a consumer education programme will be developed where applicable with reciprocal dialogue be- tween consumer advocacy groups and merchants, and other providers of goods and services.

The focus of consumer education will be directed towards the development and maintenance of standards for goods and services ensuring that goods meet reason- able demands and are safe, durable and reliable.
Consumers should be provided with sufficient information to enable them to make fair and reasonable choices and they should be protected from one- sided contracts which provide no recourse to the consumer while protecting providers from any liability for their actions.

In 2006, the Government expanded the protection afforded consumers with the passage of The Consumer Protection Act by Parliament.
This new Act makes provisions for the greater protection of consumers and requires merchants and service providers to be more accountable and ensure that in their dealing with con- sumers, value is received for the goods and services provided.

The Act established a Consumer Pro- tection Commission, which was reap- pointed on July 1, 2013, whose primary function is to provide consumers with an avenue of easy redress to their complaints against unfair business practices of mer- chants and service providers.
Additionally, the commission’s role is to provide consumers an avenue of re- dress as regards: Substandard / faulty goods; Misleading or deceptive conduct; False advertising; Unsatisfactory services Unfair contract terms; Product liability; Products and consumer safety Consumers need to educate themselves and recognise when their rights are be- ing compromised.
Should consumers’ attempts to resolve a complaint with the providers of a good or service fail, the Consumer Protection Commission may be approached to assist with a resolution.
By enforcing these Acts and the Regu- lations and through some degree of moral suasion, the Government of The Baha- mas will continue in its resolve to provide maximum protection for consumers and concurrently seek to promote and main- tain an economic market that adheres to established international standards and sustainable practices where business and other enterprises can thrive successfully.
The Tribune MINISTRY OF LABOUR & NATIONAL INSURANCE Tuesday, March 18, 2014 ● PG 7 The Role of URCA in ConsUmeR PRoTeCTion IN December, 2013 the Utilities Regulation and Competition Authority (URCA) introduced Consumer Protec- tion Regulations (the Regulations) appli- cable to the electronic communications sector (ECS) in The Bahamas.
The con- sumer protection provisions introduced by the Regulations were established by URCA to ensure that consumers in The Bahamas benefit from the highest pos- sible standards of services provided by their service providers and to promote consumer confidence in the delivery and quality of service they receive from their respective service providers.
Consistent with Consumers Interna- tional’s 2014 agenda for Phone Rights, URCA has outlined key areas of the Regulations that address the identified issues regarding consumers and their communications services.
These are as follows: • Consumer Contracts • Quality of Service • Billing • Consumer Complaints Handling the Regulations contain provisions that mandate service providers to provide consumers with contracts that contain clear and unambiguous contract terms and conditions for mobile telephone, fixed line telephone, Internet services and pay TV services.
Some of the terms and conditions that must be clearly out- lined in all contracts for services include the following: • The commencement date and term of the contract.

• Any applicable minimum contract period.

• Disconnection and reconnection charges.

• Provisions regarding any Security Deposit that is held by the service pro- vider.

• The availability of complaint han- dling procedures and methods for initi- ating such procedures.
• The Customer Quality of Service levels offered in respect of the contract- ed service.

• Details of any applicable compensa- tion or refunds if the Customer Quality of Service levels specified in the con- tract are not met.

• Whether there are any penalties in the contract, the nature of the penalties and the circumstances in which a pen- alty would be imposed on the customer.
At the time of entering into a contract, a service provider must inform the cus- tomer of relevant pricing information of their service including all applicable rates or charges, including internation- al roaming charges, text messages and data usages.
Security Deposit Where a service provider requires a security deposit from a consumer prior to providing service, the service provid- er must provide the consumer with in- formation about the terms of the securi- ty deposit, including the circumstances in which the security deposit may accrue interest, be forfeited or be repaid.

Ser- vice providers must not charge consum- ers more than three (3) months of the reasonably anticipated charges for the services to be provided to consumers.
Product Warranties Prior to entering into a contract to provide services, a service provider must inform the consumer whether there is a contractual warranty relating to a product supplied for use in con- nection with the service, how to obtain warranty service if needed and what the consumer’s rights of redress are should the contractual warranty be breached.
Where a copy of the warranty and rights of redress are not provided in writing with the product, the service provider must inform the consumer of how and where it is available.

Quality of Service The Regulations identify and outline minimum standards and targets that ser- vice providers are to achieve in provid- ing its services to consumers throughout The Bahamas.

In an efficient competi- tive market, service providers should surpass the quality of service standards set by URCA.
Service Providers, how- ever, are not limited to only the stand- ards set out by URCA and may ap- ply additional standards to determine their own quality of service.

However, they must firstly notify URCA prior SEE NEXT PAGE Consumer Contracts ICB_1-2x4_BH14 2/3/14 3:30 PM Page 1 As it relates to consumer contracts, PG 8 ● Tuesday, March 18, 2014 MINISTRY OF LABOUR & NATIONAL INSURANCE The Tribune CUSTOMER QUALITY OF SERVICE STANDARDS FROM PAGE 7 to publishing the additional standards.
Furthermore, service provid- ers will be required as of June 30, 2014 to publish levels of compensation and refunds pay- able to customers if they do not meet the standards.

The quality of service stand- ards and targets that service providers must achieve are highlighted here.
TARGET APPROVAL OF APPLICATION FOR SERVICE This Standard refers to the time that it should take for a Service Provider to approve a completed application for ser- vice from the date of submis- sion of the application through to the applicant’s payment of a security deposit and (if neces- sary) the Service Provider com- pleting a customer credit verifi- cation process and confirming for itself whether the relevant service is available in the appli- cant’s area.

No more than two (2) Busi- ness Days.


SERVICE ACTIVATION AFTER APPROVAL This Standard refers to the time it should take between ap- proval of an application for ser- vice and the actual provision of the service.

Fixed Voice • Customers in New Provi- dence and Grand Bahama: No more than five (5) Business Days.

• Customers in Abaco, Eleuthera, Exuma and Andros: No more than six (6) Business Days.

• Customers in all other is- lands: No more than seven (7) Business Days.

Days.
Days.

Mobile Voice and Mobile Data • No more than one (1) work- ing hour for Customers in all islands.

High Speed Data Services and Connectivity • Customers in New Provi- dence and Grand Bahama: No more than five (5) Business Days.

• Customers in Abaco, Eleuthera, Exuma and Andros: No more than six (6) Business Days.

• Customers in all other is- lands: No more than seven (7) Business Days.
Pay TV • Customers in New Provi- dence and Grand Bahama: No more than five (5) Business • Customers in Abaco, Eleuthera, Exuma and Andros: No more than six (6) Business Days.

• Customers in all other is- lands: No more than seven (7) Business Days.
CUSTOMER SCHEDULED APPOINTMENTS Customer Scheduled Ap- pointments are scheduled pre- arranged visits by a Service Provider’s representatives to in- stall a service, correct faults on the Service Provider’s network up to and including the network interface device, where access to the Customer’s premises is necessary but restricted.

All customer appointments should be honoured provided that the customer also honours the scheduled appointment time.
A Service Provider may re- schedule an appointment by first notifying the Customer at least four (4) working hours prior to the scheduled appoint- ment.

RESPONSE TO CUSTOMER COMPLAINTS This Standard refers to the time frame for a Service Pro- vider to acknowledge a Cus- tomer’s complaint relating to Billing, network malfunctions, quality of service or similar is- sues.

All complaints are to be ac- knowledged in writing within five (5) Business Days of re- ceipt.
CONSUMER COMPLAINT RESOLUTIONS This refers to the time period for a Service Provider to resolve SEE NEXT PAGE The Tribune MINISTRY OF LABOUR & NATIONAL INSURANCE Tuesday, March 18, 2014 ● PG 9 CUSTOMER QUALITY OF SERVICE STANDARDS FROM PAGE 8 Complaints received from Con- sumers.

All complaints are to be resolved within thirty (30) Busi- ness Days of receipt.
REPEATED LOSS OF SERVICE This Standard refers to the re- currence of a fault of the same nature within thirty (30) days of occurrence of the original fault on the Service Provider’s network.

The cause of the repeated loss of service must be solely attribut- able to the faults on the Service Provider’s network.

Faults should not reoccur within thirty (30) days of repair of first incident of loss of service.
FAULT REPAIR TIME Fault Repair Time is the differ- ence between the time a Service Provider receives a fault report and the time at which service is fully restored.

• Customers in New Providence and Grand Bahama: No more than three (3) Business Days.

• Customers in Abaco, Eleuthera, Exuma and Andros: No more than four (4) Business Days.

• Customers in all other islands: No more than five (5) Business Days.
WRONGFUL DISCONNECTION This Standard refers to situ- ations where customers are de- prived of service due to system er- rors by the Service Provider.

This Standard is not applica- ble where disconnection occurs as a result of an overdue amount, specifically the Service Provider’s non-acknowledgement of pay- ment.

Reconnection within four (4) working hours of notification.
RECONNECTION AFTER DISCONNECTION FOR NON-PAYMENT This Standard refers to the time- ly reconnection of a Customer’s Service after payment of an over- due amount following notification of the payment to the Service Pro- vider, where appropriate, and the Service Providers’ acknowledge- ment of receipt of payment.

Reconnection of the Service should occur within eight (8) working hours of acknowledge- ment of payment.
Billing URCA is cognizant that bill- ing issues are common sources of complaints towards providers of electronic communications ser- vices.

Thus, the Regulations identify the billing and collection practices that include fair and reasonable time frames for the payment of bills and the incurrence of penal- ties for late and non-payments.

The Regulations also identify the minimum information that all cus- tomer bills must contain.
Some of the information that must be in- cluded in all bills are as follows: • The customer’s name.

• The customer’s address.

• The service provider’s current business name, address and cur- rent information.

• The billing period.

• The bill issue date.

• Methods of contacting the ser- vice provider for billing enquiries.

• Methods for contacting the service provider to lodge com- plaints.
Itemisation of charges Upon request, all service pro- viders must provide customers with access to itemised details of all charges regarding their use of service, either on the bill or on a separate statement.

Timeline for Issuance of Bills All service providers must is- sue bills to their customers within thirty (30) days of the closure of each billing period.
Timeliness of Billed Charges All charges relating to each bill- ing period must be incorporated in the current customer’s bill for the relevant period.

Where a ser- vice provider has failed to bill a customer for charges relating to a specific billing period, the service provider must not bill the custom- er for that period after the expiry of three (3) months from the end of the billing period.
SEE NEXT PAGE PG 10 ● Tuesday, March 18, 2014 THE CONSUMER VOICE The Tribune INSURANCE & YOU A Look At The Concept Of Insurance Every day, consumers are faced with the choice of whether or not to buy insurance.

For some, the decision is easy because they want the assurance that if they have a loss, it will be paid for.

Others feel that they are unlikely to have a loss and therefore, see investing in insurance as unneces- sary.
The reality is, no matter how many years a person goes without having a loss, sooner or later, misfortune happens and the unfortunate victim is happy if he/she has insurance and is able to file a claim rather than having to pay for the loss out- of-pocket.

Most would agree that having insurance is a worthwhile investment.

One thing that can assist individuals in their decision about buying insurance is to get a better understanding of how insurance works.

So, let’s talk about the concept of insurance.


What is Insurance?

Insurance is essentially many persons paying money into a fund out of which they pay for losses that occur.

Imagine that you live on a street with 20 other persons.

Each year there is one death on the street and one family has to bury a loved one at a cost of $2,000.00.

The $2,000.00 is usually difficult for the af- fected family to raise and creates a huge financial burden.
So, everyone on the street comes together and decides to as- sist.

They agree to split the cost of the annual funeral so that each house do- nates $100.00 to the funeral fund.

With 20 houses participating, the $2,000.00 is collected and whoever has a death in the family gets the $2,000.00.

This scenario has just illustrated how insurance works at its very core.

Rather than death, we could easily have been talking about a car being wrecked or a house being damaged by fire.

But the concept is the same.


The Pool At its most basic level, insurance is a pool into which people pay money, known as premiums, and whoever has the loss gets to make a withdrawal from the fund, or make a claim on the fund.

However, it gets more technical than that because premiums have to be matched to the exposure associated with each risk.
Let’s take houses, for example; if wooden houses are twice as likely to burn, then you should pay twice as much into the pool since you are twice as likely to ben- efit from it.

Some examples from other types of insurance are: • Motor/Auto Insurance – young and inexperienced drivers are more likely to have accidents so they pay more into the pool.

• Life Insurance – older persons are expected to die sooner therefore, they pay higher premiums.
• Health Insurance – persons with high blood pressure pay more because they are more prone to developing other related diseases.

Persons who are very ill usually cannot get insurance because of the very high level of risk they bring to the pool.

Claims Unfortunately, it is not possible for the pool to pay for everything that happens to a person so the organisers (the insur- ance company) have to specify what they will pay for and what they will not pay for.

They then charge a price based on this.


Let’s say that you have joined a pool covering house fires.

Once you pay your premium for the year, whoever suffers a loss in the pool gets to withdraw the mon- ey.

If members of the pool lie about what caused their losses and get pay-outs that they weren’t entitled to, then the pool will not have sufficient money to pay for legitimate losses and the organisers will have to increase the amount each person pays into the pool to cover these fraudu- lent losses.
It is a fact that fraudulent claims increase the premiums that every- one must pay into the pool, i.e.

even the innocent person ends up paying more.

Expenses The organisers of the pool will incur some expenses in administering the pool.

The Role of uRCA in ConsumeR PRoTeCTion f ROM PAGE 9 Charging for Bills Customers should be provided with bills free of charge for up to 12 months prior to the date the billing information request is received by the Service Pro- vider.
Consumer Complaints Handling In addition to the Consumer Protec- tion Regulations, URCA published “Guidelines for Developing Licensee Consumer Complaints Handling Pro- cedures” [ECS 16/2012] issued on June 6, 2012, making it mandatory for service providers to establish effective com- plaints procedures for effectively resolv- ing consumer complaints.

The Guide- lines are to be read in conjunction with the consumer complaints handling pro- visions contained in the Regulations.
Service providers are required by URCA to publicise the availability of their complaints handling procedures to consumers and to their sales representa- tives.

The procedures must be easily un- derstood, transparent and easily acces- sible.

Consumers must also be able to identify how a complaint can be lodged with their service providers either by a toll free or local access number, email, fax, mailing address or internet web- page.
Service providers are encouraged to make adequate provisions to ensure that elderly persons and persons with physical disabilities are able to access their complaints handling procedures, including ensuring that such customers can be easily represented by an author- ised representative in order to make a complaint.

Service Providers should formally ac- knowledge written or verbal complaints in writing within five (5) business days of receiving complaints.
Consumers should receive a proposed resolution of their complaint within thirty (30) busi- ness days from the date the complaint is received.

Where a complaint has not been re- solved within thirty (30) business days, then the service provider is to immedi- ately escalate the complaint to URCA.
Where a consumer is not satisfied with the service provider’s decision or pro- posed resolution of a complaint, the service provider must inform the con- sumer of an identified internal escala- tion process whereby the decision may be examined by a senior manager or senior official in the service provider’s organization.
Where a consumer is still not satisfied after utilising the escala- tion process, the service provider must inform the consumer that he or she may refer the complaint to URCA for resolu- tion.

• Consumers are encouraged to visit URCA’s website at www.ur- cabahamas.bs for further detailed information on consumer rights in The Bahamas regarding the elec- tronic communications sector and to view the complete Consumer Protection Regulations document.
They will need to reinsure to protect the long term stability of the pool, print up documents (policies) for everyone, pay someone (underwriter) to do assessments for persons who are a part of the pool (policyholders) to ensure that they pay the correct amount (premium) into the pool and pay for someone to assess losses (claims adjuster) to determine if a loss is covered and how much should be paid.

These expenses are factored into deter- mining what amount of premium needs to be paid into the pool.
Conclusion At its most basic level, insurance is a pool, or series of pools, covering different risks which you pay to join so that your covered losses are paid for when they oc- cur.

The pool is managed by insurance companies who determine the premium each person pays, arranges the reinsur- ance, issues the policies, and evaluates and pays the losses when they occur.
For the pool to work effectively, you have to pay your fair share of premium and not take more out of the pool than you are entitled to, as this increases the cost for everyone.

Written by: Timothy N Ingraham, FCII © The Insurance Institute of The Bahamas Website: www.institutebahamas.com DiD you know?

PRICE CONTROL ACT (Chapter 312) LIQUEFIED PETROLEUM GAS (L.P.G.)

S.I.

No.

46 of 1974 Liquefied Petroleum Gas common- ly called L.P.G.
and better known as “Cooking Gas” is a controlled item and has its selling price set by the govern- ment.

Consumers should be aware that these prices include delivery to their property.

An extra charge for pickup and filling of your cylinder by your agent is illegal and should be reported to the relevant government agency.

Your L.P.G.

agent is responsible for the safety and maintenance of your cyl- inder, and by law you as a consumer are not allowed to own an L.P.G.

cylinder.
cylinder.

Consumers are advised that the life of a cylinder is five years; therefore the cylinder will need to be replaced after five years.

THINGS YOU SHOULD KNOW • You are not permitted to move your cylinder.

• Never place a cylinder in your car.

• Should you at any time hear a sound or smell L.P.G.

fumes coming from your cylinder report it immedi- ately to your L.P.G.

agent, or call the nearest fire station.


THE TRIBUNE MINISTRY OF LABOUR & NATIONAL INSURANCE Tuesday, March 18, 2014 ● PG 11 PG 12 ● Tuesday, March 18, 2014 MINISTRY OF LABOUR & NATIONAL INSURANCE THE TRIBUNE