About the OCI

The Office of the Commissioner (OCI) is constitutionally formed under the mandate of the Insurance Act of 1998, which became operational on 18th December 2002. The Commissioner is appointed by the Minister of Finance and reports directly to the Minister.

Mission statement:

“To regulate and supervise insurance and pension participants’ activities, with integrity and efficiency, and in so doing help to promote and enhance the reputation of the industry as a cornerstone to the development of Guyana.”

The OCI is often termed as the “watchdog” of the Insurance Industry because it is charged with the general administration of the Act and provides regulation of the Insurance Industry in Guyana. Under its command also are the promotion of competition in the Insurance Industry, protection of consumers and the regulation of Pension Plans, whether administered by individual trustees or by Trust Corporations.

The operations of the OCI are paid for by government and industry contributions. The intention is for the OCI to become largely self-financed and the legislation allows the industry’s main participants to be assessed or pay regular fees to this end. The OCI’s budget is subject to approval by the Minister of Finance and its submission follows consultation with representatives of the insurance companies.