THE Insurance Association of Guyana has praised the Government of Guyana for passing the landmark local content legislation in Parliament. The bill has since received the assent of President Dr Irfaan Ali and as such, it is now law.

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, the association said in a release.

According to the association, the consultative process has resulted in the local content allotment of 100 per cent 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 155 years of global-placement experience, expertise and global synergies and networks on the provision of all required insurance services to the oil and energy sector.

“The industry is particularly pleased with the extra efforts of the government to appreciate the capacity and experience of the industry and notes the conformity of the new act with existing insurance legislation. The industry employs a substantial work force and it is noteworthy that the trickle-down effects of the legislation is [sic] certain to produce incalculable economic benefits to many local communities,” the release said.

The association’s model of unified indigenous companies, the association said produces a broad-based approach that accommodates investments of the NIS, corporate investors and the general Guyanese public.

“The association looks forward to meeting all of the needs of the oil and 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 release noted.