Date: June 3, 2004
Contact: Sandra Brunet
Phone: 340-774-2991

LIEUTENANT GOVERNOR RICHARDS WELCOMES INSURANCE ASSOCIATION OF THE CARIBBEAN TO THE TERRITORY

Lieutenant Governor Vargrave Richards in his capacity as Commissioner of Insurance and Mr. Warner Bowers, President of the Virgin Islands Insurance Association, welcome the Insurance Association of the Caribbean to the Virgin Islands as they host the 24th Annual Conference of the IAC at the Frenchman's Reef Resort from June 6 to 9, 2004.

Lieutenant Governor Richards states he is excited by the venue featuring several Caribbean dignitaries. Expected to be the main speakers at several plenary sessions are: The Right Honorable Edward Seaga, P.C., M.P., Leader of the Opposition, Jamaica, who will speak on CSME Opportunities and Challenges. Additionally, the Honorable Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, will give remarks at the opening ceremony; Senator Douglas Orane, CEO of Grace Kennedy, will address Contemporary Trends in Economic Integration: Intra Caribbean Investment and Spread of Cross Border Operations.

Additionally, the featured speaker will be Mr. Michael Lee-Chin, Chairman, NCB and AIC Group Companies, who will discuss Integrated Financial Services; and Sir Dwight Nelson, Governor of the Eastern Caribbean Central Bank, will focus on Labor Market Issues with CSME. Other heavy hitters include Dr. Omar Davies, Minister of Finance and Planning for Jamaica; Mr. Edwin Carrington, Director General, Caribbean Community Secretariat. The Conference is expected to attract more than 550 delegates registered to date, with more expected to register during the weekend.

The Conference has an agenda that is multi-faceted and diverse to showcase intellectual and practical dialogue, a taste of the Territory mixed with exceptional musical and comedic talent.

Lieutenant Governor Richards states that the Office of the Lieutenant Governor in partnership with the Virgin Islands Insurance Association is pleased to be host to the 2004 IAC Conference focusing on the theme: "Integrate or Perish."

"This theme is timely, appropriate and indicative of the challenges the Insurance Industry faces in the Virgin Islands and regionally in the Caribbean. Moreover, the Conference affords brokers, agents and individuals in the Industry the opportunity to discuss issues and concerns and to develop strategic measures to revitalize the Industry, restore confidence and join in collaborative partnerships throughout the Caribbean Region," Lieutenant Governor Richards said.

Furthermore, Lieutenant Governor Richards indicated that: "As the Caribbean Region strengthens, we can then expand creative and innovative partnerships on an international front to maximize the possibilities of integrating worldwide Capital and Financial Markets to our economic and competitive advantage."'

Lieutenant Governor Richards states that he is "excited about the opportunity for open and frank dialogue" and thanks IAC President Steve Stout and CEO Dr. Sheron Lawson and members of the IAC Board of Directors for choosing the Virgin Islands as this year's venue.

Additionally, Warner Bowers, President of the Virgin Islands Insurance Association, states that he and members of the VIIA see this event "as an opportunity to show brokers and underwriters from around the world the improvements that Virgin Islanders have made in construction methods, and a firsthand opportunity to see that we are a better risk, which is good news for all Virgin Islanders."

In concluding, Lieutenant Governor Richards thanks some 20-plus local businesses, community sponsors and in-kind providers for their support in ensuring the success of the Conference. Richards also invites the Media to showcase highlights of the Conference.