Government defends its bid to put in place stricter insurance regulations.

Finance Minister, Colm Imbert, says this is necessary since the insurance industry accounts for a large part of the country’s economy.

Minister Imbert adds that this approach can also help prevent another collapse similar to CLICO which occurred in January 2009.

He was speaking during a motion that the House of Representatives adopt the Report of the Joint Select Committee appointed to consider and report on the Insurance Bill, 2016.