budget statement 2012.indd - Grenada Customs & Excise Division

GARFIN has been working closely with all insurance companies to
ensure their full compliance with the requirement to establish insurance
funds to cover their insurance liabilities. This is a major requirement
in the new Insurance Act and a key level of protection to policyholders.
For the first time in Grenada, pension plans are now subject to supervision
under the Insurance Act. GARFIN has been registering such
plans as the first step in their supervision.
GARFIN is working closely with its counterparts in the OECS to
strengthen cross-border supervision. Proposals for a new regional
regulatory regime are now being prepared with support from the
World Bank. The new regime is expected to bring economies of scale
and address existing deficiencies in the overall supervisory framework
in the region.
6.17 ENVIRONMENTAL MANAGEMENT
Government continues to promote the responsible management of the
environment through public awareness and education programmes
and the commemoration of important environment international
events such as Biodiversity and Environment days.
Under the Community Environment Empowerment Project, Government
provided twelve (12) communities with small grants.
Work has been concluded on the economic valuation of ecosystems
and the willingness to pay for services.
Grenada completed its four years of chairmanship of AOSIS and
played a key role in Climate Change negotiations in Durban that led
to an outcome. These meetings also afforded Grenada to pursue bilateral
cooperation. As a result, Grenada will build climate resilience
through the implementation of three adaptation projects in 2012.
A database to house environmental publications and reports on
Grenada, and relevant to Grenada, has been set-up to facilitate document
sharing and easy retrieval for dissemination to the public.
Page 56
2012 Budget Statement