“Meeting The Needs Of The Communities”

June 7, 2018

In response to Bermuda Health Council‘s recent statement “Health Council ‘Increasing Necessary Oversight’”, John Wight, CEO and President, BF&M Limited; Alison Hill, CEO, The Argus Group and Naz Farrow, CEO of Colonial Group International Ltd has released their joint statement.

The statement said, “Meeting the needs of the communities we serve is a mission shared by the major insurance providers in Bermuda, and we subscribe to the opinion that good regulation is in the best interest of all.

“We have a fiduciary and reputational duty, to both our policyholders and our shareholders, to do our utmost to pay accurately, in a timely manner and within the parameters of the policy contracts we hold.

“We are highly-regulated financial institutions. We comply fully with the BMA, undergo rigorous and robust external audit annually, and are reviewed by A.M. Best each year to assess our financial ability to meet our obligations to our policyholders.

“We also subscribe to the view that transparency is in the best interest of all parties, and in that spirit, we have collaborated with the Bermuda Health Council in response to the call to provide the information requested, share our schedules of reimbursement and to work with health care providers [like doctors, dentists, specialists, etc.] on payment reconciliations and coding.

“We note that gaps remain, originating at point of service, as many health care providers are not required to subscribe to an industry standard, and we continue to work with providers to close that gap.

“We note that rigorous regulation is not in place for health service providers, their fee structures or their facility networks, and we hold that it would be in the community’s best interest to introduce such regulation.

“It is the Government of Bermuda that sets the pricing and provision of the Standard Health Benefit [SHB]. Coverage provided by health insurers is supplemental to the SHB.

“We have a track record of maintaining a close and collaborative working relationship with the Bermuda Health Council and of fostering open, transparent dialogue. It is our wish and intent to continue in this vein.”

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