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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Barbados

Willis Corroon
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United KingdomEnvironment
Legislation               Exempt Insurance Act 1983

Supervisory Jurisdiction  Supervisor of Insurance
                          Minister of Finance
Application to            Supervisor of Insurance

Data includes             Pro-forma business plan (3 years),
                          directors, resident representative

Reporting Requirements    Annual audited accounts
                          Certificate of solvency margin

Restriction on Business   Risks and business outside Barbados

Capitalisation            Minimum                         US $125,000

Minimum Solvency          US $250,000
                          20% of premium income less than $5m
                          $1m +10% of premium income greater than $5m

Fees                      Incorporation                     US $3,150
                          Annual                            US $2,500

Annual Costs              Management, secretarial, legal and audit

Currency                  BDS $2 = US

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