Governance, Risk and Compliance - The Barbadian Insurance Industry

Published: Aug, 2015 | Pages: 37 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s 'Governance, Risk and Compliance – The Barbadian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Barbados. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Barbados, including:

• An overview of insurance regulatory framework in Barbados

• The latest key changes and changes expected in the insurance regulatory framework in the country

• Key regulations and market practices related to different types of insurance products in the country

• Rules and regulations pertaining to key classes of compulsory insurance and the scope of non-admitted insurance in Barbados

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations

• Details of the tax and legal systems in the country

Scope
• This report covers details of the insurance regulatory framework in Barbados.

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

• The report analyzes rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and companies.

• Details of the country's legal system are also covered in the report.

Reasons To Buy
• Gain insights into the insurance regulatory framework in Barbados

• Track latest regulatory changes and expected changes impacting the Barbadian insurance industry

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
• The Barbados insurance industry is regulated by the Financial Services Commission.

• Motor third-party liability insurance and professional indemnity for insurance brokers are mandatory in Barbados.

• Composite insurance is permitted in Barbados.

• The Barbadian government permits 100% foreign direct investment.

• Non-admitted insurance is prohibited in Barbados. However, if local capacity is not available, an insured can obtain insurance from non-admitted insurer.

 Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Social insurance system
2.4.2 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Caribbean Association of Insurance Regulators
2.5.3 Financial Services Commission (FSC)
2.5.4 The Insurance Association of the Caribbean INC (IAC)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer"

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Barbados – Insurance Regulatory Framework Key Features
Table 3: Barbados – Life Insurance Regulatory Framework
Table 4: Barbados – Property Insurance Regulatory Framework
Table 5: Barbados – Motor Insurance Regulatory Framework
Table 6: Barbados – Liability Insurance Regulatory Framework
Table 7: Barbados – Minimum Capital Requirements
Table 8: Barbados – Application Fees for Domestic and Exempt Insurance Business
Table 9: Barbados – Registration Fees for Domestic and Exempt Insurance Business
Table 10: Barbados – Corporate Tax Rates for the Financial Year 2015
Table 11: Barbados – Taxation on Premium Income of Insurance Companies

List of Figures
Figure 1: Barbados – Insurance Supervision and Control at Various Levels
Figure 2: Barbados – Insurance Regulatory Frameworks for Company Registration and Operation