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 $1
Taxation Nil
Location Caribbean island off northern coast of
South America
Administration Sophisticated financial centre
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Coroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.