Barbadian Insurance Industry - Governance, Risk and Compliance

October 2020 •
43 pages •
Report ID: 5977977 •
Format: PDF

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Barbadian Insurance Industry - Governance, Risk and Compliance

Summary
’Barbadian Insurance Industry - Governance, Risk and Compliance’ 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 operation of insurance and reinsurance companies and intermediaries.

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

Key Highlights
- The Barbadian 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.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Barbados, including -
- An overview of the insurance regulatory framework in Barbados.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Barbados.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Scope
- The report covers details of the insurance regulatory framework in Barbados.
- The report contains details of the 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 the 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 insurance companies.

Reasons to Buy
- Gain insights into the insurance regulatory framework in Barbados.
- Track the 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.

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