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Governance, Risk and Compliance - The Barbadian Insurance Industry Report / Search Code: WGR535049
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1-user P DF : $ 950.0
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Publish Date: 16 May, 2016
Site P DF : $ 1900.0
Enterprise P DF : $ 2850.0
Synops is Timetric’s Governance, Ris k and Compliance – The Barbadian Ins urance Indus try report is the res ult of extens ive res earch into the ins urance regulatory framework in Barbados . It provides detailed analys is of the ins urance regulations for life, property, motor, liability, pers onal accident and health, and marine, aviation and trans it ins urance. The report s pecifies various requirements for the es tablis hment and operation of ins urance and reins urance companies and intermediaries . The report brings together Timetric’s res earch, modeling and analys is expertis e, giving ins urers acces s to information on prevailing ins urance regulations , and recent and upcoming changes in the regulatory framework, taxation and legal s ys tem in the country. The report als o includes the s cope of non-admitted ins urance in the country. Summary The report provides ins ights into the governance, ris k and compliance framework pertaining to the ins urance indus try in Barbados , including: • An overview of the ins urance regulatory framework in Barbados . • The lates t key changes , and changes expected in the country’s ins urance regulatory framework. • Key regulations and market practices related to different types of ins urance product in the country. • Rules and regulations pertaining to key clas s es of compuls ory ins urance, and the s cope of non-admitted ins urance in Barbados . • Key parameters including licens ing requirements , permitted foreign direct inves tment, minimum capital requirements , s olvency and res erve requirements , and inves tment regulations . • Details of the tax and legal s ys tems in the country. Scope • The report covers details of the ins urance regulatory framework in Barbados . • The report contains details of the rules and regulations governing ins urance products and ins urance entities . • The report lis ts and analyzes key trends and developments pertaining to the country’s ins urance regulatory framework. • The report analyzes the rules and regulations pertaining to the es tablis hment and operation of ins urance bus ines s es in the country. • The report provides details of taxation impos ed on ins urance products and ins urance companies . Reas ons To Buy • Gain ins ights into the ins urance regulatory framework in Barbados . • Track the lates t regulatory changes , and expected changes impacting the Barbadian ins urance indus try. • Gain detailed information about the key regulations governing the es tablis hment and operation of ins urance entities in the country. • Unders tand key regulations and market practices pertaining to various types of ins urance product. Key Highlights • The Barbados ins urance indus try is regulated by the Financial Services Commis s ion. • Motor third-party liability ins urance and profes s ional indemnity for ins urance brokers are mandatory in Barbados . • Compos ite ins urance is permitted in Barbados . • The Barbadian government permits 100% foreign direct inves tment. • Non-admitted ins urance is prohibited in Barbados . However, if local capacity is not available, an ins ured can obtain ins urance from non-admitted ins urer.
Contents:
Table of Contents 1 Introduction 1.1 What is this Report About? 1.2 Definitions 2 Governance, Ris k and Compliance 2.1 Legis lation Overview and His torical Evolution 2.2 Lates t Changes in Regulations 2.3 Legis lation and Market Practice by Type of Ins urance 2.3.1 Life ins urance 2.3.2 Property ins urance 2.3.3 Motor ins urance 2.3.4 Liability ins urance 2.3.5 Marine, aviation and trans it ins urance 2.3.6 Pers onal accident and health ins urance 2.4 Compuls ory Ins urance 2.4.1 Social ins urance s ys tem 2.4.2 Motor third-party liability ins urance 2.4.3 Profes s ional indemnity for ins urance brokers 2.4.4 Liability for s hips with res pect to oil pollution 2.5 Supervis ion and Control 2.5.1 International As s ociation of Ins urance Supervis ors 2.5.2 Caribbean As s ociation of Ins urance Regulators 2.5.3 The Ins urance As s ociation of the Caribbean INC 2.5.4 Financial Services Commis s ion 2.6 Non-Admitted Ins urance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and penalties 2.7 Company Regis tration and Operations 2.7.1 Types of ins urance organization 2.7.2 Es tablis hing a local company 2.7.3 Foreign owners hip 2.7.4 Types of licens e 2.7.5 Capital requirements 2.7.6 Solvency margins 2.7.7 Res erve requirements 2.7.8 Inves tment regulations 2.7.9 Statutory return requirements 2.7.10 Fee s tructure 2.8 Taxation 2.8.1 Ins urance premium or policy taxation 2.8.2 Withholding taxes on premium paid overs eas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal Sys tem 2.9.1 Introduction 2.9.2 Acces s to court 2.9.3 Alternative dis pute res olution 3 Appendix 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric’s Services 3.5 Dis claimer Lis t of Tables Table 1: Ins urance Indus try Definitions Table 2: Barbados – Ins urance Regulatory Framework Key Features Table 3: Barbados – Life Ins urance Regulatory Framework Table 4: Barbados – Property Ins urance Regulatory Framework Table 5: Barbados – Motor Ins urance Regulatory Framework Table 6: Barbados – Liability Ins urance Regulatory Framework Table 7: Barbados – Minimum Capital Requirements Table 8: Barbados – Minimum Depos it Requirements for Brokers Table 9: Barbados – Application Fees for Domes tic and Exempt Ins urance Bus ines s Table 10: Barbados – Regis tration Fees for Domes tic and Exempt Ins urance Bus ines s Table 11: Barbados – Corporate Tax Rates for the Financial Year 2016 Table 12: Barbados – Taxation on Premium Income of Ins urance Companies Lis t of Figures Figure 1: Barbados – Ins urance Supervis ion and Control at Various Levels Figure 2: Barbados – Ins urance Regulatory Frameworks for Company Regis tration and Operation
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