|Report Name:||Governance, Risk and Compliance - The Barbadian Insurance Industry|
|Issue Date:||February 2016|
|Brief:||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.|
|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.|
|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.|