Antigua and Barbuda Insurance Industry – Governance, Risk and Compliance
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Antigua and Barbuda Insurance Industry Regulation Overview
The insurance industry in Antigua and Barbuda is regulated by the Financial Services Regulatory Commission (FSRC). The other bodies that oversee the market are the Eastern Caribbean Central Bank (ECCB), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC) among others.
The Antigua and Barbuda Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Financial Services Regulatory Commission (FSRC)
· Eastern Caribbean Central Bank (ECCB) · The Caribbean Association of Insurance Regulators (CAIR) · The Insurance Association of the Caribbean (IAC) |
Compulsory Insurances | · Professional Indemnity Insurance
· Marine Liability Insurance · Motor Third-party Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Antigua and Barbuda Insurance Industry – Key Regulators and Legislation
Financial Services Regulatory Commission (FSRC): The FSRC was established in 2002 following major amendments to the IBC Act, to regulate and supervise the insurance industry in the country. The commission is responsible for providing licenses to insurers, reinsurers, and intermediaries that intend to operate in the country. Before the FRSC, the Ministry of Finance regulated the country’s insurance industry.
Eastern Caribbean Central Bank (ECCB): The ECCB, established in October 1983, is the Monetary Authority for a group of eight island economies. The group includes Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. The main functions of the ECCB include promoting financial stability in the Eastern Caribbean Currency Union (ECCU) and standardizing the insurance regulatory framework across the ECCU among others.
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Antigua and Barbuda Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Antigua and Barbuda insurance industry are:
- Professional Indemnity Insurance
- Marine Liability Insurance
- Motor Third-party Liability Insurance
Antigua and Barbuda Insurance Industry Analysis by Compulsory Insurances
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Antigua and Barbuda Insurance Industry - Company Registration and Operation
Insurers and reinsurers are required to obtain a license to operate in the country. Section 13 of the Insurance Act 2007 Act forbids insurers from conducting insurance operations in Antigua and Barbuda without license and registration by the FSRC. Similarly, according to Section 175(1) of the Insurance Act 2007, reinsurers are also required to get registered with the FSRC to transact general insurance business. In addition, according to Section 87 of the Act, insurance intermediaries are not permitted to carry out insurance business in Antigua and Barbuda without obtaining both a license and registration from the FSRC.
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Antigua and Barbuda Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Antigua and Barbuda. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Resident companies are subject to corporate income tax on their worldwide income, while non-resident companies are subject to this tax on incomes derived and sourced from Antigua and Barbuda. The corporate tax for resident companies is 25%. In addition to the Corporate Income Tax, certain companies including insurance companies are subject to a windfall tax of 10% on the net profits until the end of 2024.
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Scope
This report provides:
- Details of the insurance regulatory framework in Antigua and Barbuda.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Antigua and Barbuda insurance industry is regulated by the FSRC.
- Composite insurance is permitted in the country.
- Non-admitted insurance is not permitted. However, non-admitted reinsurance is permitted.
- MTPL, workmen’s compensation, marine third-party liability, and personal indemnity insurance for insurance brokers are compulsory in Antigua and Barbuda.
Reasons to Buy
- Insights into the insurance regulatory framework in Antigua and Barbuda.
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Antigua and Barbuda insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices on various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Antigua and Barbuda insurance industry?
The Financial Services Regulatory Commission (FSRC) is the key regulator of the Antigua and Barbuda insurance industry.
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Which are the other bodies that oversee operations in the Antigua and Barbuda insurance industry?
The other bodies that oversee the market are the Eastern Caribbean Central Bank (ECCB), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC) among others.
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Which are the compulsory insurances required within the Antigua and Barbuda insurance industry?
Some of the compulsory insurances required within the Antigua and Barbuda insurance industry are professional indemnity insurance, marine liability insurance, and motor third-party liability insurance.
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What are the types of taxes imposed upon the Antigua and Barbuda insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Antigua and Barbuda. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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