Bahamas Insurance Industry – Governance, Risk and Compliance
The Bahamas insurance market report 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. It gives 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.
What are the market dynamics in the Bahamas insurance industry?
The Insurance Commission of the Bahamas (ICB) governs the insurance industry. It is a quasi-government organization created by the government after the Insurance Act 2005. The ICB was established to protect the interests of the insuring public through prudential supervision of the insurance industry operating in and from the Bahamas. The key laws that govern the insurance industry in the country are the Insurance Act 2005, Insurance (General) Regulations 2010, External Insurance Act 2009, Marine Insurance Act 1908, and National Insurance Act 1972.
What are the key types of licenses issued in the Bahamas insurance industry?
The different types of insurance licenses issued in the Bahamas insurance industry are long-term insurance license, general insurance license, composite insurance license, reinsurance license, license for captives, and license for intermediaries.
Long-term insurance license
A long-term insurance license is granted by the supervisory authority after fulfilling all the necessary criteria defined in the Insurance Act 2005. Long-term insurers can obtain licenses for industrial life insurance, ordinary life insurance, variable life insurance, sickness and health insurance including group insurance, pension fund management, annuities, and variable annuity business.
General insurance license
A company with a license for general insurance can issue property insurance, motor insurance, marine insurance, aviation and transport insurance, accident insurance, liability insurance, and pecuniary loss and fire policies.
Composite insurance license
Composite insurance is not permitted in the Bahamas. Insurance Act 2005 stipulates that any company carrying out long-term insurance business is not permitted to carry out general insurance business.
Reinsurance license
A license for reinsurance business enables a reinsurer to offer insurance products to other insurance companies, covering their financial risks. A reinsurer can operate in the business of reinsurance with the approval of the ICB. Foreign insurers are permitted to operate reinsurance business in the Bahamas without obtaining a license from the ICB.
License for captives
Captive insurers are formed to cover the assets and related risks of the parent company and/or its group affiliated companies.
License for Intermediaries
The Insurance Act 2005 regulates the licensing of insurance intermediaries in the Bahamas. Insurance brokers, agents and sub-agents are permitted to practice insurance, provided they are registered with the ICB. However, salespersons and a few categories of sub-agents, as prescribed by the ICB, are not required to obtain a license to carry out the relevant activities.
Which other key bodies oversee the Bahamas insurance industry?
The key bodies overseeing the Bahamas insurance industry market are International Association of Insurance Supervisors (IAIS), Bahamas Insurance Association (BIA), and Insurance Institute of the Bahamas (IIB).
International Association of Insurance Supervisors
The IAIS, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants and international financial institutions. The primary objectives of the IAIS are to promote an effective and globally consistent supervision of the insurance industry. This develops and maintains fair, safe and stable insurance industries for the benefit and protection of policy holders.
Bahamas Insurance Association
The BIA is an organization comprising Bahamian insurers, agents, brokers and adjusters as members. It was originally named as the Bahamas General Insurance Association (BGIA). The organization conducts regular meetings and seminars on various insurance issues. The association has also formulated a code of conduct for all members, to which every member is expected to adhere. The BIA aims to promote fair and ethical insurance practice in the Bahamas.
Insurance Institute of the Bahamas
The IIB comprises members working in various sectors of insurance. Its objective is to increase awareness of insurance, and conduct seminars and meetings related to various insurance-related issues. It also aims to develop the insurance industry.
Bahamas insurance industry, by key bodies
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Market report scope
| Key license types | Long-Term Insurance License, General Insurance License, Composite Insurance License, Reinsurance License, License for Captives, and License for Intermediaries |
| Key bodies | International Association of Insurance Supervisors (IAIS), Bahamas Insurance Association (BIA), and Insurance Institute of the Bahamas (IIB) |
This report provides detailed analysis of:
- The insurance regulatory framework in Bahamas.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the state’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- Taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the state.
- Gain insights into the insurance regulatory framework in Bahamas.
- Track the latest regulatory changes and expected changes impacting the Bahamian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The different types of insurance licenses issued in the Bahamas insurance industry are long-term insurance license, general insurance license, composite insurance license, reinsurance license, license for captives, and license for intermediaries.
The key bodies overseeing the Bahamas insurance industry market are International Association of Insurance Supervisors (IAIS), Bahamas Insurance Association (BIA), and Insurance Institute of the Bahamas (IIB).
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