Barbados Insurance Industry – Governance, Risk and Compliance
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The Barbados insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.
The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Barbadian insurance industry?
The FSC was established on April 1, 2011, following the enactment of the Financial Services Commission Act 2010-21. It is responsible for supervising and regulating the Barbadian insurance industry. As an integrated regulatory body, the FSC overtook over the responsibilities and functions previously discharged by the Supervisor of Insurance and Pensions.
Some of the key functions of FSC include dealing with the renewal, registration, modification, cancellation, or withdrawal, of an insurance contract; settling disputes between insurers and intermediaries; regulating funds invested by insurers, etc.
What are the types of licenses issued in the Barbadian insurance industry?
The different types of insurance licenses issued in the Barbadian insurance industry are life insurance license, non-life insurance license, composite insurance, reinsurance license, and license for intermediaries.
Life insurance license in Barbados
This license is issued to insurers that underwrite and sell life insurance contracts, including life and annuity insurance contracts, pension contracts, and endowment policies. Life insurers in Barbados include British American Insurance Company and Amphora Life Insurance Company.
Non-life insurance license in Barbados
This license is issued to insurers providing products such as property, motor, personal accident, health, fire, and credit insurance. Non-life insurers in Barbados include Sun General Insurance and CGI Consumers’ Guarantee Insurance Company.
Composite insurance license in Barbados
A license for composite insurance permits companies to operate in both life and non-life insurance businesses.
Reinsurance license in Barbados
Reinsurers sell policies to insurers to protect them from the risk of unexpected financial loss. Reinsurers in Barbados include United Insurance Company Limited and Lincoln National Reinsurance Company.
License for intermediaries in Barbados
Insurance intermediaries are the retail side of the industry, positioned between the insurer and the insured. An intermediary market solicits or negotiates insurance contracts with customers on behalf of insurance companies in return for compensation. Intermediaries also counsel customers and provide advice on various insurance products. In the Barbadian insurance industry, agents, brokers, loss assessors, and loss adjusters act as intermediaries.
Barbadian insurance industry, by license type
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Which other associations oversee the Barbadian insurance industry?
The key associations that oversee the Barbadian insurance industry are the International Association of Insurance Supervisors (IAIS), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC).
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 over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
Caribbean Association of Insurance Regulators
The CAIR was formed to standardize the regulation of the Caribbean insurance industry. It was established in 1994, through meetings of the multidisciplinary Caribbean Community (CARICOM) working party on insurance and reinsurance. CAIR’s primary objective is to encourage and support the development and enforcement of insurance regulations in the Caribbean, as per international standards.
The member countries of CAIR are Anguilla, Antigua and Barbuda, Barbados, Belize, British Virgin Island, Dominica, Grenada, Guyana, Jamaica, Montserrat, Netherland Antilles, St. Kitts and Nevis, St. Lucia, St. Vincent, and the Grenadines, Suriname, Trinidad, and Tobago, and the Turks and Caicos Islands.
Insurance Association of the Caribbean
The IAC was formally established in Kingston, Jamaica but later incorporated in Bridgetown, Barbados. It is a non-profit organization dedicated to the promotion and growth of the Caribbean Insurance Industry. It has a diverse list of insurance entities as its members represent life and non-life insurance segments from the Caribbean member states. It also has international members from Canada, Europe, and the US. The Caribbean members of IAC are Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Cayman Islands, Dominica, Guyana, Haiti, Jamaica, St.Lucia, St.Vincent, Suriname, and Trinidad and Tobago.
Market report scope
Key license types | Life Insurance License, Non-Life Insurance License, Composite Insurance, Reinsurance License, and License for Intermediaries |
Key associations | International Association of Insurance Supervisors (IAIS), Caribbean Association of Insurance Regulators (CAIR), and Insurance Association of the Caribbean (IAC) |
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 about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about 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
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country
- 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 about various types of insurance products.
Table of Contents
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Frequently asked questions
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What are the key license types in the Barbadian insurance industry?
The key license types issued in the insurance industry in Barbados are life insurance license, non-life insurance license, composite insurance, reinsurance license, and license for intermediaries.
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Which are the key associations overseeing the Barbadian insurance industry?
The key associations overseeing the insurance industry in Barbados are the International Association of Insurance Supervisors (IAIS), the Caribbean Association of Insurance Regulators (CAIR), and the Insurance Association of the Caribbean (IAC).
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