When The Bahamas became a destination for capital investment, it was based on the needs of winter residents escaping colder northern climates. Since that time, the depth and expertise of the country’s financial services has created an industry that is no longer just a destination for capital but a place for real and substantive businesses; indeed, a location from which one can invest and manage ones businesses all around the world.
The captive insurance market is a case in point. A dedicated effort has been made to ensure that the legislative and regulatory environment awaiting new arrivals is proactive and recognizes the real business needs of entities. Minimum capital requirements which are competitive with other jurisdictions are in place. While potential licensees are encouraged to work through an insurance manager who is familiar with The Bahamas, this is not mandatory. At the same time the Insurance Commission of The Bahamas (ICB) carries out due diligence on risk managers and directors of the companies interested in coming here to ascertain that policy holders have adequate protection. From the perspective of The Bahamas, its effective regulatory regime is very much a competitive advantage. Moreover, the captive environment in The Bahamas is supported by a highly experienced and diversified asset and wealth management industry. The jurisdiction has developed a reputation as a leader in these areas, which has enabled it to facilitate synergies with the insurance market.
BFSB CEO Tanya McCartney and ICB Superintendent Michele Fields speak to the attraction of The Bahamas in a special Conference Issue of Captive Insurance Times, released today.
Click here for CIT Issue 110 and see full Bahamas Profile article below.
Bahamas Profile CIT Issue 110