Choice of domicile is often the first and most important question for an insurance company. The Bahamas, an established and progressive jurisdiction, offers a number of compelling competitive advantages as a domicile of choice. Perhaps of greatest importance, institutions will find a warm welcome when they come to The Bahamas.
The Government of The Bahamas has put the necessary framework in place to re-establish The Bahamas as an attractive business centre for insurance, including captive insurance and reinsurance.
On captives, it is to be noted that the cell legislation in The Bahamas provides robust statutory protection to ensure that the assets and liabilities of each account are truly considerate separate and distinct. Further, cell captives benefit from the natural economies of scale created within such structures and the regulatory regime is a clear response to the demand for cost effective means of entering into captive or self insurance for small to medium sized enterprises, while satisfying international standards.
The Insurance Commission of The Bahamas (ICB) was established on July 2, 2009, upon the implementation of The Insurance Act, Chapter 347 (Insurance Act). The broad mandate of the Commission is to maintain surveillance over the insurance market and to promote and encourage sound and prudent insurance management and business practices. This mandate is met through a programme of regulation, supervision and public information.