Bahamas
- Total number of captives
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- Number of captives (pure)
- 10
- Number of captives (group/association)
- 2
- Gross written premium for all captives
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- Total number of active captives, as of the prior year
- 18
- Types of captives allowed
-
- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Microcaptives set up using 831(b) regulations*
- Number of full-time employees in captive regulatory department
- 9
- Annual fees
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- Minimum capital (broken out by type of captive)
-
Minimum capital requirements: $100,000 general insurance (property and casualty) business; $200,000 long-term insurance (life and annuity) business.
- Applicable Acts/Enabling Legislation
- Insurance Act & Regulations: Insurance Act Chapter 347, Insurance(General) Regulations 2010; External Insurance Act & Regulations: External Insurance Act Chapter 348, External Insurance (Judicial Management) Regulations, 2009, External Insurance (Variable Insurance Business) Regulations, 2010, External Insurance (Forms & Fees) Regulations, 2010, External Insurance (Classes of Insurance Business) Regulations, 2010, External Insurance (Capital Requirements for External Insurers, Insurance Managers, External Insurance Brokers) Regulations, 2010.
- Captive Administrator’s name and longevity in position
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- Time given for application process
- 30 - 60 days
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.icb.gov.bs