Bahamas

 
Total number of active captives
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Number of active captives (pure)
10
Number of active captives (group/association)
2
Gross written premium for all captives
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Total number of active captives, 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 and also within department
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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