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