Legislation governing insurance companies
An international company can be licensed under the
Exempt Insurance Act or under the Insurance Act
which also regulates local insurance companies.
International insurance companies that decide to
register under the Insurance Act are known as
Qualifying Insurance Companies (QIC) and will be
subject to tax.
Before a company can commence business or be
incorporated they must first obtain the approval of
the Minister of Finance.
Today there are in excess of 450 international
insurance companies doing business from Barbados.