In order to carry on exempt insurance business
in Barbados through a company or branch, the
company must first file an application with the
Supervisor of Insurance. The application must be
completed and supported by the following relevant
information:
- The By-Laws and Articles of the company must be restricted to exempt insurance.
- The proposed source of business, together with the names and addresses of affiliates.
- The proposed reinsurance programme, if any.
- The estimates of the gross and net premium income for the first three years.
- The proposed capitalization of the company, (with a minimum of US$125,000).
- The proposed fiscal year of the company.
- Copies of reinsurance cover notes and contracts.
- The full name, nationality, home address, country, date of birth, business experience directorships held, of those persons directors.
- The name of exempt management company, unless the licensed company will be managed.
- The name and address of the actuary, be engaged by the company.
- The name and address of the auditor that the company has appointed.