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Bill To Revise Captive Insurance Regulation In The Bahamas,
by Mike Godfrey, Tax-News.com, Washington
Monday, June 08, 2009
Senator Dion Foulkes has presented a bill to revise the law regulating
external captive insurance business in the Bahamas Senate.
The Bahamas Financial Services Board and the Ministry of Finance have been working
together on The Bahamas’ External Insurance Act to facilitate quick and
reasonably priced licence creation and licensing of captive insurance companies
in The Bahamas. Under the terms of the Act, a Bahamian External Insurance Company
is an insurance company registered and licensed in The Bahamas but doing business
outside the Bahamas and specifically precluded from doing business in Bahamian
dollars. 'Captive' insurance describes an insurance company that insures the risks
of its owners who are not in the business of insurance. It is a means of self
insurance but many captives now buy reinsurance and do a proportion of their business
with third parties.
Such a company must acquire the services of a licensed Bahamian Captive Manager.
Also its accounts must be audited by an approved independent auditor with
offices in The Bahamas. A company undertaking long term business (life insurance)
must have paid up share capital of at least USD200,000, whilst other companies
must have paid up share capital of at least USD100,000, all plus 20% of net
premium income up to USD7m per annum plus 10% of the excess over USD7m.
Minimum capital requirements may be subject to review according to the scope
of the business undertaken. Annual fees will include USD2,500 for the government
with a further USD10,000 due to the licensed underwriting managers and a USD5,000
minimum audit fee, both these last two being subject to negotiation.
Within 6 months of the end of its financial year the following annual returns
must be filed with the Minister of Finance:
An auditor's compliance statement with regard to the financial statements
b. A directors' statement regarding the completeness of records and information
supplied to the auditors
A directors' and underwriting manager's compliance statement , and
A certified copy of financial statements
There are now over 3,500 captives worldwide with the number growing rapidly.
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