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Report Title

Governance, Risk and Compliance - The Bahamian Insurance Industry

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Governance, Risk and Compliance - The Bahamian Insurance Industry


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Governance, Risk and Compliance - The Bahamian Insurance Industry

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Governance, Risk and Compliance - The Bahamian Insurance Industry



Executive Summary

Governance, Risk and Compliance-The Bahamian Insurance Industry

Summary

GlobalData's 'Governance, Risk and Compliance-The Bahamian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the Bahamas.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Bahamas, including-

- An overview of the insurance regulatory framework in the Bahamas.

- The latest key changes, and changes expected in the country's insurance regulatory framework.

- Key regulations and market practices related to different types of insurance product in the country.

- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bahamas.

- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

- Details of the tax and legal systems in the country.

Key Highlights

- The Bahamian insurance industry is regulated by the Insurance Commission of the Bahamas.

- Non-admitted insurance is prohibited by law. However, reinsurers and risks that are not covered by domestic insurers are exceptions.

- 100% FDI is permitted in the Bahamian insurance industry.

- Motor third-party liability and liability for liquefied petroleum gas (LPG) operators are compulsory classes of insurance in the Bahamas.

- Composite insurance is not allowed in the Bahamian insurance industry.

Scope

- The report covers details of the insurance regulatory framework in the Bahamas.

- The report contains details of the rules and regulations governing insurance products and insurance entities.

- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in the Bahamas.

- Track the latest regulatory changes, and expected changes impacting the Bahamian insurance industry.

- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

- Understand key regulations and market practices pertaining to various types of insurance product.

Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social insurance system

2.4.3 Professional indemnity insurance for insurance brokers

2.4.4 Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate appraisers and consultants

2.4.5 Fidelity insurance for insurance agents

2.4.6 Liability insurance for ship owners in respect of oil pollution

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Insurance Commission of the Bahamas

2.5.3 Bahamas Insurance Association

2.5.4 Insurance Institute of the Bahamas

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxations

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData's Services

3.5 Disclaimer

To know more information on Purchase by Section, please send a mail to sales@kenresearch.com

List of Figures

Figure 1: The Bahamas-Insurance Supervision and Control at Various Levels

Figure 2: The Bahamas-Insurance Regulatory Frameworks for Company Registration and Operation

List of Tables

Table 1: Insurance Industry Definitions

Table 2: The Bahamas-Insurance Regulatory Framework Key Features

Table 3: The Bahamas-Life Insurance Regulatory Framework

Table 4: The Bahamas-Property Insurance Regulatory Framework

Table 5: The Bahamas-Motor Insurance Regulatory Framework

Table 6: The Bahamas-Liability Insurance Regulatory Framework

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License:
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system


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