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BRIDGETOWN, Barbados-The Barbados government more than a year ago amended its Exempt Insurance Act of 1983 to make captives subject to local taxation at an initial rate of 0%.
Apart from those December 1995 amendments, however, there have been no major changes in the insurance law.
Under the law, captives must:
Pay a one-time registration fee of $250 and an annual fee of $2,500.
Maintain minimum capital of $125,000 in cash. A letter of credit drawn on a bank licensed in Barbados may be used for added capital.
File annual audited financial statements with the insurance supervisor, which are not available to the public.
Keep a register of policies, claims books and records in Barbados.
One captive director must be a Barbados resident citizen and must file with the registrar of companies a written consent form to act on behalf of the captive. Shareholders may not be residents of Barbados or any other Caribbean nation.
For more information, contact Ian Carrington, Supervisor of Insurance, Ministry of Finance and Economic Affairs, Bridgetown, Barbados; 246-426-3815.