Legislation               Exempt Insurance Act 1983

Supervisory Jurisdiction  Supervisor of Insurance
                          Minister of Finance
Application to            Supervisor of Insurance

Data includes             Pro-forma business plan (3 years),
                          directors, resident representative

Reporting Requirements    Annual audited accounts
                          Certificate of solvency margin

Restriction on Business   Risks and business outside Barbados

Capitalisation            Minimum                         US $125,000

Minimum Solvency          US $250,000
                          20% of premium income less than $5m
                          $1m +10% of premium income greater than $5m

Fees                      Incorporation                     US $3,150
                          Annual                            US $2,500

Annual Costs              Management, secretarial, legal and audit

Currency                  BDS $2 = US $1

Taxation                  Nil

Location                  Caribbean island off northern coast of 
                          South America

Administration            Sophisticated financial centre

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Coroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.