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
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