The Insurance Division is responsible for the supervision and regulation of insurance business in both the domestic and offshore insurance sectors in Barbados, as authorised by the Financial Services Commission Act, 2010-21; the Insurance Act and the Exempt Insurance Act.
The Division’s specific duties include:
- registering, licensing and supervising domestic, qualifying and exempt insurance companies, holding companies and management companies, insurance intermediaries and underwriters
- monitoring the operations of domestic, qualifying and exempt insurance companies
- compiling and issuing statistical information to the public, private and off-shore sector
The Insurance Division represents FSC’s membership on regional organisations such as the Caribbean Association of Insurance Regulators (CAIR), international organisations such as the International Association of Insurance Supervisors (IAIS), and the Group of International Insurance Centre Supervisors ("GIICS") of which Barbados is a member.