The Insurance Division is responsible for the supervision and regulation of insurance business conducted in or from within Barbados, as authorised by the Financial Services Commission Act, 2010-21; and the Insurance Act, Cap. 310.
The Division’s specific duties include:
- assessing persons who apply to be licensed as insurance companies; insurance intermediaries such as agents and brokers; holding companies; and insurance management companies to determine if they are fit and proper and meet the criteria to be licensed
- supervising and regulating licenced entities
- monitoring licencees for compliance
- providing statistical and other information to the FSC’s stakeholders
The Financial Services Commission is a member of the following insurance related regional and international organisations:
- Caribbean Association of Insurance Regulators (CAIR)
- International Association of Insurance Supervisors (IAIS); and
- Group of International Insurance Centre Supervisors (GIICS).