Introduction
Barbados is globally recognised as a top-10 captive insurance domicile, known for its simple regulatory framework, stable legal system, and competitive tax environment. With the global captive insurance market rapidly expanding growing from approximately 7,000 captives and US$69 billion in premiums in 2021 to a projected US$161 billion by 2030 jurisdictions must remain agile and attractive to stakeholders.
To maintain its competitive edge and ensure continued growth, the Financial Services Commission has launched a public consultation. This initiative invites feedback from both local and international stakeholders involved in the captive insurance ecosystem, including existing and prospective captive owners, insurance and legal professionals, and financial advisors.
Objectives
Some of the main objectives of the consultation are to:
- Understand how Barbados is currently perceived as a captive domicile.
- Identify opportunities to enhance its regulatory and administrative frameworks to better serve the evolving needs of the industry.
