Bahamas Insurance IndustryGovernance, Risk and Compliance

Bahamas Insurance IndustryGovernance, Risk and Compliance

  • GlobalData
  • September 2020
  • Banking
  • 53 pages

Report Description

1
1
Bahamas Insurance Industry - Governance, Risk and Compliance

Summary

GlobalDatas 'Bahamas Insurance Industry - Governance, Risk and Compliance' report is the result of extensive research into the insurance regulatory framework in the Bahamas.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalDatas research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

- The Bahamian insurance industry is regulated by the Insurance Commission of the Bahamas.
- Non-admitted insurance is prohibited by law. However, reinsurers and risks that are not covered by domestic insurers are exceptions.
- 100% FDI is permitted in the Bahamian insurance industry.
- Motor third-party liability and liability for liquefied petroleum gas (LPG) operators are compulsory classes of insurance in the Bahamas.
- Composite insurance is not allowed in the Bahamian insurance industry.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Bahamas, including -
- An overview of the insurance regulatory framework in the Bahamas.
- The latest key changes, and changes expected in the countrys insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bahamas.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Scope

- The report covers details of the insurance regulatory framework in the Bahamas.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

- Gain insights into the insurance regulatory framework in the Bahamas.
- Track the latest regulatory changes, and expected changes impacting the Bahamian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.

Have query on this report?

Make an Enquiry
Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE

Success Stories

Our Clients

Tell Us What You Need and We’ll Get Back with the Best Solutions Available.

*
*
*

get in touch

Location :

State Tower, 90 State Street, Suite 700, Albany NY - 12207, United States

Call Us :

US/Canada toll free : 866-997-4948

Tel : +1-518-621-2074