Governance, Risk and Compliance - The Bahamian Insurance Industry

Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social insurance system
2.4.3 Professional indemnity insurance for insurance brokers
2.4.4 Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate appraisers and consultants
2.4.5 Fidelity insurance for insurance agents
2.4.6 Liability insurance for ship owners in respect of oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Insurance Commission of the Bahamas
2.5.3 Bahamas Insurance Association
2.5.4 Insurance Institute of the Bahamas
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxations
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: The Bahamas - Insurance Regulatory Framework Key Features
Table 3: The Bahamas - Life Insurance Regulatory Framework
Table 4: The Bahamas - Property Insurance Regulatory Framework
Table 5: The Bahamas - Motor Insurance Regulatory Framework
Table 6: The Bahamas - Liability Insurance Regulatory Framework

List of Figures
Figure 1: The Bahamas - Insurance Supervision and Control at Various Levels
Figure 2: The Bahamas - Insurance Regulatory Frameworks for Company Registration and Operation