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public Offshore verified Last Verified: 2026-11-04

Barbados

Barbados licenses insurers under the Insurance Act, Cap. 310. The Insurance (Amendment) Act, 2018-52 commenced on 1 January 2019, created three licence classes, and repealed the Exempt Insurance Act, Cap. 308A. A Class 1 licensee is an insurance company that underwrites related-party business. A Class 2 licensee includes an insurance company that underwrites third-party risks, and Class 3 covers insurance intermediaries, managers, and holding companies. The Financial Services Commission supervises the sector under the Financial Services Commission Act, 2010-21. The Commission's homepage reported 176 Class 1 licensees at 31 December 2025, compared with 175 at 31 December 2024. It reported 121 Class 2 licensees at 31 December 2025, of which 21 had direct exposure to the Barbadian public, and 815 Class 3 licensees. Class 1 is the related-party population. The Commission does not publish a pure-versus-group split, a cell count, or 2025 figures for new and surrendered Class 1 licences.

Quick Facts

Verified 2026-11-04
Jurisdiction
Offshore
Legislation
Insurance Act, Cap. 310, as amended by the Insurance (Amendment) Act, 2018-52 (commenced 1 January 2019)
Tax Environment
The Barbados Revenue Authority publishes corporate income tax at 0 percent for Class 1 insurance companies, 2 percent for Class 2 insurance companies, and 2 percent for Class 3 insurance companies. The same table still shows 0 percent for exempt insurance companies and 0.35 percent for qualifying insurance companies that were licensed under the Insurance Act, Cap. 310 and carrying on life insurance business before 17 October 2017. No separate captive premium tax was stated on the Revenue Authority corporations page or the Commission pages used.
Last Verified
verified 2026-11-04
Financial Requirements

Minimum Capital & Surplus

Structure Type Minimum Capital
Class 1 or Class 2, risks and premiums outside Barbados BDS $250,000 minimum paid-up share capital in cash for long-term insurance, general insurance, or both, or such other amount as the Commission determines. An equivalent sum in another currency is allowed if the Commission approves it. Capital must be fully paid up in cash.
Class 1 or Class 2, risks and premiums in Barbados BDS $3,000,000 long-term; BDS $3,000,000 general; BDS $5,000,000 long-term and general; BDS $1,000,000 motor vehicle only; BDS $1,000,000 industrial life.
Segregated cell company, Barbados reinsurance A Class 1 or Class 2 segregated cell company licensed to carry on reinsurance of risks located in Barbados, with premiums originating in Barbados, must have aggregate paid-up capital of BDS $3,000,000, and each cell must have minimum paid-up capital of BDS $500,000.
Solvency, risks and premiums outside Barbados In the first financial year, assets must exceed liabilities by BDS $250,000. After that year, assets must exceed liabilities by BDS $250,000 if the preceding year's premium income did not exceed BDS $1,500,000; by one-fifth of that premium income if it exceeded BDS $1,500,000 but did not exceed BDS $10,000,000; or by BDS $2,000,000 plus one-tenth of the amount by which premium income exceeded BDS $10,000,000.
info

Regulatory Framework

Insurance Act, Cap. 310, as amended by the Insurance (Amendment) Act, 2018-52 (commenced 1 January 2019)

Applicable Statutes & Regulations

Insurance Act, Cap. 310; Insurance (Amendment) Act, 2018-52, which commenced on 1 January 2019 and repealed the Exempt Insurance Act, Cap. 308A; Financial Services Commission Act, 2010-21. Minimum capital and solvency for Class 1 and Class 2 insurers are set out in the Commission's capital and solvency appendix.

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Tax Environment

The Barbados Revenue Authority publishes corporate income tax at 0 percent for Class 1 insurance companies, 2 percent for Class 2 insurance companies, and 2 percent for Class 3 insurance companies. The same table still shows 0 percent for exempt insurance companies and 0.35 percent for qualifying insurance companies that were licensed under the Insurance Act, Cap. 310 and carrying on life insurance business before 17 October 2017. No separate captive premium tax was stated on the Revenue Authority corporations page or the Commission pages used.

Detailed Profile

Regulatory & Statistical Profile

bar_chart Captive Market Volume

Reporting Year 2025
Total Active Captives 176
New Captives Licensed Pending verification
Surrendered Licenses Pending verification

pie_chart Structure Distribution

Pure / Single Parent Pending verification
Group / Association Pending verification
Sponsored / Cell Captives Pending verification
Individual Segregated Cells Pending verification
Other Allowed Types Pending verification

checklist Authorized Captive Structures

Class 1 insurers underwriting related-party businessSegregated cell companies licensed as Class 1 or Class 2 insurers

payments Fees & Solvency Compliance

Year Legislation Passed
2018
Licensing Speed
Pending verification
Premium Tax Rate
Corporate income tax of 0 percent for Class 1, 2 percent for Class 2, and 2 percent for Class 3. No separate premium-tax rate was published on the pages used.
Incorporation / Initial Fee
Application and registration fees are prescribed under the Insurance Act, Cap. 310. The Commission's published fees instrument is an image PDF, and the dollar schedule could not be read reliably, so the amounts are not restated.
Annual Maintenance Fee
The annual fee in Part I of the Commission's fees schedule is payable by 31 January each year. The dollar amounts in that schedule are not restated because the published PDF did not yield a reliable text extraction.
Annual Filing Requirements
The annual fee in Part I of the Commission's fees schedule is payable by 31 January. A current deadline for audited financial statements was not confirmed on the Commission pages reviewed.

gavel Regulatory Contact Office

Supervisory Authority
Financial Services Commission, Insurance Division
https://www.fsc.gov.bb open_in_new
Office Address
Bay Corporate Building, Bay Street, St. Michael, Barbados, BB14038
Regulatory Department Staff
Pending verification
Captive Administrator
Insurance Division, Financial Services Commission
insurance@fsc.gov.bb
Phone: +1 (246) 421-2142
Official Regulatory Sources
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