Caribbean Insurance Industry Regulations
To understand the regulations governing the Caribbean insurance industry, specifically in the Bahamas, Barbados, Belize, the Dominican Republic, Guyana, Haiti, and Jamaica. Research will be used as background information for a new web platform that enables online sign-up and automated insurance quoting in the region.
Initial research provided a general overview of regulatory policy for the insurance industry in the Bahamas, Barbados, Guyana, Haiti, and Jamaica. The specifics of insurance regulation in Belize and the Dominican Republic was less readily available, but additional research could likely find the requested information for these countries.
- New insurance companies in Barbados are required to obtain a license from the Minister of Finance followed by an additional license from the Supervisor of Insurance.
- Applications must include company objectives, income projections, a minimum of US$125,000 in capital, and the names of the insurance company's directors.
- Guyana passed the Insurance Bill of 2016 to improve its insurance industry regulatory requirements and procedures. The bill was updated in 2018.
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.
Proposed next steps:
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We recommend continued research to outline the specific insurance industry regulations for each of the following countries in the Caribbean: the Bahamas, Barbados, Belize, the Dominican Republic, Guyana, Haiti, and Jamaica.
In addition, we could also provide a list of 5-7 insights about the insurance industry in the Bahamas, Barbados, Guyana, Haiti, and Jamaica, as well as 3-5 insights for Belize and the Dominican Republic.
As an alternative to our first proposal, we could provide 10-14 insights about the insurance industry in the Caribbean with a particular focus on regulatory requirements in any of the following countries: the Bahamas, Barbados, Belize, the Dominican Republic, Guyana, Haiti, and Jamaica.