About Amphora Captive Insurance Managers
Our team of managers assess the unique risks occurring in various industries and manage and develop comprehensive enterprise risk management programs best suited for our clients’ needs.
Portfolio Under Management
International Insurance Portfolio
Our current international insurance portfolio consists of twenty-five (25) companies licensed under the Exempt Insurance Act, and one (1) under the Qualifying Insurance Act. The portfolio is diversified both in the nature of business underwritten and the type of operation covering categories as listed below for public and private companies and trade associations principally from North America.
|Nature of business
Legislation Governing Insurance Companies
An international insurance company can be licensed under the Exempt Insurance Act or under the Insurance Act which also regulates local insurance companies. International insurance companies that decide to register under the Insurance Act are known as qualifying insurance companies (QIC) and will be subject to tax while international insurance companies that are registered under the Exempt Insurance Act is known as exempt insurance companies (EIC) which is not subject to tax.
Advantages of Setting Up a QIC or EIC in Barbados
- Insurance companies can conduct insurance business either as an EIC or as a QIC
- Either entity could be established as a segregated cell company (SCC)
- Both EIC and QICs are only required to have a minimum paid up capital of $US125,000
- Barbados regulatory framework is flexible as regards both reserve requirements and applicable accounting principles
- There are no stringent reserving requirements defined under statute (the absence of such requirements confers a significant advantage to companies licensed in Barbados).
- No indication of Barbados adopting the Solvency II Standard