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Captive Insurance in the Bahamas

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Captive Insurance in the Bahamas INSURANCE Captive Insurance in The Bahamas kpmg.com CRT007632C - Captive Bahamas 22 Jan 2014.indd 1 22/01/2014 18:41:21 Introduction With a wealth management pedigree unmatched in the region The Bahamas is strategically nurturing captive insurance as an important addition to its growing and impressive array of financial services. The Bahamas, which marks 40 years of independence in 2013, offers a number of advantages as a jurisdiction of choice to captive insurance companies. Given today’s unpredictable insurance market, historically low interest rates and increased regulations, it is not surprising that captives are coming into their own as an attractive risk financing option. Fortunately, starting and operating a captive has never been more straightforward, particularly in The Bahamas. With almost 40 years of experience in the industry, an internationally-lauded regulatory and legal framework, an exacting yet supportive regulator, and a world- class talent pool of professional service providers, including auditors, bankers and lawyers, The Bahamas is a jurisdiction that is second-to-none. The Bahamas has been a major player in international financial services since the 1930s. With its historic commitment to providing high quality services to families that span the globe, The Bahamas is one of the world’s foremost wealth management centres. It services a global client base with a full range of private banking, estate planning, asset management, and insurance and fund administration services. KPMG in The Bahamas, a provider of captive focused in audit, tax and advisory services as well as an investor in the development of the captive insurance industry, has teamed up with the Bahamas Financial Services Board (BFSB) to bring you this comprehensive overview. Captive Insurance in The Bahamas is designed not only to provide general and useful information about captive formation, ownership and ongoing management, but also to share with you specifics of The Bahamas as a jurisdiction for entities looking to establish a captive. We hope you find our publication both interesting and helpful, but please do feel free to contact us if you need any additional information or clarification. We look forward to discussing with you the opportunities of captive ownership in The Bahamas. Tracy E. Knowles Aliya Allen Senior Partner CEO & Executive Director KPMG Bahamas Financial Services Board CRT007632C - Captive Bahamas 22 Jan 2014.indd 2 22/01/2014 18:41:24 Contents Executive summary 1 Types of Captives 3 Benefits of captives 5 The Bahamas Advantage 7 Domicile checklist 11 Revitalizing captive insurance 13 Target market review 15 Setting up a captive 17 Regulatory framework and costs 21 Corporate structure 25 Corporate structure 27 Annual process 29 Opening a bank account 31 Service providers 33 Taxation 35 Other considerations 37 Insurance Commission of The Bahamas 39 About the Authors • Bahamas Finaicial Services Board 41 • KPMG 43 CRT007632C - Captive Bahamas 22 Jan 2014.indd 3 22/01/2014 18:41:25 1 | CAPTIVE INSURANCE IN THE BAHAMAS Executive summary: The ‘Captivating’ advantages of The Bahamas Attractive Strong Favourable financial commitment location 1business centre 2 for captive 3 and easy The Bahamas offers growth accessibility a well established The Bahamas has Location is also an asset asset and wealth shown a strong that weighs heavily in The management industry, commitment to grow Bahamas’ favour as a hub mature financial and captive business for insurance business. legal infrastructure, by both the public Located just off the coast and sophisticated and private sectors, of Florida, the country financial planning based on close is easily accessible from products consultation ensuring almost every major city regulatory flexibility in the US , Canada, South and a business friendly America and Europe environment. Cayman Captive Forum CRT007632C - Captive Bahamas 22 Jan 2014.indd 1 22/01/2014 18:41:26 CAPTIVE INSURANCE IN THE BAHAMAS | 2 Favourable Market friendly Unique Competitive location legislation and target regulatory and easy 4regulation 5 markets 6 insurance accessibility The legislative and Small/medium-sized cost Location is also an asset regulatory environment businesses and The Bahamas’ that weighs heavily in The awaiting new captive LatAm families and competitive set-up costs Bahamas’ favour as a hub arrivals is proactive and corporates are key are an added advantage. for insurance business. recognises business niches being targeted In addition, Segregated Located just off the coast needs. Thus, it by The Bahamas Accounts Companies help of Florida, the country establishes a clear, captive owners achieve is easily accessible from predictable and economies of scale almost every major city efficient platform in the US , Canada, South in The Bahamas America and Europe CRT007632C - Captive Bahamas 22 Jan 2014.indd 2 22/01/2014 18:41:27 3 | CAPTIVE INSURANCE IN THE BAHAMAS Types of Captives Captive insurance is insurance or reinsurance provided by a company that is formed primarily to cover the assets and risks of a parent company and/or its group of affiliated companies. There are different types of captives operating in The Bahamas. CRT007632C - Captive Bahamas 22 Jan 2014.indd 3 22/01/2014 18:41:28 CAPTIVE INSURANCE IN THE BAHAMAS | 4 Single Parent Captive Association Captive In this type of captive, an insurance An insurance company that is formed or re-insurance company is formed and owned by an industry, trade or to only insure the risk of a parent service group strictly for the benefit company or its affiliates, which are of its members. not insurance companies. Segregated cell captives or Rent- • These captives are responsible to a-captive one party only. Such captives are commonly known • The profits in single parent as Segregated Account Companies captives are not shared and are (SAC) in The Bahamas and were earned by a single owner. introduced by the Segregated Accounts Companies Act, 2004. • Decision making is generally more It represnts a more economically efficient in single parent captives. efficient and time efficient way Group Captive to gain the benefits of a captive A captive that is generally owned by insurance company. A SAC is a a group of companies which are not useful vehicle for those programs related and are looking to pool their not large enough to set up their risks into one company in which they own captive or who do not wish can share the insurance risks and to manage their own captive. claims exposure. Established with a ‘core’ that usually does not take risk and various • Group captives provide greater segregated accounts (cells) that do, purchasing power for services and the fundamental characteristic of a reinsurance, as they operate in a SAC is that the assets and liabilities group. of each cell are segregated from one • The losses are diluted among all another. Ownership of the assets captive users and are not borne by in the portfolios can be by way of only a single user. either a non-voting preferred share or • The group captives have greater through a participation agreement. need to control losses and costs. • These captives have low start up costs. • They have greater predictability of results. • Under Rent-a-captive arrangements, captive management is already in place and this speeds up the process. CRT007632C - Captive Bahamas 22 Jan 2014.indd 4 22/01/2014 18:41:28 5 | CAPTIVE INSURANCE IN THE BAHAMAS Benefits of captives There are many benefits of setting Cash Flow and up a captive. These include: Investment Benefits Having your own insurance Cost reductions company allows the owner to Generally, a person or an entity who control the investment portfolio of is paying an insurance premium to the captive. a conventional insurance company also has to pay commissions and Reinsurance contribute to the expenses and The owner of a captive wants to profits of the insurer. They can remain solvent and profitable. control these costs by setting up Bearing in mind that all or much their own insurer, that costs and of a captive’s business involves profits become their own and can insuring the owner’s risks, the be allocated as desired. claims records of captives tend to be better than a normal insurer. This Risk Management is recognized in the reinsurance Many businesses have to buy market and the premium rates for insurance at market rates in case captives can often be substantially their risk profile is lower than the less than for regular insurers. industry average. A business can benefit by using its own insurer, Availability of Cover as it can control its exposure Certain types of cover are often using deductibles and reinsurance unavailable: either as direct strategies to cover itself more insurance or as reinsurance. effectively at less cost. Medical The owner of a captive can insure groups often use captives for almost any legal risk as well as this reason. obtain access to the international reinsurance market. CRT007632C - Captive Bahamas 22 Jan 2014.indd 5 22/01/2014 18:41:28 CAPTIVE INSURANCE IN THE BAHAMAS | 6 TY PES of INSURANCE COVERAGE WRITTEN BY A CAPTIVE INSURANCE COMPANY Property Casualty This type of coverage includes Under this type of coverage, fixed asset protection (buildings, workers’ compensation, employers’ equipment, plant), motor (own liability, general liability, auto liability, damage and third party), stocks, public liability, product liability, work in progress, all risks and product recall, medical malpractice, contents, business interruption environmental, accident and health, and consequential loss, natural life cover, etc. are included. catastrophes (including earthquake, Other insurances typhoon, wind storm, tornado and Areas such as life, health, flooding), e-commerce (especially employment practices, punitive disruption of production and service damages, disruption of supplies following a virus) etc. are covered. CRT007632C - Captive Bahamas 22 Jan 2014.indd 6 22/01/2014 18:41:29 7 | CAPTIVE INSURANCE IN THE BAHAMAS The Bahamas Advantage Choice of domicile is often the Between 2010 and 2012, about 40 first and most important question captives (including cell captives) for an insurance company.
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