Bridgetown
22 June 2017
Reporter: Becky Butcher

OECD ranks Barbados as 'largely compliant'


Barbados has been recognised by the Organisation for Economic Co-operation and Development’s (OCED) Global Forum as being “largely compliant” during 2016.

The OECD rewarded Barbados with the ranking for being a “transparent and highly cooperative jurisdiction”.

Other domiciles received the same recognition including Austria, Germany, Hong Kong, the Netherlands, UK and US.

In addition, Barbados recorded a net addition of 11 captive insurance entities for the fiscal year ending March 2017, raising its total from 235 captives in 2015/16 to 246 captives in 2016/17.

Of the 246 captives domiciled in Barbados, approximately 81 percent originate from either Canada or the US.

Senator Darcy Boyce, minister in the office of the Prime Minister with responsibility for energy, immigration, telecommunication and Invest Barbados, said: "As evidenced by the steady growth in new captive insurance registrations, it is clear that Barbados retains its status as a preferred jurisdiction in which to conduct international business."

"The reasons for such growth are clear. Barbados has long been recognised for its network of double taxation agreements, transparency, strong regulatory environment, forward thinking legislation, world-class infrastructure, a well-educated labour force and its ability to foster international trade."

More Industry news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Advantage opens Vermont office
18 January 2018 | Vermont | Reporter: Ned Holmes
Advantage Insurance has opened a new office in Vermont to support its growing captive insurance services business
Tennessee captive premiums exceed $1 billion in 2017
18 January 2018 | Nashville | Reporter: Ned Holmes
Tennessee-domiciled captive insurance companies exceeded $1 billion in written premiums in 2017 for the first time, according to year-end figures from TDCI
National Interstate establishes group captive
17 January 2018 | Ohio | Reporter: Ned Holmes
National Interstate Insurance has launched TowCap Premier, a group rental captive, designed exclusively for the towing and recovery industry
Martin & Company opens EB division
16 January 2018 | Philadelphia | Reporter: Ned Holmes
Martin & Company has established an employee benefits consulting division and expanded its life, accident and health department
Utah sees 63 new captive formations in 2017
15 January 2018 | Salt Lake City | Reporter: Ned Holmes
The Utah Insurance Department licensed 60 new full captive insurance companies in 2017, in comparison to the 68 that it licensed in 2016
R&Q sells captive operations
15 January 2018 | London | Reporter: Ned Holmes
R&Q has sold its insurance services and captive management operations to Davies Group, a UK-based operations management, consultancy and digital solutions provider
Conyers welcomes new COO
11 January 2018 | Bermuda | Reporter: Ned Holmes
Paul Naylor has been appointed as the new COO for international law firm Conyers Dill & Pearman