Are Insurance providers from Europe allowed to operate in Barbados under the EPA?

February 09 2012 | Insurance Services

 

Barbados did not undertake any commitments in Life, Accident and Health insurance services.  However, commitments were undertaken in the following insurance sub-sectors:

 

·       Services auxiliary to insurance (except actuarial services)

·       Actuarial services

·       Consultancy , actuarial, risk assessment & claims settlement services

 

Non-Life Insurance Services

• There are no restrictions on EC service providers providing these services to Barbadians temporarily located in the EC; or investing in/ establishing a business in Barbados. 

 

• However, Barbados has not taken a commitment to permit EC service providers to either provide services to Barbadians in Barbados from an EC state; or to permit EC service providers to enter Barbados to provide these services.  Nevertheless, given that there is a commitment to allow EC service providers to invest in/ establish a business in Barbados, there is also a commitment to permit the entry of key personnel and graduate trainees only permitted when these skills are not available locally.

 

Reinsurance & Retrocession

 

• There are no restrictions on EC service providers (i) providing services to Barbadians in Barbados from an EC state (ii) providing services to Barbadians temporarily located in the EC (iii) investing in/ establishing a business in Barbados or (iv) who are EU citizens temporarily entering Barbados to provide these services.

 

Services Auxiliary to Insurance (except actuarial services)

• There are no restrictions on EC service providers providing services to Barbadians temporarily located in the EC. 

 

• EC service providers seeking to invest in/ establish a business in Barbados are subject to a nationality or residency requirement for obtaining a license.  

 

• Barbados has not undertaken a commitment to permit (i) EC service providers to provide these services to Barbadians in Barbados from an EC state; or (ii) EC service providers to enter Barbados to provide these services.  Nevertheless, given that there is a conditional commitment to allow EC service providers to invest in/ establish a business in Barbados, there is a also commitment to permit the entry of key personnel and graduate trainees only when these skills are not available locally.

 

Actuarial Services

• There are no restrictions on EC service providers (i) providing services to Barbadians in Barbados from an EC state; (ii) providing services to Barbadians temporarily located in the EC; or (iii) investing in/ establishing a business in Barbados. 

 

• There is no commitment to allow EC service providers to enter Barbados to provide their services. Nevertheless, given that there is a commitment to allow EC service providers to invest in/ establish a business in Barbados, there is also a commitment to permit the entry of key personnel and graduate trainees only permitted when these skills are not available locally.

 

Consultancy, actuarial, risk assessment and claim settlement services

• There are no restrictions on EC service providers (i) providing services to Barbadians temporarily located in the EC or (ii) investing in/ establishing a business in Barbados.

 

• There is no commitment to allow EC service providers to (i) to provide services to Barbadians in Barbados from an EC state or (ii) who are EC citizens, to enter Barbados to provide their services. Nevertheless, given that there is a commitment to allow EC service providers to invest in/ establish a business in Barbados, there is also a commitment to permit the entry of key personnel and graduate trainees only permitted when these skills are not available locally.