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
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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.
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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
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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)
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There are no restrictions on EC service providers providing services to Barbadians temporarily located in the EC.
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EC service providers seeking to invest in/ establish a business in Barbados are subject to a nationality or residency requirement for obtaining a license.
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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
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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.
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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
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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.
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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.
Insurance Services
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A Barbadian services provider can provide insurance and insurance related services from here to a consumer in the EC. This access is subject to the following conditions in the following countries:
Austria, Belgium, Czech Republic, Denmark, Spain, Finland, France, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Poland, Portugal, Romania, Slovakia, Sweden, Slovenia & United Kingdom: No commitment for direct insurance services except for insurance risk relating to: (i) Maritime shipping and commercial aviation and space & freight (including satellite), with such insurance to cover any or all of the following goods being transported, the vehicle transporting the goods and any liability arising there from; and (ii) goods in transit.
In Austria, promotional activity and intermediation on behalf of a subsidiary not established in the Community or of a branch not established in Austria (except for reinsurance and retrocession) are prohibited. Compulsory air insurance, except for insurance of international commercial air transport, can be underwritten only by a company established in the Community or by a branch established in Austria.
A higher premium tax is due for insurance contracts (except for contracts on reinsurance and retrocession) which are written by a subsidiary not established in the Community or by a branch not established in Austria. Exception from higher tax can be granted.
In Denmark, compulsory air transport can only be underwritten by firms established in the Community. No persons or companies may for business purposes in Denmark assist in effecting direct insurance for persons resident in Denmark, for Danish ships or property in Denmark, other than insurance companies licensed by Danish law or by Danish competent authorities.
Bulgaria has made no commitment for direct insurance, except for services supplied by foreign suppliers to foreign persons in the territory of the Republic of Bulgaria. Transport insurance, covering goods, insurance vehicles as such, and liability insurance regarding risks located in the Republic of Bulgaria may not be underwritten by a foreign insurance company directly. A foreign insurance company can conclude insurance contracts only through a branch. Activities related to deposit insurance and similar compensation schemes, as well as mandatory insurance schemes can also be undertaken.
In Spain, for actuarial services, residency is required in addition to three years of relevant work experience.
Romania stipulates that reinsurance on the international market is allowed only if the reinsured risk cannot be placed on the domestic market.
In Portugal, air and maritime transport insurance, covering goods, aircraft, hull and liability can be underwritten only by firms established in the EC. Only persons or companies established in the EC may act as intermediaries for such insurance businesses in Portugal.
In France, insurance of risks relating to ground transport may be carried out only by insurance firms established in the Community.
In Germany, compulsory air insurance policies can be underwritten only by a subsidiary established in the Community or by a branch established in Germany. If a foreign insurance company has established a branch in Germany, it may conclude insurance contracts in Germany relating to international transport only through the branch established in Germany
Bulgaria, Latvia, Lithuania & Poland: These countries have made no commitments with respect to insurance intermediation.
Cyprus, Latvia & Malta: These countries have made no commitments in direct insurance services except for insurance risks relating to: (i) Maritime shipping and commercial aviation and space & freight (including satellite), with such insurance to cover any or all of the goods being transported, the vehicle transporting the goods and any liability arising there from; and (ii) goods in transit.
Finland: Only insurers having their head office in the EC or having their branch in Finland may offer direct insurance (including co-insurance) services. The supply of insurance brokerage services is subject to a permanent place of business in the EC.
Hungary: The supply of direct insurance in the territory of Hungary by insurance companies not established in the EC is allowed only through a branch office registered in Hungary.
Italy: No commitment was made for the actuarial profession. Transport insurance covering goods, insurance of vehicles and liability insurance regarding risks located in Italy may be underwritten only by insurance companies established in the Community. This reservation does not apply for international transport involving imports from Italy.
Sweden: The supply of direct insurance is allowed only through an insurance service supplier authorized in Sweden, provided that the foreign service supplier and the Swedish insurance company belong to the same group of companies or have an agreement of cooperation between them.
Insurance Services
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The answer to this question is dependent on the level of staffing you want to send to Europe. The senior staff of a Barbadian entity responsible for setting up the business may remain for ninety (90) days during any 12-month period.
Key personnel (described under the EPA as managers and specialists) are allowed to remain in EC countries for up to three years. And if you are planning on sending graduate trainees to the EC, they may remain for one year.
If you plan on opening an Insurance Services firm in Austria, the management of a branch office must be staffed by two residents of Austria. In Estonia, for direct insurance, the management body of an insurance joint-stock company with foreign capital participation may include citizens of Barbados only in proportion to the foreign participation and not more than half of the members of the management group. The head of the management of a subsidiary or an independent company must permanently reside in Estonia.
Spain requires that personnel are required to be residents and possess three years of experience in the acturial profession.
In Italy, there is a residency requirement for those engaged in the actuarial profession and in Finland, the managing directors, and at least one auditor of an insurance company shall have their place of residence in the EC, unless the competent authorities have granted an exemption. The general agent of the foreign insurance company shall have his place of residence in Finland, unless the company has its head office in the EC.
Insurance Services
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