Background - Insurance Corporation of Barbados
The Insurance Corporation of Barbados was set up in March 1978 by an Act of Parliament
(Insurance Corporation of Barbados Act, Chapter 311). It was established as a result of the then Government's
desire to increase the level of local participation in the insurance industry. Prior to 1978, the local
insurance industry was characterised mainly by a network of agencies writing business for overseas insurers,
mainly United Kingdom and Canadian companies.
The Corporation was mandated by the Government to take over the portfolio of the Standing Insurance Committee
(SIC), the body which, up to that time, was responsible for effecting insurance and settling insurance liabilities
incurred by the Crown. At that time, there was a concern about the outflow of insurance premiums to overseas
companies. The Government envisaged that a Barbadian owned and controlled insurance company would help to reduce
this outflow and assist in retaining foreign currency in the economy. The Insurance Corporation of Barbados was
the vehicle by which the Government aimed to achieve this objective. The stated capital of the Corporation is
$3 million all of which is held by the Government of Barbados. The new Insurance Act requires that the capital
be increased to $5 million for composite insurers who are writing general and life (long-term) insurance.
The Company - Insurance Corporation of Barbados Limited
The Insurance Corporation of Barbados Limited is the successor company to Insurance Corporation of Barbados.
Operations of the General Insurance fund were vested in the then new Insurance Corporation of Barbados, which
began to offer general insurance to the public.
On December 6, 2000, the operations of the Insurance Corporation of Barbados were vested in Insurance Corporation
of Barbados Limited through the Insurance Corporation of Barbados (Transfer and Vesting of Assets) Act 2000 of the
Laws of Barbados and the successor company continues to offer all classes of insurance cover offered by its
predecessor as at the date of vesting. These classes of general insurance include motor, property, liability,
accident and sickness, marine, aviation and transit, group life, creditor life, group medical insurance and
pensions and pensions management.
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