Barbados in 1983 introduced captive insurance as a logical progression in the development of its various available pieces of financial services legislation. The legislation in 1983 was an attempt to embody statutory features, which were as attractive and more marketable than those that existed in other jurisdictions and in particular the jurisdictions of Bermuda, the Bahamas and the Cayman Islands.
Lawyers describe the past year as "challenging" and the market as
"stagnant," with one noting that "the Barbados' economy is still in the
doldrums". The country was hit hard by the global crisis and has yet to
fully recover, according to a notice released by the International
Monetary Fund (IMF) in December 2011....