The Government of The Bahamas has taken steps to bolster its financial services sector through the enhancement of legislation pertinent to international products that are in high demand. This is evidenced by the introduction of the External Insurance Act, 2009 (“EIA, 2009”), which came into force on August 19, 2009 followed by its accompanying regulations.
Nadia Taylor and Colin Jupp of Law Firm Higgs & Johnson provide an update on the legislative architecture for the sector. It is an update of a previously posted article and also appeared on Complinet (a Thomson Reuters Business) today.
Part I of this article introduces readers to the EIA, 2009 and its accompanying regulations where relevant. Part II highlights some of the benefits of conducting external insurance business in or from within The Bahamas.