The establishment of a large number of insurance firms in the Bahamas has been encouraged by a 1970 law that permits companies to conduct part or all of their business out of the country while still benefiting from local tax advantages. The government is encouraging the formation of "captive" insurance companies, created to insure or reinsure the risks of offshore companies. In 1997, there were approximately 30 captive insurers in the Bahamas. Supervisory jurisdiction is provided by the Ministry of Finance, Registrar of Insurance Companies.
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