Geneva Insurance Group is comprised of a group of licensed life insurance companies offering Private Placement Life Insurance policies. We underwrite those policies via two insurance companies: one of which has made an election under the US Internal Revenue Code §953(d) election and the other which is classified as a non-§953(d) company utilized for policy structures with non-US assets and investments. Both companies are licensed as Class 2 Long Term Insurers in Barbados.
Barbados has an expanding international tax treaty network. To date there are 40 double tax treaties which have been concluded including Switzerland, USA, Canada, China and Mexico. The Geneva Insurance Group companies are regulated by the Barbados Financial Services Commission.
The Companies Act of Barbados
Assets held within each policy are secured by The Companies Act of Barbados which protects the assets held in each policy’s Separate Managed Account. In broad terms, the client’s assets are kept independent from all other policyholders and the general account of the Company. Separate Manage Account assets are protected from any liability arising from any other business of the company.
Our US compliant products, for example, adhere to the Internal Revenue Code of the United States (§72 for Annuities and §7702 for Life Insurance). Other products adhere to local statutory requirements on a market-by-market basis. Our insurance contracts are written to a very strict compliance standard.