(ICCs). The ICC is an incorporated entity comprised of a core and any number of separate incorporated entities, called ‘cells’. Each cell of an ICC has separate legal personality, as does the ICC itself.
The purpose of the ICC is to permit companies carrying on financial service activities, such as banking, insurance, and mutual fund activity to segregate assets and liabilities, thereby providing absolute protection of incorporated cell assets from the claims of creditors of the ICC itself or other cells within the ICC. The ICC also permits the formation of a corporate group structure with lower administration costs than conventional stand-alone companies. The ICC is particularly useful in the captive insurance context.
The introduction of ICC legislation will cement Barbados’ position as a leading domicile for captive insurance and increase Barbados’ attractiveness as a hub for international business.