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ABOUT ANGUILLA INSURANCE COMPANIES LICENSES
Class “A”
License
Permits a local or external
insurer to carry on all forms of insurance business, including domestic
business. An external insurer is defined as an insurer licensed in
another jurisdiction, wishing to underwrite domestic insurance in
Anguilla.
Class “B” License
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Represents an unrestricted license, permitting a foreign insurer to
carry on any foreign insurance, including long term insurance. |
Class “B
General” License
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Permits a foreign insurer to undertake general foreign insurance only. |
Class “B
Association” License
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Permits a foreign insurer to undertake general and long term insurance
with two or more owners of the insurer and its affiliates, and to carry
on up to 30% of its foreign insurance business (based on net premiums)
or 100% of reinsurance business with persons who are not owners of the
owner. |
Class “B
Group” License
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Permits a foreign insurer to carry on general and long term insurance
with a single owner of the insurer and its affiliates. |
Class “B
Single” License
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Permits a foreign insurer to carry on general and long-term business
with the sole owner of the insurer. |
Additionally, The Act determines, a number of minimum levels of capital
for each of the above licenses. The Act also allows, with the approval
of the Financial Services Commission (FSC) the shares of a licensed
insurer to be owned by trustees of a trust.
However any share of a licensed insurer may not be held, issued or
transferred without the approval of the FSC.
There are certain exceptions for insurers publicly traded on a stock
exchange approved by the FSC.
A licensee, who is a company, must have a minimum of two directors and
the appointment of all directors and senior officers must have the prior
approval of the Financial Services Commission. |
