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The Act determines a number of
requirements for licensed insurers.
The most important being:
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The Insurers are required to undertake domestic business to maintain
certain realizable investments. |
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The requirement for all insurers to issue
an annual certificate of compliance to the effect that it is undertaking
business in conformity with its approved business plan and license. |
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It is required to prepare annual accounts
and being audited by an independent auditor approved by the FSC. However
the FSC may exempt a licensee from this requirement or from part of this
requirement. |
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The requirement for certain insurers
undertaking long-term business should submit an actuarial valuation on
its assets and liabilities. |
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The requirement for certain insurers to
keep separate accounts covering general and long term insurance. |
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The requirement for all
class B Licensed insurers to appoint an
insurance manager, who has, or has accessible, the necessary insurance
manager expertise. |
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The requirement for all insurers to keep
proper books and records in Anguilla and to have a principal
representative within Anguilla. |
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The requirement for all insurers should
maintain a solvency margin determined by the FSC. |
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It is
noted that there is no statutory requirement for insurers to have:
A local director
A local auditor
A local lawyer
A local bank account
In conjunction with the Financial Services Commission Act, passed in
2003, the Financial Services Commission has the powers of examination of
licensees, of enforcement, including suspension and withdrawal of a
license, also the ability to exchange information with other regulatory
bodies subject to certain checks and conditions.
An addition to the Act is a section on protected premium accounts.
This deals with the protection of premiums paid by an insured to an
insurance company from being challenged by creditors unless the payment
of such premiums was made with the intent to defraud the creditor. This
section also protects the insurer from action against insurance premiums
paid to it, providing it maintains such premium accounts separate from
every other account.
A further section applies to annuities and contracts of insurance on
human life and gives certain protection on payments and proceeds of
policies made by the insurance company to an insured or beneficiary of a
policy.
A number of Regulations covering application
forms, fees and statutory returns have already been issued also Code of
Conduct Notes on the following issues:
Licensing
Management Controls and Corporate
Governance
Asset and Liability Strategy and Controls
Market Conduct
Role of Insurance Managers
Records
Reinsurance
Further details including the ability to download the new Act and the
Regulations/Code of Conduct Notes passed to date are to be found on the
Commissions website:
http://www.fsc.org.ai
In consultation, with the Anguilla Financial Services Commission
complimented by our internal expertise, Caribbean Management Services
Ltd. (CMS) as an Overseas Agent will be pleased to respond to any questions pertaining to the
Anguilla Insurance Act and Policies of current.
Contact our offices for a consultation:
Caribbean Management Services Ltd. (CMS)
Managing Director
Post Office Box 950, The Valley
Anguilla, British West Indies
Phone: +1 264-498-5858
Fax: +1 264-497-5504
E-mail: mgrdir@cmservicesltd.com
mgrdir@yahoo.com
Website www.cmservicesltd.com
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