International Insurance Companies
International Insurance Companies
The flexibility of the insurance regime means that companies of varying sizes may undertake a diverse range of activities. The Saint Vincent and the Grenadines International Insurance Act permits five (5) classes of international insurance companies, namely:
- Class I- Unrestricted
Insurers can carry on any international insurance business, including long term insurance.
- Class II -General
Insurers can carry on general but not long term international insurance business.
- Class III- Association
Insurers can carry on general and long term international insurance business with two or more owners of the insurer and/or their affiliates, and up to 30% of business with persons who are not owners of the insurer or their affiliate.
- Class IV – Group
Insurers can carry on general and/or long term international insurance business with one owner, its affiliates and employees.
- Class V- Single
Insurers may carry on international insurance business with the sole owner of the insurer, in the case of a company, or with the beneficial owners of the insurer, in the case of a trust.
The Capital requirements vary by class with higher requirements for higher risk firms.
What about applications to be int’l insurance brokers, managers?
The application process will take 4-6 weeks, provided that all relevant documents are submitted at the time the application is made.
Related Forms
Application for Insurance Adjuster
Application for Insurance Agents
Application for Insurance Brokers
Application for Insurance Sales Representative
Personal Questionnaire for Insurance Intermediaries
Competency Standards For Insurance Intermediaries
Guidance Note on the Role of the Principal Representative
Guidelines for Insurance Intermediaries
Guidelines on the Establishment and maintenance of Insurance Funds by Insurers
