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.