International Insurance Companies

An application must be made through a licensed registered agent in the State.

The 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.

The following is required to be accompany the application:

• Non-refundable application fee of US$500.00
  
  
• Audited financial statements or where there are no audited financial statements, unaudited financial statements as at a date no more than 6 months prior to the date of the application
  
  
• A summary of operations
  
  
• Five-year Financial projections
  
  
• Five-year underwriting projections
  
  
• Class I, II. III annual renewal fees -US$3,000.00
  
  
• Class IV, V- US$2,000.00

 

The application process will take 4-6 weeks, provided that all relevant documents are submitted at the time the application is made.