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.
