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St Vincent & the Grenadines

International Insurance Companies

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.

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