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.
Insurance Managers, Agents & Brokers are required to apply for a certificate of authority under Section 30 of the Act.
The application shall; be made to the Authority in the form prescribed in the regulations and accompanied by the prescribed non-refundable application fee of US$500.00.
The Application processing time is between 4 – 6 weeks to facilitate the undertaking of due diligence checks and analyses
About the legal requirements and benefits of the six (6) types of international business entities that exist under SVG IFS?
© 2020-21 Financial Services Authority of St. Vincent & The Grenadines All rights reserved.