International Insurance

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

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