The procedure for registering an insurance company in St. Vincent & the Grenadines begins with the formation of an International Business Company (IBC). This company is then used as the vehicle for the application for a license to operate an insurance company.
Following the formation of the IBC, we will submit your application, using the application form provided by the International Financial Services Authority (IFSA). This form may be found in a copy of the Insurance Regulations that we can provide for you. Alternatively, you may download it from this web site. The Commissioner of Insurance in the office of the International Financial Services Authority (IFSA) has the responsibility to review your documents for completeness and compliance. The results will be submitted to the Board of Directors of the OFA for approval or disapproval.
Your company may choose to operate from an office in St. Vincent. Rental of office space is lower than in the United States and Europe and staff salaries are in the range of US$500.00 - $550.00 per month. Rental of telephone lines is US$15.00 per month. Although directors may reside in the United States or Europe, you may require a local manager to supervise the operations of the company.
Classes of Insurance Licenses
A. Class I Unrestricted License permits the insurer to carry on any international insurance business, including long-term international insurance business.
B. Class II General License permits the insurer to carry on general international insurance business, but not long-term international insurance business.
C. Class III Association License permits the insurer to carry on general international insurance business and long-term international insurance business, with two or more owners of the insurer, and their affiliates, and to carry on no more than thirty percent (30%) of its international insurance business (based on net premiums written) with persons who are not owners of the insurer or their affiliates
D. Class IV Group License permits the insurer to carry on any international insurance business, including long-term international business, with a single owner or that insurer and its affiliates, and employees of the owner or its affiliates.
E. Class V Single License permits the insurer to carry on any international insurance business, including long-term international business, including long-term international business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.
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