Anguilla insurance company

Anguilla insurance license

Insurance business is defined in the usual way as either a long-term business or general business. The long-term business is issuing annuities, life insurance, or insuring against accidents. General business is engaging in insurance business other than long-term business but under the new Act also specifically includes issuing credit life insurance or employees´group life insurance.

Class “A” licenses are issued to domestic insurers and Class “B” licenses to foreign insurers. Class “A” allows the holder carry on insurance business including domestic insurance business in or from within Anguilla.

There are five Class “B” licenses available for foreign insurance business:

  • Unrestricted Licenses: to carry on foreign insurance business including long term.
  • General Licenses: to carry on general foreign insurance business, but not long-term.
  • Association Licenses: to carry on general and long-term foreign insurance business with two or more owners of the insurer, and its affiliates, and to carry on more than 30% of its foreign insurance business (based on net premiums written) or 100% of its reinsurance business with persons who are not owners of the insurer or its affiliates.
  • Group Licenses: to carry on any foreign insurance business, including long-term foreign insurance business, with a single owner of that insurer and its affiliated and employees of the owner or its affiliates.
  • Single Licenses: to carry on any foreign insurance business including long-term insurance business, with the sole owner of the insurer, if a company.

The Act provides comprehensive protection for the insured by allowing premiums to be placed in protected premium accounts. There are also additional provisions protecting the proceeds of an insurances policy from the creditors for the policy holder or the insured.

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