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Samoa islands for insurance companies
The Samoa offshore insurance legislation provides an attractive but supervised environment for the establishment and operation of international insurance activities including captive insurance and reinsurance companies. The International Insurance Act 1988 controls the registration of offshore insurance companies. Offshore insurance business is defined as any insurance business where each of the insured, the policy beneficiary and the owner of the policy are not domiciled nor ordinarily resident in Samoa. Only an international company or a foreign company registered under the International Companies Act 1987 may be authorised to carry on offshore insurance business. A registered insurer is not permitted to carry out any insurance business other than offshore insurance business. An insurer registered under the International Insurance Act 1988 is exempt from any form of taxation and duty or exchange control in Samoa.
Financial Requirements
Under the legislation an insurer may apply for registration as a registered insurer for any one of four categories of clearly defined insurance business.
Minimum capitalisation requirements are set down for each category of insurance business as follows:
Registered insurers carrying on general or long term insurance business are required to maintain a margin of solvency variable with the category of insurance business undertaken. A captive insurance or re-insurance company is not required to maintain a margin of solvency other than an amount equal to its designated minimum paid up capital. A registered insurer must file audited annual accounts with the Registrar. Registered insurers are subject to the supervision of the Registrar of International Insurance who is appointed by the Minister of Finance.
Management
A registered insurer may obtain permission to maintain a permanent establishment in Samoa and to employ its own management there provided that such personnel have adequate knowledge and experience of the insurance business to be carried on. Otherwise a registered insurer must appoint an insurance manager in Samoa who is registered under the Act. In order to register as an insurance manager a company must be able to satisfy the Registrar of International Insurance that it has engaged suitable persons who have adequate knowledge and expertise to provide insurance management services in Samoa.