Insurance

The Insurance Act covers the licensing and regulation of companies undertaking domestic insurance, offshore and captive insurance and of insurance intermediaries. The types of insurance licenses that may be applied for under the new legislation are:

Domestic Insurance

In order to underwrite domestic insurance risks in Anguilla a company needs to apply for a Class ‘A’ Insurer’s licence, which allows the licensee to carry on any type of insurance approved by the Commission. Foreign companies, wishing to undertake domestic insurance in Anguilla, need to register as a foreign company under the appropriate section of Anguilla’s Companies Act and they must either set up a local office or appoint a licensed insurance agent or broker.

Offshore and Captive Insurance

The type of Class ‘B’ licenses that companies may apply for are:

  • Insurer’s Unrestricted Licence which shall permit a foreign insurer to carry on any foreign insurance business, including long-term foreign insurance business.
  • Insurer’s General Licence which shall permit a foreign insurer to carry on general foreign business, but not long-term foreign insurance business.
  • Insurer’s Association Licence which shall permit a foreign insurer to carry on general foreign insurance business and long-term foreign insurance business, with two or more owners of the insurer, and their affiliates, and to carry on no more than fifty percent (50%) of its foreign insurance business (based on net premiums written) with persons who are not owners of the insurer or their affiliates.
  • Insurer’s Group Licence which shall permit a foreign insurer to carry on any foreign insurance business, including long-term foreign insurance business, with a single owner of that insurer and its affiliates, and employees of the owner or its affiliates.
  • Insurer’s Single Licence which shall permit a foreign insurer or a trust to carry on any foreign insurance business, including long-term foreign insurance business, with the sole owner of the insurer, if a company or with the beneficial owners of the insurer, if a trust.

Intermediaries

Under the Act insurance intermediaries, including agents, brokers and insurance managers, are required to be licensed.

General

The Act sets out the licensing regime, which calls for a detailed application and business plan. The Act also details minimum capital requirements and general requirements as well as annual returns to be submitted by licensed insurers. Every insurer, other than an approved external insurer undertaking domestic business or an insurer, who maintains permanently in Anguilla its principal office and staff, is required to appoint an insurance manager.

No person can undertake insurance business in or from within Anguilla without a licence granted under the Act. It is the duty of the Commission to maintain a general review of insurance practice in Anguilla and to oversee the conduct of persons so licensed.

Application forms and fees and other regulatory matters are to be found in the Insurance Regulations, Insurance (Amendment) Regulations, 2014 and published guidance notes.

***Anguilla is an observer of the Group of International Insurance Centre Supervisors (GIICS).

Contact Information

Anguilla Financial Services Commission
MAICO Building, P.O. Box 1575, The Valley
Phone: +1 264 497 5881
Fax: +1 264 497 5872
Email: info@afsc.ai