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:
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.
The type of Class ‘B’ licenses that companies may apply for are:
A "Producer Affiliated Re-insurance Company" is a company that that carries on the business of re-insurance; whose re-insurance business is managed by a primary insurer of the business acceptable to the Commission; and the ultimate beneficial owners of which are the same as those of, or affiliated with, the producer of the business reinsured.
Under the Act insurance intermediaries, including agents, brokers and insurance managers, are required to be licensed.
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 a member of the Group of International Insurance Centre Supervisors (GIICS).