ST. VINCENT & THE GRENADINES

OFFSHORE INCORPORATION SERVICES

INSURANCE COMPANIES IN
ST. VINCENT & THE GRENADINES

INSURANCE SECTOR
The International Insurance sector has been identified as an excellent growth area.

The present insurance regime offers a great deal of flexibility to insurers wishing to conduct international insurance business.

The sector is regulated by the International Insurance (Amendment and Consolidation) Act 1998 which came into effect on December 15, 1998 and, the International Insurance Regulations gazetted on June 22, 1999. Together these legislations set the legal framework for the high quality of regulatory and administrative processes necessary to foster and maintain market participation, transparency and confidence.

Under the new regime insurers have, a choice of five classes of international insurance companies is available. This flexibility is designed to accommodate both the largest and the smallest insurance enterprises and allows for a diverse range of activity:

Class I – unrestricted - insurers can carry on any international insurance business, including long term;

Class II – General - Insurers can carry on general but not long-term international insurance business;

Class III – Association - insurers can carry on general and long-term international insurance business with two or more owners of the insurer and/or their affiliates, and up to 30% of business with persons who are not owners of the insurer or their affiliates;

Class IV – Group - insurer can carry on general and/or long term international insurance business with one owner, its affiliates, and employees;

Class V – Single - insurer may carry on any international insurance business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.

There are individual capital requirements for each class; higher requirements for higher risk firms. At the application stage, the firms themselves are allowed to state a class of business and to make their own specific assessment of the overall level of financial resources they would need to meet their liability.

Every single form that needs to be filed at the application stage and during the life of the licensee is exhibited in the Regulations along with all the relevant fees. This clearly allows for the simplification of the application process and further enhances the administrative process during the life of the licensed entity.

Should you be interested in incorporating an Offshore Insurance Company in St. Vincent & the Grenadines, please contact us for further quote.

OFFSHORE INCORPORATION SERVICES
COMPANY FORMATION & MANAGEMENT SERVICES
TAX PLANNING AND ASSET PROTECTION SOLUTIONS
INTERNATIONAL BUSINESS COMPANIES
HOLDING COMPANIES
PRIVATE LIMITED COMPANIES
LIMITED LIABILITY COMPANIES
LIMITED LIABILITY PARTNERSHIPS
TRUSTS
PRIVATE & FAMILY FOUNDATIONS
BANK FORMATION
PANAMANIAN LICENSED FINANCIAL CORPORATIONS
NEW ZEALAND OFFSHORE FINANCIAL INSTITUTIONS
SECURE & CONFIDENTIAL NOMINEE STRUCTURES
INCORPORATION IN EUROPE AND
MAJOR INTERNATIONAL OFFSHORE CENTRES
OFFSHORE BANKING
WORLDWIDE FULL SERVICED VIRTUAL OFFICES

FREE CONSULTANCY

info@eurofinanzza.com