Insurance Act covers the licensing and regulation of
companies undertaking domestic insurance, offshore and captive insurance and
of insurance intermediaries. The types of insurance licences 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.
Offshore and Captive Insurance
The type of Class ‘B’ licences that companies may apply for
- 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
- 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 thirty percent (30%) 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
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 and Guidance Notes.
Anguilla is an observer of the Offshore Group of Insurance Supervisors
The Anguilla Financial Services Commission is pleased to announce that it was inducted as a full member of the International Association of Insurance Supervisors (IAIS)
in October 2007.
Responsibilities of Insurance Managers
Minimum Margin of Solvency