All Companies wishing to do business as an Insurance Company must do so through an IBC, having a Registered Agent and Registered Office. The Act provides for three types of insurance licence's that are required for the formation of offshore insurance corporations. These are:
Class A - general insurance business
Class B - long term insurance business only
Class C - both general and long term insurance business
The minimum capital requirement for Insurance Companies ranges from US$50,000 to US$100.000. At least US$50,000 must be deposited or invested in a manner prescribed by the Minister/ Director. Companies regulated under the Act will have to maintain total capital and surplus and liquidity adequate to its ongoing needs.
APPLYING FOR AN INSURANCE LICENCE
The following information is needed on an application for an insurance licence, irrespective of the particular Class the client may choose.
Under the Act, International Insurance Companies must appoint an auditor and subsequently file semi-annual returns and audited annual reports with the Director of Financial Services, accompanied by an XXX opinion.
Insurance Companies are IBC's and are therefore not subject to any taxes or stamp duties in St. Lucia unless they have elected to be subject to 1% tax on their chargeable income.
There are special provisions maintaining the confidentiality of the information submitted to the Director on application and thereafter protecting the confidentiality of the affairs of the licencee or the affairs of a customer of a licencee. FINCOS will facilitate the formation of International Insurance Companies and will serve as Resident / Agent and will suggest a local Director as required.
FINCOS WILL BE THERE, ASSISTING YOU EVERY STEP OF THE WAY!
Professional Services delivered to procure an Insurance Licence:
Services provided on an annual basis:
In addition to the above an annual management fee can be negotiated for the following services:
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