Overview of International Insurance Department
The inception of the Nevis International Insurance Ordinance 2004, provided insurers and auxiliary service providers the ability to carry on related business from within Nevis.
The pilot ordinance has seen amendments in 2006 and 2009 to further enhance the legislation for all parties involved. Since its launch in November 2004, the Nevis International Insurance product has been constantly growing. At the end of 2012, the jurisdiction had registered over 150 Captives, 28 Reinsurances, 3 General Insurance, 4 Long-Term and 48 Allied Reinsurance businesses. This success comes as a result of our jurisdiction's determination to ensure that there are flexible and progressive provisions, while at the same time maintaining strong regulatory standards.
The key regulatory features of the Nevis International Insurance product are:
- Every registered insurer must have a registered agent or insurance manager resident in Nevis. An Insurance Manager may be non-resident subject to the approval of the Registrar of International Insurance and in this case, the insurance manager must also appoint a registered agent.
- Generally, cash, debt securities, precious metals, irrevocable letters of credit, equities, mutual funds, commercial loans, premiums receivables and reinsurance receivables are considered allowable assets. However, if an insurer wishes to hold assets other than those generally allowed, he must seek guidance from the Registrar of International Insurance.
- Registered insurers holding a General Insurance, Long-Term Insurance or Reinsurance license must submit annual audited accounts. Registered insurers holding a Captive Insurance, Allied Reinsurance or Allied Annuity Insurance license must submit financial statements and tax returns, as filed and accepted by the relevant authority in the country of origin (or where filed); however the Registrar at his/her discretion may request audited financial statements for further analysis of the insurance company’s financial stability.
- An insurer of long-term insurance business must file an actuarial valuation of its assets and liabilities, every three years at the end of its financial year.
- A Registered Insurer licensed as an allied reinsurer cannot issue contracts with the consuming public, or otherwise act as a primary insurer. A Registered Insurer, upon approval from the Registrar, may be allied to a maximum of five (5) primary insurers, provided that it is reinsuring a different line of business from each primary insurer.
- A person registered as an insurance manager or a registered agent or any person acting as an insurance manager or an registered agent shall not directly or indirectly be interested as a shareholder in or a director, officer or employee of any registered insurer for which he acts as manager or registered agent.
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Insurance: Related Downloads
Financial Services Regulatory Commission, Nevis Branch
P.O. Box 689, Main Street
Tel: (869) 469 - 1469
Fax: (869) 469 - 7739