St. Kitts Nevis Coat-of-Arms

Insurance

St. Kitts Nevis Coat of Arms

How to Apply

It is essential that all prospective applicants familiarize themselves with the relevant local insurance laws, regulations, rules and codes, including the anti money laundering requirements, before applying for a license to become a registered insurer in Nevis’ jurisdiction. An international insurer applicant should contact one of the licensed insurance managers in Nevis to discuss any management requirements. Please be aware that the Financial Services Department is unable to make any recommendations in this respect.

It is recommended that prospective applicants contact the Department at the earliest possible opportunity to discuss their outline proposals.

Should a prospective applicant wish to proceed with a formal application for licensing, a completed application form, together with the relevant fees and all necessary documentation, should be submitted to the Department for processing.

The required documents are as follows:

In order to apply for a registered insurer, registered Insurance Manager or registered agent’s license there following must be submitted to the Nevis Financial Services Department:

  • Completed Application form –
  • Completed Personal Questionnaire Form (Form 2) (all directors and shareholders, managers and officers) At least 2 directors is required – Section 28 of the Ordinance
  • Completed Insurance Manager Undertaking Form (Form 6) (all beneficial owners of the entity to be registered)
  • Application fee
  • Due diligence documentation must be submitted with the application for each control person (directors/ shareholders/managers/officers) who have completed a Form 2, this includes:
    • Notarized passport declaration pages or government issued photo ID
    • Utility bill confirming address (dated within 6 months of application date)
    • 2 references: 1 professional reference (from accountant, lawyer, or administrator etc), 1 bank reference (on company stationery) attesting to good standing of individual
    • Police record (preferred) and/ or notarized criminal history declaration form or affidavit
    • Curriculum vitae for each control person (directors, manager, officers). For each director it is preferred that skill and expertise along with professional qualifications be highlighted.
    • Annual accounts for 2 years preceding year of application, of each shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, together with similar accounts for the parent body, if any, of each such body corporate.
  • Business plan must be submitted with application
  • Financial projections (3-5 yrs minimum) including Pro Forma Income Statement, Balance Sheet and Cash Flow Statement
  • Documents by which the body corporate is to be constituted such as Articles of Incorporation, Memorandum of Association, Articles of Association, By-laws etc. If not yet incorporated attach the proposed documentation.
  • Insurance Manager/ Registered Agent Agreement (ALLIED REINSURANCE AND ALLIED ANNITY).
  • A list of all insurers whom the applicant is, or will be engaged to act as manager or consultant (INSURANCE MANAGER/ REGISTERED AGENT)
  • External Due Diligence Fee of US 1200 per non national control person (INSURANCE MANAGER/ REGISTERED AGENT)
  • An undertaking from company management that risks and premiums will only be assumed from named and approved primary company; (ALLIED REINSURANCE)
  • Specimen Contracts indicating (i) the annual maximum frequency and amount of contribution; and (ii) maturity (ALLIED REINSURANCE)
  • Registration fee is required to be paid before the applicant receives the license.

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Contact Information

The Nevis Financial Services (Regulation and Supervision) Department will be hosting its Annual AML/CFT Awareness Seminar and Training Workshop on Monday, March 06 and Tuesday, March 07, 2017 at the prestigious Four Seasons Resort under the theme, "Increasing Awareness through Smarter Compliance - Forging New Connections to Combat Financial Crime."
 

For further information, please contact the Financial Services Department at 469-1469 or via email at This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Financial Services Regulatory Commission, Nevis Branch

P.O. Box 689, Main Street
Charlestown, Nevis
West Indies

Tel: (869) 469 - 1469
Fax: (869) 469 - 7739
Email:This email address is being protected from spambots. You need JavaScript enabled to view it. (Companies Registry and General Enquiries)

Email: This email address is being protected from spambots. You need JavaScript enabled to view it. (Compliance Division)

Email: This email address is being protected from spambots. You need JavaScript enabled to view it. (International Insurance Division)

Email: This email address is being protected from spambots. You need JavaScript enabled to view it. (International Banking Division)

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