This section provides links to relevant laws, regulations, instructions, rules, codes, guidance and other documents that govern the Nevis International Insurance Department.
The legislations hereunder provide the supervisory framework for the supervision and regulation of International insurance companies. The Nevis International Insurance division is governed by the Nevis International Insurance Ordinance 2004 as amended. In keeping with good governance and regulations, registered insurance companies must abide with the Nevis Business Corporations and follow the rules set out by the NIIO 2004, as amended.
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.
Insurance: Related Downloads
Financial Services Regulatory Commission, Nevis Branch
P.O. Box 689, Main Street
Tel: (869) 469 - 1469
Fax: (869) 469 - 7739