REVISED REGULATIONS OF ANGUILLA

under

INSURANCE ACT

R.S.A. c. I16

Showing the Law as at 15 December 2004

Regulation Citation Page

INSURANCE REGULATIONS

R.R.A. I16-1 3

Revises: R.A. 29/2004, in force 15 October 2004 (15/12/2004)

Published by Authority

Printed in

The Attorney General’s Chambers

ANGUILLA

 

A

NGUILLA

REVISED REGULATIONS OF ANGUILLA

under

INSURANCE ACT

R.S.A. c. I16

Showing the Law as at 15 December 2004

Regulation Citation Page

INSURANCE REGULATIONS

R.R.A. I16-1 3

Revises: R.A. 29/2004, in force 15 October 2004 (15/12/2004)

Published by Authority

Printed in

The Attorney General’s Chambers

ANGUILLA

©

All rights reserved. No part of this publication may be reproduced in any form or by any means (including

photocopying) without the written permission of the Government of Anguilla except as permitted by the

Copyright Act or under the terms of a licence from the Government of Anguilla.

R.S.A. c. 16

Government of AnguillaInsurance Regulations R.R.A.I16-1

15/12/2004 3

Revised Regulations of Anguilla: I16-1

INSURANCE ACT (R.S.A. c. I16)

INSURANCE REGULATIONS

Note: These Regulations are enabled under section 2

1 of the Insurance Act, R.S.A. c. I16.

Interpretation

1.

“Act” means the Insurance Act;

“Commission” has the same meaning as in the Financial Services Commission Act;

“licensee” has the same meaning as in the Insurance Act;

“$” means the currency of the United States of America.

In these Regulations—

Application for an insurance licence

2.

follows—

Class ‘A’ Insurer’s licence Schedule 1

Class ‘B’ Insurer’s licence Schedule 2

Insurance Agent’s or Broker’s licence Schedule 3

Insurance Manager’s licence Schedule 4

Information in support of an Application Schedule 5.

An application for an insurance licence under section 5(1) of the Act shall be in the form as set out as

Fees

3.

Schedule 6.

The payment of fees and late payment penalties for the various insurance licences are prescribed in

Approval for the issue or transfer of shares and other interests

4.

transfer or disposal of shares or other interests shall make an application for such approval in the form set out in

Schedule 7.

Every licensee seeking the approval of the Commission under section 12 of the Act for the issue,

Approval of Directors

5.

of a director or other senior officer shall make an application in the form set out in Schedule 8.

Every licensee seeking the approval of the Commission under section 13 of the Act for the appointment

Citation

6.

I16-1.

___________

R.R.A.I16-1

These Regulations may be cited as the Insurance Regulations, Revised Regulations of AnguillaInsurance Regulations R.S.A. c. 16

4 15/12/2004

SCHEDULE 1

(Section 2)

Anguilla

INSURANCE ACT

(Section 5 (1))

APPLICATION FOR A CLASS ‘A’ INSURER’S LICENCE IN ANGUILLA

Notes

Complete all sections giving reasons for non-compliance, if any, and attaching supplementary sheets where

appropriate.

Completed forms should be submitted to:—

FINANCIAL SERVICES COMMISSION

P O BOX 1575

THE VALLEY

ANGUILLA

Tel: 1 264 497 5881

Fax: 1 264 497 5872

And be accompanied by a non-refundable Application Fee of US$500

_____________________________________________________________

1. Name or proposed name of applicant.

2. Address of:

a) Registered Office in Anguilla….…………………………………………………….

b) Principal Office………………………………………………………………………

c) Head Office…………………………………………………………………………..

3. List all names (including any previous names) addresses and nationalities of all beneficial shareholders and

ultimate beneficial shareholders, together with the number and class of shares (to be) held directly or on

their behalf (large publicly held corporations need only list those beneficial shareholders owning over 25%

of their shares).

In those cases where shares are beneficially owned by a corporate body or bodies or the company is part of

a group, the chain of connection (group organization chart showing all associated and affiliated companies)

to the ultimate beneficial owners must be shown.

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 5

4. Name and address of one person resident in Anguilla who is authorized to accept service of process in legal

proceedings and notices on behalf of the applicant and who is proposed for approval under section 8(3) of

the Act.

5. In the case of external insurers:

a) Branch applicants must provide written confirmation that their head office accepts full responsibility

for all policies and contracts issued by the branch and also for all acts, omissions and liabilities of the

branch.

b) Where the applicant is a subsidiary company state whether the parent company will provide a

guarantee in respect of all policies and contracts issued by the subsidiary and also for all acts,

omissions and liabilities of the subsidiary.

6. State whether the insurance business being, or proposed to be, transacted is ‘general’ or ‘long term’ or both.

(As defined in section 1 of the Act)

7. In respect of general domestic business state the applicant’s policy regarding availability of funds for

prompt settlement of normal claims.

8. In respect of long-term domestic business state the applicant’s policy regarding investment of annual

premium income.

9. List all insurance agents and insurance brokers, if any, in Anguilla, who have or are to have the applicant’s

underwriting authority to accept domestic business on its behalf.

10. Provide the latest audited financial statements of the immediate parent, and, if applicable, the consolidated

accounts of the group.

11. Attach a written undertaking stating the issued capital of the applicant, if not an external insurer.

12. Provide a list of all directors, officers, managers and administrators showing their respective positions with

the insurer; together with each person’s curriculum vitae.

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

6 15/12/2004

13. Attach evidence of the auditor’s acceptance of their appointment or their willingness to act.

14. For long-term business please give the name and address of the appointed actuary and attach evidence of

their willingness to act.

15. Have any of the parties connected with this application ever applied, either individually or in conjunction

with others, for authority to transact insurance business in any other jurisdiction and such application has

been refused? If so please give details.

16. For external insurers, please provide a copy of the licence or registration from the home supervisory

authority.

17. Attach a business plan detailing how the applicant will conduct and administer its insurance business in

Anguilla and the levels and types of business it intends to undertake.

18. For new companies, to what date will the company make up its first set of audited accounts, and what date

will it use annually thereafter?

19. All beneficial owners, directors, and controllers of the applicant may be required by the Commission to

complete and submit with this application Schedule 5 of the Regulations (Information in support of an

application).

Application is accordingly hereby made for the licence specified above and it is certified that all the particulars

contained in the Application and in the documents accompanying it or otherwise furnished in the support hereof

are true and correct and that any change to the information submitted will be communicated to the Financial

Services Commision forthwith.

Dated this ………………… day of ……………………………….., 20……… .

……………………………..

Name of Applicant

By its Director/Secretary or other duly authorized person

Signed …………………………………

___________

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 7

SCHEDULE 2

(Section 2)

Anguilla

INSURANCE ACT

(Section 5(1))

APPLICATION FOR A CLASS ‘B’ INSURER’S LICENCE IN ANGUILLA

Notes

Complete all sections giving reasons for non-compliance, if any, and attaching supplementary sheets where

appropriate.

Completed forms should be submitted to:—

FINANCIAL SERVICES COMMISSION

P.O.BOX 1575

THE VALLEY

ANGUILLA

Tel: 1 264 497 5881

Fax: 1 264 497 5872

And be accompanied by a non-refundable Application Fee of US$500

_____________________________________________________________

1. Name or proposed name of applicant.

2. Address of:

(a) Registered Office…………………………………………………………………………………..

(b) Principal Office……………………………………………………………………………………

3. Address in Anguilla where full business records will be kept.

4. State which class of “B” licence is being applied for. Please refer to section 3 (1)(b) to (f) of the Act.

5. State whether the insurance business being, or proposed to be, transacted is ‘general’ or ‘long-term’ or

both. (As defined in section 1 of the Act).

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

8 15/12/2004

6. List all names (including any previous names) addresses and nationalities of all beneficial shareholders and

ultimate beneficial shareholders, together with the number and class of shares (to be) held directly or on

their behalf (largely publicly held corporations need only list those beneficial shareholders owning over

25% of their shares).

In those cases where shares are beneficially owned by a corporate body or bodies or the company or the

company is part of a group, the chain of connection (group organization chart showing all associated and

affiliated companies) to the ultimate beneficial owners must be shown.

7. Provide a list of all directors, managers and officers together with each person’s curriculum vitae.

8. If the applicant is to depend upon agent or service companies for the provision of underwriting,

management of financial accounting services, please provide details of such companies including evidence

of their agreement to provide such services.

9. If applicable, provide the latest audited financial statements of the applicant and, those of the immediate

parent, and the consolidated accounts of the group.

10. Attach a written undertaking stating the issued capital of the applicant.

11. Attach evidence of the auditor’s acceptance of their appointment or their willingness to act.

12. Attach evidence of the insurance manager’s acceptance of their appointment or their willingness to act.

13. For long-term business please give the name and address of the appointed actuary and attach evidence of

their willingness to act.

14. Name and address of one person resident in Anguilla who is authorised to accept service of process in legal

proceedings and notices on behalf of the applicant and who is proposed for approval under section 8(3) of

the Act.

15. Have any of the parties connected with this application ever applied, either individually or in conjunction

with others, for authority to transact insurance business in any jurisdiction? If so please give details.

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 9

16. If applicable, please provide a copy of the licence or registration from the home supervisory authority.

17. Attach a detailed business plan detailing how the applicant will conduct and administer its insurance

business in Anguilla and the levels and types of business it intends to undertake.

18. For new companies, to what date will the company make up its first set of audited accounts, and what date

will it use annually thereafter?

19. All beneficial owners, directors, and controllers of the applicant should complete and submit with this

application Schedule 5 (Information in support of an application).

Application is accordingly hereby made for the licence specified above and it is certified that all the particulars

contained in the Application and in the documents accompanying it or otherwise furnished in the support hereof

are true and correct and that any change to the information submitted will be communicated to the Financial

Services Commision forthwith.

Dated this ………………… day of ……………………………….., 20……… .

…………………………….

Name of Applicant

By its Director/Secretary or other duly authorized person

Signed ………………………….

___________

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

10 15/12/2004

SCHEDULE 3

(Section 2)

Anguilla

INSURANCE ACT

(Section 5(1))

APPLICATION FOR AN INSURANCE AGENT OR BROKER’S LICENCE IN ANGUILLA

Notes

Complete all sections giving reasons for non-compliance, if any, and attaching supplementary sheets where

appropriate.

Completed forms should be submitted to:—

FINANCIAL SERVICES COMMISSION

P O BOX 1575

THE VALLEY

ANGUILLA

Tel: 1 264 497 5881

Fax: 1 264 497 5872

And be accompanied by a non-refundable Application Fee of US$500

_____________________________________________________________

1. Name of applicant:

2. Date on which applicant commenced or proposes to commence carrying on business in or from within

Anguilla.

3. Address of:

(a) Registered Office in Anguilla……………………………………………………………

(b) Principal Office in Anguilla………………………….………………………………….

4. If incorporated:

(a) List all names (including any previous names), addresses and nationalities of all shareholders. In those

instances where shares are held by a corporate body or bodies the chain of connection to the ultimate

owner must be shown.

(b) Attach a curriculum vitae of all directors, managers, and officers.

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 11

5. If incorporated, attach the latest annual accounts, including those of each shareholder which is a body

corporate holding more than 25% 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.

6. If not incorporated, state the names, addresses, nationalities and attach the curriculum vitae of the applicant

and any person acting as a manager or other officer or partner as the case may be.

7. Attach evidence of the approval from the company or companies for which you act, or propose to act, as

agent or as broker.

8. Attach a list of all sub-agents authorized by the applicant to solicit insurance business on its behalf, and of

all insurance agents associated with the applicant company.

9. Have any of the parties connected with this application ever applied either individually or in conjunction

with others, for authority to transact insurance business? If so please give details.

10. For Brokers only:

Attach evidence of the existence of professional indemnity insurance as may be required under section 9(2)

of the Act.

11. For Brokers only:

Attach a business plan.

12. All beneficial owners, directors and controllers of the applicant should complete and submit with this

application Schedule 5 (Information in support of an application).

Dated this ………………… day of ……………………………….., 20……… .

……………………………………………

(Name of applicant)

……………………………………………

(Signature of applicant if an individual)

___________

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

12 15/12/2004

SCHEDULE 4

(Section 2)

Anguilla

INSURANCE ACT

(Section 5(1))

APPLICATION FOR AN INSURANCE MANAGER LICENCE

Notes

Complete all sections giving reasons for non-compliance, if any, and attaching supplementary sheets where

appropriate.

Completed forms should be submitted to:—

FINANCIAL SERVICES COMMISSION

P. O. BOX 1575

THE VALLEY

ANGUILLA

Tel: 1 264 497 5881

Fax: 1 264 497 5872

And be accompanied by a non-refundable Application Fee of US$500

_____________________________________________________________

1. Name of applicant:

2. Date on which applicant proposes to commence carrying on business in or from within Anguilla.

3. Address or registered office in Anguilla and the name of one representative, who is authorized to accept on

behalf of the applicant service of process and any notices required to be served on it.

4. If incorporated

(a) Attach evidence of proper incorporation and a copy of the memorandum of association and articles of

association or other instrument of constitution of the applicant as may be appropriate; or if not yet

incorporated, the proposed documentation.

(b) List all names (including any previous names), addresses and nationalities of all shareholders and

directors. In those instances where shares are held by a corporate body or bodies the chain of

connection to the ultimate beneficial owner must be shown.

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 13

(c) Attach a curriculum vitae of each director and manager of the applicant.

5. If incorporated, attach the annual accounts for the two years preceding the year of application, if applicable,

and annual accounts of each shareholder which is a body corporate holding more that 25% 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.

6. If not incorporated, the names, addresses, nationalities and curriculum vitae of the applicant and any person

acting as a manager, or other officer or partner, as the case may be.

7. Attach a list of all insurers for whom the applicant is, or will be, engaged to act as manager or consultant, if

known.

8. Attach a business plan. The plan should detail the full insurance manager services that the manager will

provide and details of the resources available to the manager to be able to provide these services and the

intended physical presence to be undertaken in Anguilla.

9. Have any of the parties connected with the application ever applied, either individually or in conjunction

with others, for authority to transact insurance business or business of a financial services nature in any

other jurisdiction? If so, please give details.

10. Attach evidence of existing licensing or registration in the home jurisdiction, if applicable.

11. All beneficial owners, directors and controllers of the applicant should complete and submit with this

application Schedule 5 (Information in support of an application).

Application is accordingly hereby made for the licence specified above and it is certified that all the particulars

contained in this application and in the documents accompanying it or otherwise furnished in support hereof are

true and correct and that any change to the information submitted will be communicated to the Financial

Services Commission forthwith.

Dated this ………………… day of ……………………………….., 20……… .

………………………………

(Name of applicant)

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

14 15/12/2004

………………………………

(Signature of applicant if an individual)

OR by its *Director/*Secretary/*or other person duly authorized

………………………………………………. ………………………………………………..

Signature Position

___________________

*Delete words, which are not applicable

___________

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 15

SCHEDULE 5

(Section 2)

Anguilla

INSURANCE ACT

(Section 2)

INFORMATION IN SUPPORT OF AN APPLICATION FOR

AN INSURANCE LICENCE IN ANGUILLA

Details required from each applicant or, if incorporated, each shareholder holding 25% or more of the

applicant’s issued share capital, and each director of an applicant company, or partner if a partnership, and

comptroller if not a director, and such other persons as the Commission may require.

1. Full name

2. Former name (if different from name given above).

3. Date and place of birth

4. Nationality (if naturalised attach a copy of the naturalisation certificate, and state former nationality)

5. Full home address at present time:

6. List home addresses in full for previous five years where different from that given above, and give the

related dates:

7. Marital status. If married give full name of spouse including maiden name of wife.

8. Passport particulars (enclose copies of relevant pages).

9. Give full details of your profession or occupation over the past ten years; include the names and addresses

of all employers and the nature of your employment; give all relevant dates and state briefly the reasons for

changes:

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

16 15/12/2004

10. Give a list of all companies in which you have held an interest of 25% or more during the past ten years.

Give brief particulars of the nature of the business of all such companies.

11. Give details of academic and professional qualifications and date(s) obtained, if not already included in the

curriculum vitae.

12. Have you ever been employed in, or had an interest in

(a) A financial services activity, or

(b) (State YES or NO ) A gambling activity in any country?

13. In relation to the proposed insurance operation are you acting wholly or partly as a nominee or agent for, or

trustee of another person, persons or organisations? (State YES or NO).

If YES, give the name and address of the person, or persons, or organisations and the precise nature of your

relationship and/or the arrangement.

14. Give the full details of your financial interest in the proposed insurance operation, and the percentage

ownership that this will represent, if applicable.

15. Have you or your spouse ever been declared bankrupt or been the subject of a bankruptcy petition, or ever

received a judgement against you in a civil court? (State YES or NO).

If YES give full details.

16. Has any company or firm of which you or your spouse was a partner, director or officer been the subject of

a winding up petition? (State YES or NO).

17. Have you ever applied for a financial services licence in any other jurisdiction? (State YES or NO).

If YES state type of account, name of establishment, location and period held and where granted.

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 17

18. Have you ever been refused a financial services licence or had an interest in any group which has been

refused a license or related finding of suitability? State YES or NO).

If YES to either of the above, state where, when and for what reason.

19. Have you ever appeared before any licensing agency or similar authority for any reason whatsoever? For

example, as a witness. (State YES or NO).

If YES provide details.

20. Have you ever been barred from acting as a director? (State YES or NO).

If YES provide details

21. Have you as an individual, member of a partnership, or owner, director or officer of a corporation, ever

been a party to a lawsuit as either a plaintiff, or defendant as a result of misconduct? (State YES or NO).

If YES give details below: List all cases without exception, including bankruptcies:

Plaintiff/Defendant

Court and Case Number

Location

Result

22. Have you ever been arrested, detained, charged, indicted or summoned to answer for any criminal offence

or violation for any reason whatsoever, regardless of the result of the event, in any country? (Except

MINOR traffic offences) (State YES or NO).

If YES give details. List all cases without exception:

Date of Arrest or Detention

Age

Charge

Location

Result

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

18 15/12/2004

23. Will you participate actively in the management or operation of the proposed insurance operation? (State

YES or NO).

If YES give full details.

24. Has your interest in the proposed insurance operation been assigned, pledged or hypothecated to any

person, persons, firms, partnerships or companies; or have you entered into any agreement, whereby your

interest is to be assigned or pledged or sold either wholly or in part? (State YES or NO).

25. If applicable, have you made any arrangements for persons, firms or companies to advance money, or other

equity, to you to assist in financing your investment in the proposed insurance operation? (State YES or

NO).

26. Do your assets exceed your liabilities, including contingent liabilities and are likely to remain so for the

foreseeable future? (State YES or NO).

27. Give the names, addresses and telephone numbers of three referees, including a financial institution.

Referees should not be relatives. They should have been told that the Commission might wish to contact

them.

I certify that to the best of my knowledge and belief the information given in this form is complete and correct:

Date: …………………………………………… Signed: …………………………………………………

AUTHORISATION TO SEEK ADDITIONAL INFORMATION

I/We hereby authorise you to contact all relevant authorities and authorise said authorities to provide you with

whatever information you may request.

(Signed)

Please forward to:

The Financial Services Commission

P. O. Box 1575

The Valley

Anguilla

British West Indies

Tel: 1 264 497 5881

Fax 1 264 497 5872

___________

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 19

SCHEDULE 6

(Section 3)

Anguilla

INSURANCE ACT

(Section 20 (1)(f))

INSURANCE FEES

The fee for a licensing service in Column 1 below is the amount set out opposite in Column 2.

COLUMN 1 COLUMN 2

Service US$

Application fees (non-refundable)

(a) For filing application for a Class ‘A’ or Class ‘B’ licence under

section 3 (1) ……………………………………………………………………………………..

$500

(b) For filing application for an insurance agent, broker’s or

manager’s licence under section 3 (2) ………………………………………………….

$500

(c) For filing application for a sub agent or principal representative

(insurance) licence under section 3(2) ………………………………………………….

$100

Issue of Licence and Annual Renewal of a Licence fees

(d) For a Class ‘A’ licence (section 3 (1) (a)) ……………………………………………. $2,500

(e) For a Class ‘B’ Unrestricted or General licence (sections 3 (1)(b)

and (c)) …………………………………………………………………………………………… $2,000

(f) For a Class ‘B’ Association, Group or Single licence (sections 3

(1)(d), (e) and (f)) …………………………………………………………………………….. $1,500

(g) For an Insurance Agent, Broker or Manager licence (sections 3

(2)(a) and (b))…………………………………………………………………………………… $1,000

(h) For an Insurance sub-agent licence (section 3 (2)(c)) …………………………… $250

(i) For a Principal Representative (Insurance) licence (section 3

(2)(e)) ……………………………………………………………………………………………… $500

Note

prescribed licence fee only will be payable.

: If the issue of a licence under (d) to (i) above is granted on or after July 1 in any year, half of the

Date by which Annual Fees must be paid

In accordance with section 6 of the Insurance Act, the annual fee must be paid on or before every 15th of

January during the currency of the licence.

If the annual fee is not paid on or before every 15th of January but is paid on or before the 31st of March in the

same year, a late payment penalty of 25% of the annual fee will be additionally payable.

If the annual fee is not paid on or before every 31st of March in the same year but is paid on or before the 30th

June in the same year, a late payment penalty of 50% of the annual fee will be additionally payable.

If the annual fee is not paid on or before every 30th June in the same year, section 6(3) of the Act will apply.

___________

R.R.A.I16-1

Insurance Regulations R.S.A. c. 16

20 15/12/2004

SCHEDULE 7

(Section 4)

Anguilla

INSURANCE ACT

(Section 12)

APPLICATION FOR APPROVAL OF ISSUE OR TRANSFER

OF SHARES OR OTHER INTERESTS

Financial Services Commission

P.O. Box 1575

The Valley

Anguilla

Dear Sir

Re:

We apply herewith for your approval of the issue/transfer/ other dispositions* of shares/ other interests* in the

above-mentioned company.

Name and address of allottee or transferee of shares or other interests*

________________________________________________________

________________________________________________________

If the interests being ________________________________________________________

issued, transferred or

otherwise disposed of ________________________________________________________

are not shares, please

give a description ________________________________________________________

thereof*

Number of shares and

percentage of total ________________________________________________________

interests to which

application relates ________________________________________________________

We attach Schedule 5 of these Regulations (Information in support of an Application) duly completed by any

new allottee or transferee.

Yours faithfully

___________________

* Complete and/or delete as appropriate

___________

R.S.A. c. 16

Insurance Regulations R.R.A.I16-1

15/12/2004 21

SCHEDULE 8

(Section 5)

Anguilla

INSURANCE ACT

(Section 13)

APPLICATION FOR APPROVAL OF DIRECTORS

Financial Services Commission

P.O. Box 1575

The Valley

Anguilla

Dear Sir

Re:

We apply herewith for approval for the appointment of

___________________________________* as a director of this licensed institution

OR to hold the title of

___________________________________*

We attach herewith Schedule 5 (Information in support of an Application) of these Regulations duly completed with

respect to the aforementioned person(s).

Yours faithfully

___________________

* Completed and /or delete as appropriate

___________

 

 

One Response to “Anguilla Insurance Regulations”

  1. adsens says:

    Great post, it is pages like this which make information sharing on the internet so powerful and quick!

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