Safe Harbor Trust helps clients in the formation and management of international insurance companies in St. Vincent and the Grenadines and other international jurisdictions such as Anguilla, B.V.I., Nevis, Turks & Caicos etc.
The following classes of insurance companies are recognized under the St. Vincent & the Grenadines International Insurance (Amendment and Consolidation) Act 1998 and the International Insurance Regulations 1999. The Act and Regulations make provisions for the licensing of Captive Insurance Companies with a view to promoting Captive Insurances Business in St. Vincent & the Grenadines. There are several advantages for forming Captive Insurance companies, such as minimizing insurance costs and the risk to companies, and access to the reinsurance market.
Class I Unrestricted License permits the insurer to carry on any international insurance business, including long-term international insurance business.
• Company or mutual company constituted under the laws of the State or a company or mutual company constituted in a country or jurisdiction that is approved by the Authority
• At the time of application for license or before company commences to carry on international insurance business, a net worth of at least USD 200,000 and the minimum margin solvency prescribed in the regulations
Class II General License permits the insurer to carry on general international insurance business, but not long-term international insurance business.
• Company or mutual company formed under the laws of the State or a company or mutual company constituted in a country or jurisdiction that is approved by the Authority
• At the time of application for license or before company commences to carry on international insurance business, a net worth of at least USD 50,000 and the minimum margin solvency prescribed in the regulations
• Intends to or does carry on international insurance business not less that 70% of the net premiums written in respect of which will be written for the purpose of:
a) Insuring the risks of the owners of the insurer or affiliates of those owners:
- or -
b) Insuring risks which, in the opinion of the Commissioner, arise out of the business or operations of those owners of their affiliates
Class III Association License permits the insurer to carry on general international insurance business and long-term international insurance business, with two or more owners of the insurer, and their affiliates, and to carry on no more than thirty percent (30%) of its international insurance business (based on net premiums written) with persons who are not owners of the insurer of their affiliates.
Class IV Group License permits the insurer to carry on any international insurance business, including long-term international insurance business, with a single owner of that insurer and its affiliates, and employees of the owner or its affiliates.
• Company constituted under the International Business Companies Act of 1996
• At the time of application for license or before company commences to carry on international insurance business, a net worth of at least USD 25,000
• Owned by a single company, trust or partnership, or directly by 15 or fewer individual natural persons who are in association in a common business enterprise, association, profession or professional undertaking
• Intends to carry on international insurance business consisting only of insuring the risks of the owners or writing annuities for the owners.
Class V Single License permits the insurer to carry on any international insurance business, including long-term international business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.
• Company constituted under the International Business Companies Act. 1996 or it is a trust registered under the International Trusts Act, 1996
• At the time of application for license or before company commences to carry on international insurance business, a net worth of at least USD 10,000
• Has a single owner, in the case of a company, or no more than five beneficiaries, in the case of trust
• Intends to carry on international insurance business consisting only of insuring the risks of the owner of such company or the beneficiaries of such trust, as the case may be, or writing annuities for such persons.
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