Insurance Companies
We can also establish insurance companies for our clients. Please see the following information in this regard:Separate licenses must be obtained for life and non-life insurance business, and companies may not engage in non-insurance business.
LICENSING REQUIREMENTS FOR DOMESTIC COMPANIES
Applications for a license to carry on insurance business must be submitted on the relevant form, accompanied by:
- the fee payable;
- memorandum and articles of association certified by the Registrar of Companies;
- initial balance sheet in the appropriate form, with confirmation by the company’s auditors of availability of the minimum guarantee fund and the share capital.
- a three-year business plan detailing the nature of the risks, the guiding principles concerning reinsurance, the assets making up the minimum guarantee fund, details of set-up costs and projected profit and loss accounts and balance sheets, in order to demonstrate that the company has adequate resources;
- a written declaration of the date chosen as the accounting reference date;
- details of all directors, including academic qualifications experience, together with certificates in respect of each individual that he or she has no clean criminal record and has never been declared bankrupt;
- similar details and certificates in respect of the internal actuary if the company is carrying on life business or sickness insurance;
- details of all reinsurance, accompanied by confirmation by the reinsurers;
- details of all shareholders, both direct and indirect, on the appropriate form;
- written confirmation of intention to join the Motor Insurers’ Fund, if the company is to provide motor insurance.
The Superintendent of Insurance is obliged to make a decision on the application within six months of receiving it. A license will only be granted if all of the conditions set out in the Insurance Law are satisfied.
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