fsrc.gov.ag International Insurance Licensing Procedure Antigua & Barbuda : Financial Services Regulatory Commission
Organization : Financial Services Regulatory Commission
Type of Facility : International Insurance Licensing Procedure
Country: Antigua & Barbuda
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Website : http://www.fsrc.gov.ag/
International Insurance Licensing Procedure :
An IBC intending to carry on international insurance business in Antigua and Barbuda is required to be licensed under the IBC Act. The Articles of Incorporation must provide that the Board must give its approval for the conduct of any international insurance business.
Related : Ministry of Telecommunications, Science & Technology Licenses Application & Status Check Online Antigua & Barbuda : www.statusin.org/8200.html
A licensee is prohibited from establishing any subsidiary or branch and/or providing any services on the Internet without prior approval of the Commission. The licensee is also required to maintain a physical presence in Antigua and Barbuda and be subject to an annual on-site examination.
International Insurance Licensing Procedure :
The incorporation of an international insurance business in Antigua and Barbuda can be achieved in as little as six weeks and involves the following:
1. The applicant must submit an application in the prescribed form, along with the Articles of Incorporation or Articles of Continuance, the Memorandum of Association, and a non-refundable annual fee of US$10,000 plus an annual registration fee of US$300. All documents are required in triplicate.
2. The minimum paid-up capital for setting up an international insurance company is US$250,000.
3. In order for approval to be granted, the Commission must conduct a due diligence search on the proposed director(s). The cost of the due diligence, which may vary depending on the extent of the search, is borne by the applicant and must be paid in advance. The Commission may also carry out such investigations and inquiries of the applicant corporation, its directors and officers or proposed directors and officers, its financial circumstances, and its affiliates or associates, as it deems necessary.
4. The law requires that the Commission must issue or refuse a license within three months of the receipt of an application. If additional information is required, then within fourteen (14) days of its receipt, the Commission must render a decision. The Commission may attach such terms and conditions to the license as is necessary in the public interest. The Commission may revoke the license if a licensee does not commence the international insurance business within six months of the issuance of the license.
FAQ :
1. What is meant by the term ‘physical presence’?
Any corporation in Antigua and Barbuda licensed under the IBC Act is required to maintain a physical presence. The physical presence requirement provides that licensed corporations must conform to the following minimum requirements
** A licensed corporation must have its own separate office large enough to comfortably accommodate a staff of at least two (2) persons, computer equipment and facilities to accommodate clients
** The time of the opening of the corporation may be flexible but it must open each day, Monday to Friday, for a minimum of six (6) hours per day. Opening hours should be posted outside the corporation notifying any interested person of the schedule.
** Licensed corporations must have at least one (1) full-time employee. The local director and the person charged with maintaining the physical presence must be two distinct persons.
** The person mentioned above, or at least one other person employed with the corporation, must have relevant experience, that is, capable of understanding the operation of the corporation. The person must be responsible enough to recognize the process or otherwise of due diligence so as not to be unwittingly caught up in money laundering.
** Finally, physical records are to be remitted at the latest on a monthly basis to Antigua and Barbuda and stored in a manner that can be easily reproduced. This would facilitate inspection of transactions in the event of an inquiry. In addition, the facility to avail of current information must be established.
** Finally, physical records are to be remitted at the latest on a monthly basis to Antigua and Barbuda and stored in a manner that can be easily reproduced. This would facilitate inspection of transactions in the event of an inquiry. In addition, the facility to avail of current information must be established.
2. Are bearer shares permitted?
The IBC Act permits bearer shares for IBCs incorporated in the jurisdiction. However, the resident agent must maintain a register of the following: The resident agent is responsible for keeping the record and register. Failure to do so is punishable with a fine of US$50, 000.
** the total number of bearer shares issued;
** the name of the beneficial owner; and
** the number identification and date of issue of each bearer certificate.