Upon completion of the application process and the adequacy of all relevant information, the licence is granted by the Registrar of Captive Insurance Companies.
Licences for the captive insurance companies expire at two (2) times during the course of a calendar year:
- If a licence is granted between January 1st and June 30th, it shall expire on December 31st of the same year,
- If the licence is granted between July 1st and December 31st, it shall expire on June 30th of the following year.
Thereafter, licences are renewed annually (either June or December, where applicable).