- Letter of Application to the Registrar of Insurance.
- Non-refundable Application fee - EC$ 1,500
Local Insurance Company Long term
Foreign Insurance Company Long term
- Duration of Insurance Business
A licence to carry on Insurance business is valid from the 1st day of January to the 31st day of December of that year and is renewable each year on payment of the prescribed annual fee on or before the 31st day of January.
If the licence fee is paid after the last day of January, a sum equal to five per centum of the licence fee for each month that the fee is unpaid after that date, shall be paid in addition to the relevant licence fee.
- Local Company should be incorporated or Foreign Company should be registered (as an external company) with the Registrar of Companies.
- Statutory Deposit Requirement
Long-term insurance - EC$ 1,000,000
Motor Vehicle insurance - the greater of EC$ 500,000 or 40% of premium income less amount paid for reinsurance (for business in the Federation)
Insurance Business other than Long-term or Motor Vehicle - the greater of EC$ 500,000 or 40% of premium income less amount paid for reinsurance (for business in the Federation)
- Inform the Registrar of Insurance in writing the name and address of one individual (A Principal Representative) who is a citizen and resident in St Christopher and Nevis authorized to accept on the company’s behalf service of process in legal proceedings.
- A local insurance should have share capital, fully paid up in cash of not less than EC$ two million dollars
A foreign company should have world-wide share capital fully paid-up in cash of not less than EC$ five million dollars.
- Submit details of adequate re-insurance arrangements
- Abstract of the Report of an Actuary for LIFE INSURANCE only
- Certificate of Solvency
- Audited Financial Statements for the last three (3) years of the company
- Due Diligence on each Director. Cost US$ 5,000
- List of shareholders
- Any additional information the Registrar of Insurance would deem important.