Insurance
Anguilla has enacted some of the best insurance legislation in the industry.
The Insurance Act makes provision for the licensing and regulation of both insurers doing domestic insurance business in Anguilla and insurers from Anguilla engaged in "foreign insurance business", defined as risks and premiums originating outside Anguilla.
The Act also provides for specific kinds of captive insurance companies with a view to promoting captive insurance business in Anguilla. Apart from all of the other advantages of forming a captive insurance company, such as minimising insurance costs; reducing the risks to companies (their insureds would be previously known to them); and access to the reinsurance market, Anguilla has the added advantage of being a zero-tax jurisdiction.
Clearly, the Act is designed to attract a broad range of captive insurance business.
Also, pursuant to the Insurance Regulations, Anguillian companies that issue no more than two private annuities are expressly exempted from the licensing provisions of the Act.
With the approval of the Commission, an insurer licensed under the Act may be owned, or later change its ownership to be owned, by a trust, which can be either a purpose trust or a trust with beneficiaries.
The Act provides comprehensive protection for the insured by allowing premiums to be placed in protected premium accounts. There are also additional provisions protecting the proceeds of an insurance policy from the creditors of the policy holder or the insured.
The procedures for securing a licence for an insurance company are quite straightforward. The application procedure is essentially a check on background and qualifications. Approval is obtainable within a short period of time
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