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18th of May 2012

Anguilla hopes to pass new legislation by 2012

Vicky Beckett 22/11/2011

Anguilla insurance regulators are hoping to pass a new insurance act to bring regulation up to IAIS standards.
 
The Draft Insurance Act 2011, currently before the legislative committee, caters for a number of different types of captive.
 
Anguilla regulators are hoping it will be enacted in the first quarter of 2012.
 
Anguilla’s existing insurance legislation was written in 1968, providing only for insurance companies and associations of underwriters writing domestic insurance in Anguilla.
 
The draft states, ‘captive insurers will need to appoint an insurance manager within Anguilla, who will provide any necessary accounting, administrative, underwriting and claims services to the captive.’
 
The Act covers six different types of insurance licence that could applied for under the new regulation.
 
The Act also proposes to deal with a number of administrative issues through regulations rather than through primary legislation.
 
These will be issues concerning solvency, admitted assets, application forms, annual returns and fees.

Tags: Anguilla, Draft act, IAIS, Insurance, Legislation, Licence, Solvency

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