The Insurance Division, a subsection within the Nevis Financial Services Regulation and Supervision Department was created due to the rapidly growing international insurance companies being licenced from within Nevis under the Nevis International Insurance Ordinance 2004 (NIIO). The Insurance Division is centered on the Registrar of International Insurance whom the NIIO provides to be appointed for the administration of the Ordinance.
Nevis has implemented a sound and proper regulatory regime in which this jurisdiction has received an international stamp of approval from the OECD and the FATF and has thereby proven that it is well regulated and committed to international best practices.
The inception of the Nevis International Insurance Ordinance 2004, provided insurers and auxiliary service providers the ability to carry on related business from within Nevis. The Ordinance allows for several different types of insurance companies to be created and regulated from within Nevis. These include; Captive Insurance Business, General Business, Long Term Insurance Business, Reinsurance, Allied Reinsurance, and Allied Annuity. The Department also registers Entities to manage the insurance businesses.
All international insurance participants are expected to register with the Registrar of International Insurance in order to perform or act in any business relating to that of insurance. There are set guidelines that have been set by the Registrar as to what must be submitted in due course of becoming an insurer, insurance manager, auditor or any undertaking relating to that of insurance
The Nevis Financial Services department and by extension the Nevis International Insurance Division is actively involved in the ongoing supervision and regulation of its entities. As outlined by the NIIO 2004, as amended ongoing supervision play a critical role in the operations of the department. Constant monitoring of all international insurance players is required for proper oversight and regulation. This is to ensure that the insurance companies are legitimate and act in the best concern of the public interest.
The International Insurance division ensures that the laws and regulations relating to the conduct of the international insurance business are enforced and complied with. The Nevis International Insurance division is governed by the Nevis International Insurance Ordinance 2004 as amended. In keeping with good governance and regulations, registered insurance companies must abide with the Nevis Business Corporations Ordinance and follow the rules set out by the NIIO 2004, as amended.
Since its launch in November 2004, the Nevis International Insurance product has been constantly growing. At the end of 2012, the jurisdiction had collectively registered over 150 Captives, 28 Reinsurances, 3 General Insurance, 4 Long-Term and 48 Allied Reinsurance businesses. This success comes as a result of our jurisdiction's determination to ensure that there are flexible and progressive provisions, while at the same time maintaining strong regulatory standards.
Duties: Monitor compliance by regulated persons with the Proceeds of Crime Act, the Anti-Terrorism Act and such Acts, regulations, codes or guidelines relating money laundering of financing terrorism. Monitor the effectiveness of the relevant enactments in providing for the supervision and regulation of financial services business carried on in or from Nevis in accordance with internationally accepted standards.
Duties: Responsible for the administration of the Nevis International Insurance Ordinance. Answer queries both locally and internationally. Sign and copy all certificates before they are sent to Service Providers. Responsible for the approval and registration of international insurance businesses in Nevis.
Duties: Processing of Applications, Conducting review of financial statements and statutory returns of licensees and other regulated persons to ensure compliance with regulatory requirements. Conducting onsite examinations of licensees businesses to assess compliance with statutory requirements.