29 July 2015Actuarial & underwriting

Anguilla introduces fast-track application service for captive insurers

Anguilla Finance, the organisation that markets Anguilla’s financial services products, has unveiled a fast-track application process for eligible insurance managers, as recently published by the Anguilla Financial Services Commission (AFSC).

The new process allows for the issuance of licenses to captive insurers within one business day for eligible insurance managers, approved by the AFSC.

According to Anguilla Finance, the new system provides Anguilla with a number of key advantages as an offshore captive domicile, including the ability to incorporate captive insurance companies in minutes, using Anguilla’s Commercial Online Registration Network (ACORN).

Insurance managers must be licensed for at least three years by the AFSC and have a proven track record of meeting regulatory requirements to be eligible for the fast- track programme.

The insurance manager and captive insurance companies under its management must also have an “acceptable compliance record”.

Steve Garlick, chief executive officer of Anguilla Finance, said: “We believe that the fast-track process will deliver efficient service while not compromising the quality of the licensing and regulatory process for captive insurers.

“This is a great opportunity for insurance managers to leverage Anguilla’s regulatory expertise to deliver quality and timely service to their captive clients.

"We hope that this will further transform the captive insurance industry in Anguilla, making it much easier for insurance managers to do business in a very well regulated jurisdiction, and to meet the needs of the growing captive industry worldwide.”