International Insurance

Overview

An IBC intending to carry on international insurance business in Antigua and Barbuda is required to be licensed under the IBC Act. The Articles of Incorporation must provide that the Board must give its approval for the conduct of any international insurance business. A licensee is prohibited from establishing any subsidiary or branch and/or providing any services on the Internet without prior approval of the Commission.

Procedure

1. Submit an application in the prescribed form, along with the Articles of Incorporation or Articles of Continuance, the Memorandum of Association, and a non-refundable annual fee of US$10,000 plus an annual registration fee of US$300. All documents are required in triplicate.
2. Minimum paid-up capital of US$250,000 is required.
3. The Commission conducts a due diligence search on the proposed director(s). The cost of the due diligence is borne by the applicant and must be paid in advance.
4. The Commission must issue or refuse a license within three months of receipt of an application.
5. If additional information is required, within fourteen (14) days of its receipt, the Commission must render a decision.

Requirements

• Minimum paid-up capital of US$250,000
• Physical presence in Antigua and Barbuda
• Due diligence clearance for directors
• Board approval for international insurance business conduct
• Annual on-site examination compliance
• Prior approval for subsidiaries, branches, or internet services