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Formation of Captive Insurance Companies
Dennings Trustees Limited is able to assist its clients in establishing captive insurance companies in SVG. We assist in incorporating the companies, reviewing the client’s business plan and financial projections, and prepare the substantive application for licensing.
The International Insurance (Amendment and Consolidation) Act 1998 is the definitive law for establishing captives in the jurisdiction. It provides for five categories of licence . The distinctive features of each class of licence are set out below:
| CLASS OF LICENCE | 1 | 2 | 3 | 4 | 5 |
| Name of Licence | Unrestricted | General | Association | Group | Single |
| Type of Business Allowed | General and Long Term | General Only | General and
Long Term |
General and Long Term | General and Long Term |
| Other Restrictions | None | None | 70% of business must be with owners and its affiliates; and
30% of business could be with other persons |
Business must be with single owner of the insurer or its affiliates or employees of owner or of affiliates | Business must be with sole owner of insurer only |
| Audit Required | Yes | Yes | Yes | No | No |
| Capitalisation | $200,000 | $100,000 | $50,000 | $25,000 | $10,000 |
Details of Solvency Margins are available on request.
International insurance companies may be structured as simple IBC’s Segregated Cell Companies (under the IBC structure), or as LLC’s.
