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:

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.