Overview of International Insurance

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. The licensee is also required to maintain a physical presence in Antigua and Barbuda and be subject to an annual on-site examination.

The Insurance Act No13 of 2007 The Insurance Amendment Act 2011 No6 of 2011

International Insurance Licensing Procedure

The incorporation of an international insurance business in Antigua and Barbuda can be achieved in as little as six weeks and involves the following: 1. The applicant must 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. The minimum paid-up capital for setting up an international insurance company is US$250,000. 3. In order for approval to be granted, the Commission must conduct a due diligence search on the proposed director(s). The cost of the due diligence, which may vary depending on the extent of the search, is borne by the applicant and must be paid in advance. The Commission may also carry out such investigations and inquiries of the applicant corporation, its directors and officers or proposed directors and officers, its financial circumstances, and its affiliates or associates, as it deems necessary. 4. The law requires that the Commission must issue or refuse a license within three months of the receipt of an application. If additional information is required, then within fourteen (14) days of its receipt, the Commission must render a decision. The Commission may attach such terms and conditions to the license as is necessary in the public interest. The Commission may revoke the license if a licensee does not commence the international insurance business within six months of the issuance of the license