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Insurance business in seychelles

JohnLocke

JohnLocke

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Dec 29, 2008
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The Insurance Act 2008 provides for the regulation of the insurance business in Seychelles.


The regulatory body which is responsible for granting license and compliance with the Act is the Securities and Financial Markets Division of the Central Bank, referred to as the “Authority”.


KEY FEATURES

  • Authorized to carry on insurance business in or from Seychelles, or in or from a country outside Seychelles;
  • Exemption from the Business Tax Act and the Goods and Services Tax Act;
  • Exemption from paying gainful occupation permit;
  • Concessions on employment of expatriate workers, trades tax, stamp duty, and social security contribution;
  • Speedy and effective approval process;
  • Confidentiality guaranteed by law


CLASSES OF INSURANCE BUSINESS

  • Long Term Insurance Business:
    Life Business Insurance;
  • Pension Business;
  • Permanent Health Insurance Business;
  • Linked Long Term Insurance Business


[*]General Insurance Business


[*]Reinsurance Business


[*]Captive Insurance Business



THE SHARE CAPITAL REQUIREMENTS


The paid-up capital of a non-domestic insurer shall be paid in US$ or in a currency that is fully convertible to other internationally accepted currency and the minimum amount shall be as follows:


[TABLE=width: 654]


[TR]


[TD]General Insurance Business or Long Term Insurance business or both


[/TD]


[TD]US$100,000


[/TD]


[/TR]


[TR]


[TD]Reinsurance Business


[/TD]


[TD]US$50,000


[/TD]


[/TR]


[TR]


[TD]Captive Insurance Business


[/TD]


[TD]US$25,000


[/TD]


[/TR]


[/TABLE]


The paid-up share capital of US $ 100,000, US $ 50,000 and US $ 25,000 must be maintained in an account of the applicant with a bank licensed under the Financial Institutions Act of Seychelles to carry on banking business, as evidenced by a certificate of such bank, at the time when the application is made and at such other time as may then be required by the Authority.


MARGIN OF SOLVENCY


Type of insurance Business


 1st year


From 2nd year


General Insurance Business or Long Term Insurance business or both


US$125,000


US$125,000 where the net premium income in the preceding financial year did not exceed US$750,000








1/5 of the net premium income for income between US$750,000 and US$5,000,000








US$1,000,000 + 10% of the amount by which the net premium income in that financial year exceeds US$5,000,000 , for income > US5,000,000


Reinsurance Business


US$50,000 or 20% of net premium income for the preceding year, whichever is the highest


Same as for 1st year


Captive Insurance Business


US$25,000


Same as for 1st year




Application fees to be paid by an Applicant to the Authority


[TABLE=width: 678]


[TR]


[TD]Non domestic insurer carrying on general insurance business/Insurance Manager/ Principal insurance representative


[/TD]


[TD]US $ 1,000


[/TD]


[/TR]


[TR]


[TD]an insurance broker


[/TD]


[TD]SR 2,500


[/TD]


[/TR]


[TR]


[TD]an insurance agent


[/TD]


[TD]SR 2,000


[/TD]


[/TR]


[TR]


[TD]an insurance sub-agent


[/TD]


[TD]SR 500


[/TD]


[/TR]


[/TABLE]


Annual license fees


[TABLE=width: 678]


[TR]


[TD]Non-domestic insurer carrying on general or long term insurance business or long term


[/TD]


[TD]US $ 1,500


[/TD]


[/TR]


[TR]


[TD]Non domestic insurer solely carrying on captive insurance business


[/TD]


[TD]US $ 1,000


[/TD]


[/TR]


[TR]


[TD]A reinsurer


[/TD]


[TD]SR 100,000


[/TD]


[/TR]


[TR]


[TD]Insurance manager


[/TD]


[TD]US $ 2,000


[/TD]


[/TR]


[TR]


[TD]Principal insurance representative acting for not more than 1 licensed insurer


[/TD]


[TD]US $ 1,000


[/TD]


[/TR]


[TR]


[TD]Principal insurance representative acting for not more than 3 licensed insurers


[/TD]


[TD]US $ 2,000


[/TD]


[/TR]


[TR]


[TD]Principal insurance representative acting for not more than 5 licensed insurers


[/TD]


[TD]US $ 3,000


[/TD]


[/TR]


[TR]


[TD]Principal insurance representative acting for not more than 10 licensed insurers


[/TD]


[TD]US $ 5,000


[/TD]


[/TR]


[TR]


[TD]Principal insurance representative acting for more than 10 licensed insurers


[/TD]


[TD]US $ 7,000


[/TD]


[/TR]


[TR]


[TD]an insurance broker


[/TD]


[TD]SR 10,000


[/TD]


[/TR]


[TR]


[TD]an insurance agent


[/TD]


[TD]SR 5,000


[/TD]


[/TR]


[TR]


[TD]an insurance sub-agent


[/TD]


[TD]SR 2,500


[/TD]


[/TR]


[/TABLE]


LICENSING REQUIREMENTS AND PROCEDURES


Documents to be submitted


An Applicant for a non-domestic insurance licence shall furnish the Authority with the following:

  1. A statement of the Applicant’s proposed insurance business , including details of the class or classes of non-domestic insurance business which the applicant is seeking to carry on;
  2. A business plan or feasibility study
  3. A copy of-

  4. the applicant’s the applicant’s certificate of incorporation or registration , memorandum and articles, duly authenticated by the registrar of companies in the place of establishment or origin of the applicant;
  5. the resolution of the Board of Directors of the applicant, duly authenticated by a Director or the principal officer of the applicant authorising the application for a licence, as an insurer to carry out non-domestic insurance business under the Act;
  6. such other information and documents as may be specified in regulations and required by the Authority.
  7. three references, one of which shall be financial in nature from a reputable international financial institution in respect of all the persons who are directors, managers or senior officers of the applicant.



[*]The prescribed fee


Factors considered by the Authority to issue a license

  • The Applicant’s objects must be limited to insurance business;
  • The Applicant must disclose information and details required by the Authority;
  • The Applicant’s financial resources, organizational and management capabilities;
  • The Applicant, substantial shareholders and officers of the proposed insurer are fit and proper persons;
  • The Applicant’s future compliance with the Insurance Act;
  • If the Applicant is a foreign company, experience of at least 3 years in handling the category and class of insurance business in respect of which the application is made.


FOR FURTHER ENQUIRIES PLEASE CONTACT US Select a department - Offshore Company Formation - :check:
 
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#4
Yes still it's possible and it's even much cheaper than going for most other offshore jurisdiction for financial service and insurance companies.
 
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#8
The costs vary a lot, you will need a budget of at leats USD 10,000 to get this setup. Finally it will take aprox 1 - 3 months for the setup depending very much on your cooperation and the workload at the different offices involved. That said, it's not a complicated process!
 
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#10
Most are offering this service internally for existing clients and entities they have a close relationship to. It's actually part of an very advanced offshore company structure and earning profits.
 
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Reactions: taxraider
#11
The costs vary a lot' date=' you will need a budget of at leats USD 10,000 to get this setup. Finally it will take aprox 1 - 3 months for the setup depending very much on your cooperation and the workload at the different offices involved. That said, it's not a complicated process![/quote']
So for $10k I can get this setup, do you know how long it will take for the process to be finished?
Click to expand...
 
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#13
So for $10k I can get this setup, do you know how long it will take for the process to be finished?
Click to expand...
Yes correct, that's the estimated fee. sometimes it's cheaper sometimes it costs a little more. I would recommend you to open an ticket Select a department - Offshore Company Formation - to get a quote and the turn around time (TAT) for this offshore setup.
 
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#15
You can't conduct insurance business with that license in Belize. However, there are options to form such entities in Belize.
 
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