Captive Insurance

Also in October 2004 an Insurance Act was enacted which introduced licensing provisions for any company carrying on the business of insurance in or from or out of Anguilla and also required Insurance Managers who were managing any Anguilla registered insurance company to also apply for approval and licensing. All existing insurance companies incorporated prior to the Act are required to register retrospectively in order to continue doing business in or from out of Anguilla. The Act provides for two categories of licensing which are a General Class 'A' unlimited license and a Restricted Class 'B' license divided into several categories. The Class 'A' license is suited to general insurance business and the Class 'B' license to more limited types such as long term health care. In general the Act incorporates the best provisions of similar acts in other jurisdictions whilst avoiding most of their problems and pitfalls and makes the business of reinsurance an attractive and competitive proposition in Anguilla.