Insurance Act 2004

A new Insurance Act was passed by Anguilla in September 2004. The new Act covers the licensing and regulation of domestic insurance, offshore or foreign insurance, particularly captive insurance, and of insurance intermediaries i.e. agents, sub-agents, brokers and insurance managers. The new Act allows for a number of different insurance licences to be issued as follows:

• Class A licence, permitting a local or external insurer to carry on all forms of insurance business, including domestic business. An external insurer is defined as an insurer licensed in another jurisdiction, wishing to underwrite domestic insurance in Anguilla.

• Class B Unrestricted licence, permitting a foreign insurer to carry on any foreign insurance, including long term insurance.