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WHAT DO YOU NEED?
- a sound business plan (including satisfactory reinsurance arrangements) and adequate financial resources to support it
- fit and proper people at all levels
- management with adequate experience of the business which is to be underwritten
- appropriate systems of control.
HOW TO APPLY?
Applications are made to the Commissioner of Insurance on one of the forms set out in the Insurance Companies (Prescribed Particulars) Regulations, which contains questions as to shareholding structure, controllers of the company, financial resources, business plan and reinsurance arrangements. An application fee of £500 is payable.
SOLVENCY REQUIREMENTS