Your Own Offshore Insurance Company
As a rule insurance companies are more stable than banks. The reason is that they receive premium payments at regular intervals and arrange their business in such a manner that their payouts in claims are generally lower than their income. The most obvious exceptions are when disasters strike unexpectedly as in the oil spill in the Gulf of Mexico and the meltdown at the Fukoshima nuclear reactor in Japan.
An offshore insurance company is a viable alternative to a domestic insurance company. Your offshore insurance company may be unrestricted or restricted. The unrestricted insurance company is called a General Insurance Company. Such a company has a wider range of permissible investment opportunities. The restricted is called a Captive Insurance Company. It is an excellent vehicle where a business wishes to self-insure its employees and/or activities. It is especially attractive for a company owning several medical clinics or where several physicians, dentists or other medical professionals form a co-operative and insure their practices through their own captive insurance company. A captive insurance company gives them a voice in where their funds are invested and who is engaged to manage them. This is a definite advantage when it comes to avoiding investments that are morally reprehensible. Medical malpractice insurance is so costly that many people who have trained for years to become doctors have left their practice, because they can no longer afford the insurance. A captive insurance company could significantly reduce your cost of malpractice insurance and permit you to continue to practice the life-saving activities you were trained to do..
Bermuda has developed a credible reputation for its insurance and reinsurance business. St. Vincent and the Grenadines has some of the most advanced provisions for both General and Captive Insurance companies. Our company is ready to assist you in setting up your own insurance company, whether it is a General or Captive Insurance Company.
How to Register Your Offshore Insurance Company
The procedure for registering an insurance company begins with the formation of an International Business Company (IBC) or Limited Liability Company (LLC). This company is then used as the vehicle to apply for a license to operate an insurance company.
Following the formation of the IBC or LLC, we arrange for the submission of your application to the regulatory authority in the country of your choice. The Commissioner of Insurance in the office of the local regulatory office has the responsibility to review your documents for completeness and compliance. The results will be submitted to the Board of Directors of the regulatory authority for approval or disapproval.
Office rental, staff salaries and monthly telephone charges are significantly lower in offshore jurisdictions than in developed countries. We assist you in finding office space and local staff.