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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Captive Insurance Domicile Fast-Tracks Application Process

Fast Track
July 28, 2015

The Anguilla Financial Services Commission (AFSC) is now offering a 1-day fast-track application process for eligible insurance managers, according to a press release issued by Anguilla Finance Limited (AFL).

AFSC is the licensing and regulatory body for the financial services industry in Anguilla, and one of its responsibilities is approving insurance managers. To be eligible for the fast-track program, insurance managers must

  • Be licensed for at least 3 years by AFSC or a similar regulatory organization to conduct business as an insurance manager

  • Have a proven track record of meeting regulatory requirements, including those related to quality of application submissions

  • Have an acceptable track record of managing captive insurance companies

  • Have an acceptable compliance record for both the insurance manager and the captive insurance companies under its management

Steve Garlick, AFL chief executive officer, said in the press release that the fast-track process is a way to deliver efficient service without compromising the quality of the licensing and regulatory process for captive insurers. It leverages Anguilla's key competitive advantages as an offshore captive domicile, which include AFSC's seven professionally trained regulators who have earned the Associate in Captive Insurance (ACI) professional designation issued by the International Center for Captive Insurance Education, as well as other senior staff qualified in captive insurance regulation.

Insurance managers who are interested in becoming eligible to use Anguilla’s fast-track licensing process should contact Anguilla Finance, which was created in a partnership between the Anguilla government and the private sector to market Anguilla's financial services products worldwide, or visit the AFSC website for information on the application process, fees, and other regulations.

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