Insurance Business
The Insurance Act 2001 stipulates that the Supervisor of Insurance, shall be responsible for the general administration of the Act. This function was delegated to the Commission by the Minister of Finance under powers provided in the Act.
All applicants for licences to carry insurance business will need, to satisfy the Commission that:
- It will place with the Commission a statutory deposit as prescribed in the Act;
- the insurance company is solvent;
- it will make adequate arrangements for re-insurance of that class of business to be registered or that there is no justification for making such arrangements;
- the managing director and controllers of the insurance company are fit and
proper persons; - the carrying on of insurance business or any other business of the applicant company is not contrary to the public interest;
- it will appoint a person resident in Montserrat to be its principal representative in Montserrat;
- it can maintain the minimum capital requirements required under the Act for the type of business that it will be conducting.
All registered insurance companies are required to submit annually to the Supervisor of Insurance, audited financial statements for the insurance company and prudential reports of the business conducted in Montserrat.