Licensed Financial Institutions
Licensed Financial Entities
International Insurance
All applications must be made through a licensed Registered Agent within the state.
There are five (5) classes of International Insurance Companies:
About International Insurance Entities and Types
- Class I- Unrestricted: Insurers can carry on any international insurance business, including long term insurance.
- Class II- General: Insurers can carry on general but not long-term international insurance business.
- Class III- Association: Insurers can carry on general and long-term international insurance business with two or more owners of the insurer and/or their affiliates, and up to 30% of business with.
- Class IV- Group: Insurers can carry on general and/or long-term international insurance business with one owner, its affiliates and employees.
- Class V- Single: Insurers may carry on international insurance business with the sole owner of the insurer, in the case of a company, or with the beneficial owners of the insurer, in the case of a trust.
The application process will take 4-6 weeks, provided that all relevant documents are submitted at the time the application is made.
Fee Schedule: International Insurance Companies
| Fee Type | Amount |
|---|---|
| Application Fee | $500.00 |
| Annual Fee - Classes I, II, III | $3,000.00 |
| Annual Fee - Classes IV & V | $2,000.00 |
| Annual Fee For Agent/Broker/Manager | $500.00 |
| Any Other Application | $50.00 |
| Due Diligence | COST + $50 |