General and Reinsurance Business Insurance
In the case of insurers carrying on general insurance or reinsurance business, the value of its admitted assets shall exceed the amount of its admitted liabilities by not less USD 200,000 or 15% of the premium income net of reinsurance premiums in the preceding financial year, whichever is higher.
Long Term Insurance Business
For insurers carrying on long-term insurance business, the amount of its admitted liabilities in respect of policies issued shall not exceed the amount of its long-term insurance fund, as certified by the insurer’s actuary.
Captive Insurance Business
In the case of an insurer carrying on a captive insurance business, the value of its admitted assets shall exceed the amount of its admitted liabilities by not less than USD 100,000 or 15% of the premium income net of reinsurance premiums, in the preceding financial year, whichever is higher.
Insurance Intermediaries
The FSC licences different types of insurance intermediaries, namely Insurance Brokers, Insurance Agents and Insurance Sales Staff. As of December 2016, there were 38 Insurance Brokers and 190 Company Insurance Agents. Some Insurance Agents work exclusively for one company, others are multi-agents working for two or more companies. Some are accredited agents, meaning that they are allowed to settle claims on the insurer’s behalf. This status depends on financial resources and the trust of the insurer involved.
