The Republic of Anguilla Insurance brokers (offshore)
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Insurance brokers
In accordance with the law, insurance brokers, and brokers and insurance managers must obtain a license to operate. The law provides for a licensing regime, under which to make a detailed statement and business plan. The law also set requirements for minimum capital and the delivery of annual reporting by licensed insurers. There is a need to appoint an insurance manager, if the insurer has in this country head office. The Financial Services Commission is obliged to inspect the companies, the leading insurance activities, the availability of licenses. Since October 2004, Anguilla has issued licenses to 52 (captive) subsidiaries.
2. Act on Mutual Funds
The law provides for the registration and licensing of mutual fund managers operating in Anguilla. The main types of funds: private foundations, professional fund public fund. Private Fund
It consists of no more than 99 participants. The documents specified a private foundation that shares issued by mutual funds, are not offered for public sale on the secondary market. The size of investment individuals who can form a private foundation, not restricted.
Professional fund
This type of mutual fund shares which are offered only to professional investors, and initial investment amount for each investor shall be not less than U.S. $ 100 000. To confirm that the investor is a professional, he needs to make relevant statement in writing of consent to act as a professional investor.
Public Fund
The fund is required to publish pamphlets and storage. Owners wishing to register a public fund must apply for its registration with the Financial Services Commission. It is necessary to specify the type of activities to be carried out by the owner of stock, as well as the country where the claimant is going to work. Public funds must prepare and deliver the annual financial report. The Fund may be registered for 24 hours due to the latest electronic program, as the Registrar of Companies and the status of qualified fund administrator. 3. The Law on Protected Cell Companies
In accordance with the Law on Protected Cell Companies of 2004, companies engaged in insurance, must register, and companies engaged in other activities, including mutual funds, recorded after obtaining permission, made by the Commission on Financial Services. Protected Cell Companies (ZSK), insurance, must first obtain a license insurer under the Insurance Act of 2004. By law by ZSK - is a separate account, which includes the assets, rights, obligations ZSK. The funds on this account may be used only to cover the debts of creditors ZSK and owners. The law establishes certain rights and responsibilities in relation to the accounts ZSK, as well as to manage and eliminate ZSK.
PROSPECTS FOR THE ADOPTION OF ADDITIONAL PROJECTS
Work is also being reviewed following legislative projects:
1. The law on private organizations.
2. Netting Act requirements and obligations.
3. The provisions of the shares to bearer.
The law on private organizations
The law proposes the establishment of private companies, expanding the scope for a new category of customers who use financial services. Private companies have their own personality. The Council initially appointed a private company of its founder. He plays the same role as the Board of Directors of the company. The law requires the existence of a document called the Declaration of agencies, as well as the founding documents of the company. Also from the organization is required to appoint a local secretary or registered agent with a license to ensure compliance with the law of the country. A private company can be registered in the Register of Companies.
Netting Act requirements and obligations The law provides for the transaction at netting in the termination of contracts or transactions. The advantage of the law is to reduce the risks and costs. This project is very important for participants in international financial transactions, especially for parties with derivatives contracts. Reducing risk in granting a loan of one of the parties reduce its dependence on the opposing side.
The provisions of the shares to bearer In accordance with the Law on Business Companies Anguilla allowed to issue shares to bearer. At present the legislation to bearer shares shall be responsible for storage or your travel agent, a resident of the country. Thus, the provisions of the law provides for liability resident agent of the company, a leading issue shares to bearer. These provisions provide for a certain period of time in order to bearer shares were transferred to storage.
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