Guernsey Offshore Insurance License
- Guernsey Offshore
- Insurance License
Key Features - Insurers in Guernsey can be licensed to write either general business (i.e. non-life) or long-term business (i.e. life). New composite insurers are no longer allowed except where the life/non-life insurance business is incidental in terms of premium income to the principal non-life/life insurance business being written by the licensed insurer, or where the licensed insurer is a protected cell or incorporated cell company.
Insurers licensed in Guernsey can be international insurers, which underwrite non-local insurance risks, or domestic insurers, which underwrite wholly, or primarily, Bailiwick of Guernsey insurance risks. International insurers can be classified into two types as follows:
- Pure captive insurer – an insurer established for the sole purpose of insuring some or all of the risks of its parent
- Commercial insurer – an insurer established for the primary purpose of participating in the traditional insurance or reinsurance market
Legal RequirementsRequirements
Description
General
- Corporate vehicle permitted
Guernsey company, Protected cell company (PCC), Incorporated cell company (ICC)
- Local physical office required
No
Share capital or equivalent
- Minimum paid-up capital
GBP 100,000
Directors
- Minimum number
2
- Corporate directorship allowed
Yes
- Local director required
No
Shareholders
- Minimum number
2
- Corporate shareholders allowed
Yes
- Local shareholders required
No
Service Providers Required
- Company Secretary
Yes
- Robust yet flexible regulatory environment
- Professional infrastructure and quality of workplace
- Tax neutrality and Tax Exchange Agreements
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers