The International Insurance Act 1988 regulates offshore insurance business carried on by international and foreign companies registered under the International Companies Act 1988.
Restrictions
A registered insurer is not allowed to issue bearer shares/share warrants to bearer or to carry on domestic insurance business nor any activities other than for the purposes of its offshore insurance business.
Must have minimum issued capital and unimpaired reserves
Required to keep/maintain at its principal place of business in Samoa (or such place as maybe authorized)
Police Clearance
Share ownership
A full true and complete record of its accounting and policy transactions and of its financial position
Produce evidence of its financial standing
Appoint an auditor and is required to submit to the registrar and Annul Return every calendar year and its audited Annual Accounts and Auditor's Report
Disclaimer: The above information is for briefing purposes only. Please seek professional advice or contact us on enquiries@samoaibfc.ws
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Related Resources
INTERNATIONAL INSURANCE ACT 1988
Regulates the establishment and operation of international insurance businesses to ensure compliance and financial stability.