The International Insurance Act 1988 regulates offshore insurance business carried on by international and foreign companies registered under the International Companies Act 1988.
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
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