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Economy Package |
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 £ 500.00 | Renewal fees from £325.00 | | |
 Nevis LLC formations normally takes 2 to 5 working days.
Search name availability for your Nevis LLC.
Payment of first year's government fees.
No documents to sign.
Applicant appointed as company founding Member.
Company Members appointed electronically.
US$1,000.00 Authorised Capital.
Preparation & filing of Articles of Organization at Registry.
Registered Agent & Registered Office fees for the first year.
The following documents will be delivered via FedEx or DHL:
Certificate of Incorporation, Articles of Organization.
Printed bound copy of Operating Agreement.
Minutes of the First Meeting of the Board of Members.
Renewal Fees (payable annually from the second year): Registered Address, Government fees.
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Premier Package |
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| £ 677.00 | Renewal fees from £502.00 | | |
Offshore Nevis LLC incorporation normally takes 2 to 5 working days.
Search name availability for your Nevis LLC.
Payment of first year's government fees.
No documents to sign.
WE PROVIDE A COMPANY NOMINEE MEMBER SERVICE for the first year.
LLC Members appointed electronically.
US$1,000.00 Authorised Capital.
Preparation & filing of Articles of Organization at Registry.
Registered Agent & Registered Office fees for the first year.
The following documents will be delivered via FedEx or DHL:
Certificate of Incorporation, Articles of Organization.
Printed bound copy of Operating Agreement.
Minutes of the First Meeting of the Board of Members.
A nominee service agreement which provides for the indemnification of the nominees.
Pre-signed undated Resignation Letter from the Nominee Member, Transfer of Membership Form.
Indemnity Letter to the Nominees.
General Power of Attorney.
An indemnity Letter for General Power of Attorney.
Renewal Fees (payable annually from the second year): Registered Address, Nominee Member, Government fees.
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Deluxe Package |
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| £ 829.00 | Renewal fees from £654.00 | | |
Nevis LLC registration normally takes 2 to 5 working days.
Search name availability for your Nevis LLC.
Payment of first year's government fees.
No documents to sign.
We provide a company Nominee Member and Nominee Operating Manager service for the first year.
LLC Members appointed electronically.
US$1,000.00 Authorised Capital.
Preparation & filing of Articles of Organization at Registry.
Registered Agent & Registered Office fees for the first year.
The following documents will be delivered via FedEx or DHL:
Certificate of Incorporation, Articles of Organization.
Printed bound copy of Operating Agreement.
Minutes of the First Meeting of the Board of Members.
A nominee service agreement which provides for the indemnification of the nominees.
Pre-signed undated Resignation Letter from the Nominee Member, Transfer of Membership Form.
Indemnity Letter to the Nominees.
General Power of Attorney.
An indemnity Letter for General Power of Attorney.
Renewal Fees (payable annually from the second year): Registered Address, Nominee Member, Government fees.
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| Registration Legal Requirements | | |
Nevis LLC subscribers may be residents outside the Nevis
A LLC may be organized by one person.
The organizer need not be a natural person, nor a member.
You must appoint a minimum of 1 member.
Members can be corporate bodies or private individuals.
A member can be of any nationality.
The owners are called members.
An LLC can have an unlimited number of members (owners).
While the Nevis Act permits a Nevis LLC to be managed by its members, it does not require members to be managers.
A limited liability company may be either member-managed or manager- managed.
The members direct the management of the LLC unless a manager is named.
The income of a limited liability company passes through to its members, who report the income on their personal tax returns.
LLCs are allowed to have subsidiaries without restriction.
The names and address of members are not available to the public.
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- DEAR VISITORS, Welcome to Coddan online Nevis International Business Company (IBC) formation agent. We recommend reviewing this site in its entirety, so that you are knowledgeable of the Nevis jurisdiction and the powers granted to Nevis companies. We will guide you through the process of registering your company and establishing your registered identity. Complete and submit an IBC application form. Adequate completion and submission of this form, along with the provision of payment, will enable Coddan to incorporate your proposed company within three business days. We will express mail your corporate documents to the mailing address you specify in your incorporation order. If you want to become familiar with the description and the contents of Nevis IBC formation packages, offered by our company and to find above, what kind of service is included in this or that Nevis company incorporation package, to get an idea about the price of annual renewal of the service, and about the general legal requirements to the company incorporation within foreign countries, please, select the package you need from the list, situated below the banner. The information in the banner will be renewed according to the package you've chosen.
Please note » The prices payable for the items that you order are clearly set out in the web site. There will be no contract of any kind between you and us unless and until we receive payment from you. We act as your agent in the incorporation of offshore companies. We are not able to guarantee that any such filing will be acceptable to Companies Registrar , nor are there any contractual obligation upon us to do so. If Companies Registrar rejects incorporation or other filing, we will credit your account with a full refund and the contract between us will be made void. Companies Registrar does not offer a cancellation facility for the incorporation of companies or the filing of documents. We will be unable to cancel any such submission on your behalf and will not refund any payment you have made. All prices shown at Coddan Web Site (www.myllc.co.uk) are in Great British pounds.
Live Help » Live Help is a real time "chat" feature which enables you to interact with a customer service representative without a phone call. Get answers to your questions while using our website. Clicking the "Live Help" button will start an on-line session with one of our representatives. Live Help is currently available during normal business hours. Outside of the above opening hours our business center will be closed. When you click on the button you will see an e-mail form that will allow you to send us a mail with your questions. Live Help is absolutely free! There are no hidden fees. We offer the service as a courtesy to our website visitors.
 The Nevis International Insurance Ordinance 2004. Appointment of Registrar of International Insurance and Deputy Registrar
There shall be appointed by the Minister and publicly notified a Registrar of International Insurance to have the charge and control of the International Insurance Ordinance and to carry out the duties and functions vested in him by or under this or any other Ordinance.
There shall from time to time also be appointed by the Minister such Deputy Registrars of International Insurance and other officers as are required for the purposes of this Ordinance.
Anything by this Ordinance appointed or authorised or requested to be done by the Registrar may be done by any such Deputy Registrar and shall be as valid and effectual as if done by the Registrar.
All Courts, Judges, and persons acting judicially shall take judicial notice of the seal and also of the signature of the Registrar and of any Deputy Registrar.
For the purpose of ascertaining whether a registered insurer is complying with the provisions of this Ordinance, the Registrar or any person authorised by him may inspect any book, minute book, register or record required by or under this Ordinance to be kept by the registered insurer.
A person who, except for the purposes of this Ordinance, or when properly ordered to do so by the Court, makes a record of, divulges or communicates to any other person, any information which he has acquired by reason of such inspection, shall be guilty of an offence against this Ordinance.
A registered insurer or any official thereof shall, on being required by the Registrar or a person authorised by the Registrar, produce any such book, register or record.
A registered insurer or any officer thereof shall not obstruct or hinder the Registrar or person so authorised while exercising any of the powers referred to in subsection (5) of this section.
There shall be paid to the Registrar such fees and penalties as are prescribed.
- Registration of International Insurance Companies
No person, shall carry on or transact or hold himself out as carrying on or transacting any off-shore insurance business in or from within Nevis unless that person holds a valid certificate of registration issued under this Part of this Ordinance and any such person who contravenes this section commits an offence against this Ordinance.
- Use of the Word "Insurance", etc.
Except with the approval of the Registrar in writing no person, other than a registered insurer under this Ordinance or the holder of a valid insurance licence issued under the Insurance Act No. 14 of 1968 shall:
Use or continue to use the words "insurance", "assurance", "indemnity", "guarantee", "underwriting", "reinsurance", "re", "surety", "casualty", or any other word which in the opinion of the Registrar connotes insurance business or any of their derivatives in any other language in the description or title under which such person is carrying on business in or from within Nevis; or
Make or continue to make any representation in any billhead, printed form, letter, letterhead, circular, paper, notice, advertisement or in any other manner whatsoever that such person is carrying on offshore insurance business in or from within Nevis.
Every person who contravenes this section commits an offence against this Ordinance: a) Any person who prior to the coming into force of this Ordinance who used the words "insurance", "assurance", "indemnity", "guarantee", "underwriting", "reinsurance", "re", "surety", "casualty" or any other word which in the opinion of the Registrar connotes insurance business or any of their derivatives in any other language in the description or title whether or not such person is carrying on business in or from within Nevis shall within six (6) months of the coming into effect of this Ordinance register under the provisions of this Ordinance. b) Any person who fails to register in accordance with subsection (a) above commits an offence against this Ordinance.
- Application for registration
Applications for registration to carry on an off-shore insurance business shall be made in writing on the prescribed form to the Registrar and accompanied by: (a) a certified copy of the act, charter, deed of settlement, Memorandum of Association and Articles of Association of the body corporate, or other document or documents by which the body corporate is constituted; and (b) such fee as may be prescribed by regulation; and (c) such evidence as the Registrar may require: of the nature and character of the applicant's business; of the financial standing of the applicant; of the shareholding and management of the applicant; and of the ultimate beneficial ownership of the stocks or shares of the applicant. (d) the address of its registered office in Nevis; (e) such references as the Registrar may require; (f) business plan for the first three (3) years of its proposed operation which includes the following information: the types of obligation the insurer proposes to incur or types of risk it proposes to cover; the company’s reinsurance policy; the projected development of business and solvency margins; and such other information as may be required by regulations.
In addition to the documents, information, and evidence which shall accompany an application under subsection (1) of this section, an applicant shall if required to do so by the Registrar, furnish such additional documents, information, or evidence as the Registrar may require.
- Refusal of registration
The Registrar shall not register any applicant under section 8 of this Ordinance if the applicant: (a) is not a company registered under the Nevis Business Corporation Ordinance 1984; or (b) does not satisfy the Registrar that the amount paid up on its share capital: (i) In a case where the applicant proposes to carry on long-term business but no other category of business, is $500,000 or more; (ii) In a case where the applicant proposes to carry on general business but no other category of business, is $500,000 or more; (iii) In a case where the applicant proposes to carry on reinsurance business but no other category of business, is $200,000 or more; In a case where the applicant proposes to carry on captive insurance business but no other category of business: Single owner Captive - $ 27,000.00; Less than 5 owners Captive - $ 54,000.00; 5 or more owners Captive - $135,000.00.
In a case where the applicant proposes to carry on more than one category of business is the aggregate of the amounts required for each category: and does not satisfy the Registrar that the minimum amount paid up on its share capital is maintained in approved securities; or does not satisfy the Registrar that the controller, directors and chief executive (if any) of the applicant are fit and proper persons to be associated with insurance companies; does not satisfy the Registrar that it has, or has available, adequate knowledge and expertise of the insurance business to be carried on; or does not satisfy the Registrar that it has either: (i) Management in Nevis with adequate knowledge and expertise of the insurance business to be carried on and has at least one director resident in Nevis; or (ii) Appointed a registered insurance manager or registered agent in Nevis with adequate knowledge and experience of the insurance business to be carried on; or does not comply with the criteria contained in regulations; or it is in the public interest to refuse the registration.
- Registration
In relation to every application for registration the Registrar shall either: (a) issue a certificate of registration to the applicant authorising it to carry on, subject to such terms and conditions as he thinks are appropriate, a category or categories of insurance business; or (b) reject the application; or (c) defer the application and direct that such further enquiries as he considers necessary be made.
Where the Registrar rejects an application he shall notify the applicant in writing of the rejection but he shall not be required to give reasons therefor; and where an application is rejected any application fee, shall not be refunded.
- Renewal of Registration
The first certificate of registration shall be valid for 12 months from the date of registration and shall be renewable thereafter for further periods of 12 months from each anniversary of the date of registration upon due payment of the prescribed annual renewal fee.
Where application to renew the certificate is not made before the date of expiry, or the annual renewal fee is not paid prior to that date, a renewal certificate may nevertheless be issued, on payment of the prescribed penalties provided that: (i) The certificate of registration has not been cancelled or revoked; (ii) A renewal application is made and the annual renewal fee is paid, within one month after the date of expiry of the certificate; and (iii) The Registrar is satisfied that there were good and sufficient reasons as to why an application for renewal or payment of the renewal fee was not made prior to the date of expiry of the certificate.
Every certificate of registration shall show on its face the date of expiry.
Any director or officer of a registered insurer who knowingly permits the company to continue to carry on its insurance business after the date of expiry of its certificate of registration and before a current certificate of registration has been issued commits an offence against this Ordinance.
- Cancellation, suspension or imposition of conditions on licence
A certificate of registration may be cancelled or suspended or made subject to conditions by the Registrar at any time for such period as the Registrar deems fit, where there has been any change in the circumstances of the registered insurer (including any change in shareholding, management, or beneficial ownership) which would have caused the Registrar to have refused an application for registration if such changed circumstances had been part of the original application or where the registered insurer: (a) fails to furnish any document, information or evidence which he has been required to furnish; or (b) fails to notify the registrar of any material changes which have taken place, as required by section 13 of this Ordinance; or (c) has a winding up order made against it; or (d) fails to comply with any term or condition subject to which the certificate of registration was issued; or (e) is in breach of any duty or obligation imposed upon it by this Ordinance or commits an offence under this Ordinance; or (f) ceases to transact off-shore insurance business from within Nevis for at least six months; (g) conducts its affairs in a manner which is or might be prejudicial to the interests of present or potential policy holders and the general public; (h) commits any criminal offence whether in or outside Nevis.
Where the Registrar intends to suspend or cancel or impose conditions on a licence under subsection (1) of this section he shall give the registered insurer notice of his intention and reasonable opportunity to show cause as to why the licence should not be suspended or cancelled or made subject to conditions.
Where the Registrar has given notice to the registered insurer of his intention to suspend or cancel or impose conditions on the licence under subsection (2) of this section the Registrar, after considering any submissions and evidence by the registered insurer may: (a) suspend or cancel or impose conditions on the licence; (b) alter his intention by suspending instead of cancelling the licence or vice versa; or not proceed with his intention to suspend or cancel or impose conditions on the licence, and he shall give notice to the registered insurer of his decision and such decision shall take effect from such date as is specified by the Registrar in the notice.
Where the Registrar gives notice to the registered insurer of his decision to suspend or cancel or impose conditions on the licence under subsection (3) of this section, the registered insurer shall return the certificate of registration to the Registrar forthwith.
- Appeal against cancellation, suspension or imposition of conditions on licence
Any person who is aggrieved by the cancellation or suspension or imposition of conditions on a licence may, within 14 days of the giving of the notice under section 10(3) of this Ordinance, appeal against the cancellation, suspension or imposition of conditions to the Financial Services Commission.
The Financial Services Commission shall hear the appeal and may uphold or revoke the decision of the Registrar.
Any person who is aggrieved by the decision of the Financial Services Commission may within 14 days thereof appeal to a Judge in Chambers whose decision shall be final.
Pending the determination of any appeal under subsection (3) of this section, the Judge may at any time and from time to time defer the cancellation, suspension or imposition of conditions which is the subject of the appeal.
Where a registered insurer’s license is cancelled or suspended under this section the registered insurer shall cease to effect new contracts or prolong or expand any existing contracts.
Any person who fails to comply with this section commits an offence against this Ordinance.
- Place of business
A registered insurer shall transact business only from its registered office in Nevis or in such other place outside of Nevis as is approved by the Registrar.
The principal place of business of the registered insurer shall be its registered office in Nevis or such other place outside Nevis as is approved by the Registrar.
- Notification of changes
A registered insurer shall not, without the prior written approval of the Registrar: (a) enter into any merger, amalgamation or consolidation; (b) transfer, other than in the ordinary course of its business by way of reinsurance any of its contracts of insurance or the whole or any part of its property, assets or liabilities; (c) charge or pledge the whole or any part of its assets; (d) change its name from that set out in the licence; (e) engage in or carry on insurance business other than that of the class or classes of insurance named in the licence or other than-in the manner specified therein; (f) alter the terms of its memorandum and articles of association or other instrument of incorporation.
A registered insurer shall forthwith notify the Registrar in writing, of any material change in the particulars set out in the application for registration or in the documents, information, or evidence accompanying that application or in any documents, information or evidence, if any, given under section 6 of this Ordinance.
"Any person who fails to comply with this section commits an offence against this Ordinance.
- Keeping of business records
In this section:
"Business records" include accounting, policy and claims records of the registered insurer and such working papers and other documents as are necessary to explain the methods and calculations by which its accounts are made up;
"Accounts" means profit and loss accounts and balance sheets, and includes notes (other than directors' reports) attached to, or intended to be read with, any of those profit and loss accounts or balance sheets.
A registered insurer shall: (a) keep and maintain such business records as correctly record and explain its transactions and financial position; (b) keep and maintain its business records in such a manner as will enable true and fair accounts to be prepared from time to time; and (c) keep and maintain its business records at its principal place of business and if the principal place of business is anywhere outside of Nevis then a copy of the business records must be kept by the Registered agent in Nevis.
Any registered insurer who fails to comply with this section commits an offence against this Ordinance.
- Annual Accounts
In this section, "annual accounts" mean financial statements prepared under the International Accounting Standard.
A copy of the registered insurer's audited annual accounts shall be submitted to the Registrar within 21 days after the date of the meeting at which the accounts were approved by the board of directors and in any event not later than six months after the close of the financial year to which they relate; and
Where the audited accounts are submitted later than six months after the close of the financial year to which they relate a penalty to be prescribed shall be payable.
Such statements, reports, certificates and information as may be required by regulations made under this Ordinance, or required by any other enactment to be annexed or attached to the annual accounts for any purpose shall be produced to the Registrar at the same time as the annual accounts are submitted.
For the purpose of this section, an audit shall be carried out by an auditor approved for that purpose by the Minister.
Any registered insurer who willfully fails to comply with subsections (2) and (3) of this section, commits an offence against this Ordinance.
- Actuarial Valuation
Every registered insurer licensed to carry on long term business shall, in addition to filing audited accounts as required under section 15, prepare and file every three years an actuarial valuation of its assets and liabilities, certified by an approved actuary, so as to enable the Registrar to be satisfied as to its solvency.
The actuarial valuation shall be submitted to the Registrar not later than six months after the close of the financial year to which it relates.
Any person who contravenes this section, commits an offence against the Ordinance.
- Statutory and long-term business funds
Subject to this section, a registered insurer may establish and maintain one or more statutory funds, under an appropriate name, in respect of such part or parts of the off-shore insurance business carried on by it, as the registered insurer so determines;
Where a registered insurer has established a statutory fund, it shall determine as soon as practicable thereafter what part or parts of its off-shore insurance business relate to that statutory fund;
A registered insurer shall not determine that a particular policy or policies issued by it relate to a particular statutory fund unless the owner of the policy or the person who upon the issue of the policy will become the owner has consented in writing to the application of this section to the policy;
All amounts received by a registered insurer in respect of any part of its off-shore insurance business in respect of which it has established a statutory fund, shall be carried to and become assets of that fund, including any income arising from investment of the assets of that statutory fund;
The assets of every statutory fund maintained by a registered insurer may be invested (subject to any provisions in the instrument constituting the registered insurer or in the articles of association or other rules of the registered insurer which impose restrictions upon the manner in which the assets of the insurer may be invested) in such manner as the registered insurer thinks fits.
For the purposes of paragraph (e) of this section, the whole or any part of the assets of a statutory fund may from time to time be applied or invested by a registered insurer in or towards the payment of any premium or other fee or payment (each of whatsoever nature) payable in order to effect or maintain, or in respect of effecting or maintaining, reinsurance in respect of that statutory fund.
Where a registered insurer transacts or carries on long term insurance business, the insurer shall establish a statutory fund to be known as the long-term business fund into an appropriately named sub-fund of which, all receipts in respect of each subclass of such business shall be paid;
No transfer of assets from a long-term business fund other than a transfer in accordance with subsection (3)(c) shall be effected without: (i) The authority of a resolution of the directors of the registered insurer; and (ii) The written consent of the actuary to the registered insurer;
No registered insurer transacting or carrying on long-term business shall declare or pay a dividend to any person other than a policy-holder unless: at a date within the year immediately preceding the declaration of the dividend, the value of the assets in its long-term business fund as certified by the actuary to the registered insurer, exceeds the extent (as so certified) of the liabilities of the registered insurer's long-term business; and the amount of such dividend shall not be such as to cause the margin of solvency of the registered insurer to fall below the amount required under section 19;
Every registered insurer which has established any statutory fund or a long-term business fund in respect of any part of its off-shore business shall: keep its business accounts in respect of such insurance business separate from any business accounts kept in respect of any other insurance business; maintain books of account and other records in such a manner that the assets of any statutory or long-term business fund established pursuant to this section and the liabilities referable to the off-shore insurance business to which any statutory or long-term business fund relates, can be readily identified at any time;
The assets of statutory or long-term business fund shall not be available to meet any liabilities or expenses of the registered insurer other than the liabilities or expenses referable to that part or part of the insurance business to which the statutory or long-term business fund relates; The restriction imposed by paragraph (b) of subsection (3) of this section shall not apply to so much of those assets as are certified by the actuary to the insurer to exceed the extent (as certified) of the liabilities of the registered insurer's long-term business;
A registered insurer shall not mortgage or charge any assets of any statutory or long-term business fund other than with the consent of all owners of policies issued in respect of the insurance business to which that statutory or long-term business fund relates;
The assets of a statutory or long-term business fund shall be kept distinct and separate from all other assets of the registered insurer; and
Where a registered insurer has established a statutory or long-term business fund in accordance with this section: no assets of the registered insurer other than these comprising and constituting the statutory or long-term business fund shall be available to meet any liabilities or expenses (each of whatsoever nature) in any way referable to the insurance business to which the statutory or long-term business fund relates; and no proceedings of any nature whatsoever seeking to recover from such registered insurer any assets or amount other than the statutory or long-term business fund or value thereof shall be taken in any way against or in respect of such registered insurer in any Court and no judgement of any Court shall issue against any such registered insurer or be enforced in Nevis against such registered insurer for any moneys or assets other than those of the statutory or long-term business fund.
Any registered insurer who contravenes the provisions of this section commits an offence against this Ordinance.
- Solvency margins
Subject to subsection (6) of this section every registered insurer shall ensure that the value of its assets exceeds the amount of its liabilities ("the margin of solvency") of each fund by such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section.
If the solvency margin of a registered insurer falls below such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section, the registered insurer shall advise the Registrar and the registered insurer shall at the request of the Registrar submit to him a short-term financial scheme within thirty days of the request, or such longer periods as the Registrar may permit, and shall if the Registrar considers the scheme (or the scheme as previously modified) inadequate, propose modifications to it.
A scheme submitted under subsection (2) of this section may include proposals for: (a) the appointment of a special manager acceptable to the Registrar; and (b) the discontinuance, either in whole or in part, of the registered insurer's business.
A registered insurer shall give effect to any scheme accepted by the Registrar.
If a registered insurer is unable or fails to submit a scheme which is acceptable to the Registrar, the registered insurer shall be deemed to be unable to pay its debts.
This section shall not apply to a registered insurer who carries on only reinsurance business or captive insurance business.
- Solvency margin for reinsurer and captive insurer
Every registered insurer who carries on only reinsurance business or captive insurance business shall: (a) have such surplus of tangible assets or other assets as may be approved by the Registrar over liabilities as may from time to time be prescribed by regulation; and (b) demonstrate if required by the Registrar in writing to the satisfaction of the Registrar its financial stability.
- Restriction of Business
A registered insurer shall not carry on any activities, in Nevis or elsewhere, otherwise than in connection with or for the purpose of its off-shore insurance business.
A registered insurer who is authorised to carry on only captive insurance business shall not accept business from or insure any person who is not a parent or affiliated company of the registered insurer unless the Registrar gives permission in writing on being satisfied that the registered insurer has sufficient liquid assets to cover the unrelated business.
Reinsurance: (a) a registered insurer may effect reinsurance in respect of any off-shore insurance business undertaken by it and may assign to the owner of a policy the rights of the registered insurer against the reinsurer in respect of any particular policy. In the event of such an assignment being effected the owner of the policy shall continue to the extent that the risks covered by the policy issued by the registered insurer have not been so reinsured; (b) An assignment pursuant to paragraph (a) of this subsection shall be valid only if the owner of the policy has consented in writing to this section applying or if the person who will become the owner of a policy upon its issue has so consented prior to the issue of the policy; and (c) Nothing in this subsection shall restrict the ability of a registered insurer to effect reinsurance without an assignment pursuant to paragraph (a) of this subsection.
A registered insurer shall not use or operate under a name which: (a) so closely resembles or is identical to the name of any company, firm or business house whether within Nevis or not, as is likely to mislead or deceive; (b) is calculated to falsely suggest the patronage of or connection with some person or authority whether within Nevis or not; (c) is calculated to falsely suggest that such registered insurer has a special status in relation to or derived from the Nevis Island Administration, or has the official backing of or acts on behalf of the said Administration or of any department of official thereof or is recognised in Nevis as a national insurer.
Any person who contravenes this section commits an offence against this Ordinance".
- Shares not to be Issued or Transferred Without Approval
No shares in or other securities whatsoever of a registered insurer shall be issued and no issued shares or beneficial interests in shares or other securities of any registered insurer shall be transferred or disposed of in any manner without the prior written approval of the Registrar:
In subsection (1) the reference to shares of any registered insurer being transferred or disposed of includes any transfer or disposition that would result in any change in beneficial ownership of the registered insurer.
Notwithstanding the provisions of subsection (1), the prior written approval of the Registrar shall not be required where shares or other securities are issued to existing shareholders on a pro rata basis.
No bearer shares or share warrants to bearer may be issued by a registeredinsurer.
- Advertising
No advertising shall be used by a registered insurer which is likely to mislead, or deceive prospective policy holders with respect to the registered insurer's assets, corporate structure, financial standing, age or relative position in the insurance business or in any other material respect.
Any person who contravenes this section commits an offence against this Ordinance.
- Insurance Managers
No person shall act as an insurance manager for, or in relation to, a registered insurer, unless that person is registered in a register to be kept by the Registrar in accordance with regulations and has paid to the Registrar the prescribed registration fee and every prescribed annual renewal fee.
Any applicant for registration shall provide such documents and information as may be required by the Registrar including, without limiting the generality of the foregoing, such documents and information as the Registrar may require to satisfy himself that the applicant is a fit and proper person and has or has available adequate knowledge and expertise so as to provide satisfactory insurance management services.
Notwithstanding subsection (2) of this section an applicant for registration shall submit (a) a complete curriculum vitae signed in his own name providing the following information: name, surname, place and date of birth; permanent address and nationality; professional education (including dates, schools and universities, diplomas); membership in professional organizations; full record of the applicant’s professional career (including the names of all previous employers) and the type and duration of the applicant’s respective activities. A declaration confirming that no criminal proceedings are or have been pending against him.
Sections 29, 30, 31 and 37 of this Ordinance shall apply, with the necessary modification in relation to any person acting as an insurance manager as they apply to a registered insurer.
The Registrar may if he thinks it proper to do so: (a) refuse to register any application for registration; and (b) cancel registration at any time.
Where a person carries on a business which in any respect is or in the opinion of the Registrar appears to be, of a similar character to the business carried on by an insurance manager, that person upon a declaration made by the Registrar in writing shall be subject to the provisions of this section and shall be deemed to be acting as an insurance manager.
Any person who contravenes subsection (1) of this section or willfully: takes or uses any style, title or description which consists of or includes the expression "insurance manager" when he is not registered; or takes or uses any style, title or description falsely implying or otherwise pretends, that he is registered, commits an offence against this Ordinance.
- Registered Agents
A registered insurer shall appoint a Registered Agent in Nevis where its principal place of business is outside Nevis and a Manager is not resident in Nevis.
Section 24 of this Ordinance shall apply, with the necessary modification in relation to any person acting as an registered agent as they apply to a manager.
- Prohibited Interests
A person registered as an insurance manager or a registered agent or any person acting as an insurance manager or an registered agent shall not directly or indirectly be interested as a shareholder in or a director, officer or employee of any registered insurer for which he acts as manager or registered agent.
- Reporting Duties of Managers and Registered Agents
If it appears to the Manager or Registered Agent or if he has knowledge or information that any of the registered insurers for which he acts as manager or agent: is conducting its business in a manner that would expose such registered insurer to the risk of becoming insolvent; is not complying with any of the provisions of this Ordinance or the regulations; has defaulted on the payment of its liabilities; is experiencing a state of affairs that is or may be prejudice to the interests of such registered insurer’s policyholders or creditors; is involved as a defendant in any criminal proceedings in any country or jurisdiction; or has ceased to carry on business in or from within Nevis; he shall forthwith report to the Registrar giving particulars of information and documents in his possession.
In reporting to the Registrar in good faith and in discharge of his duties pursuant to subsection (1) the manager or registered agent shall not, nor shall any director, officer, member, agent or employee thereof be liable to any action, suit or proceeding for with respect to such reporting.
- Directors
A registered insurer shall have at least two directors who are natural persons. All directors must be professionally qualified and be reliable and of good repute. A registered insurer who has directors in contravention of the section commits an offence and may be subject to a fine of $50,000.00 imposed by the Financial Services Commission.
- Management
Every registered insurer shall have management in Nevis; or appoint a Registered Agent in Nevis with adequate knowledge and experience of the insurance business carried on.
- Power to obtain information
The Registrar may require a registered insurer to provide him, at specified times or intervals, with information about specified matters relating to the insurer being, if he so requires, information verified in a specified manner or provided in a specified form.
Where by virtue of subsection (1) the Registrar has required a registered insurer to provide information about specified matters and the registered insurer has failed to provide that information, the Registrar may require the registered insurer's actuary, auditor, insurance manager or banker to provide such information about those matters as is within their knowledge.
The Registrar may require a registered insurer to produce, at such time and place as he may specify, such documents or information as he may specify.
Where by virtue of subsection (3) the Registrar has power to require the production of any document from any registered insurer, the Registrar shall have the like power to require the production of that document from any person who appears to him to be in possession of it; but where any person from whom such production is required claims a lien on any document produced by him, the production shall be without prejudice to the lien.
Any power conferred by virtue of subsections (3) or (4) to require a registered insurer or other person to produce any document or information shall include a power to take copies of it or extracts from it.
In this section and in section 31, references to the Registrar shall include any person appointed in writing by the Minister to carry out the duties of the Registrar.
Any registered insurer who fails to supply information or to produce any document when required to do so by the Registrar in accordance with this section, commits an offence against this Ordinance.
The powers conferred by this section and section 31 may be exercised in relation to a registered insurer who has ceased to have any liability in respect of any contract of insurance which was entered into at a time when it was registered.
- Inspection and investigation
The Financial Services Commission may appoint any qualified person as an Inspector to investigate the affairs or any part of the affairs of a registered insurer and to inspect the registered insurer's business and accounting records and accounts and such other records as may have been kept by the registered insurer in the course of its off-shore insurance business, if the Financial Services Commission has reason to believe that the registered insurer is carrying on its business in a manner prejudicial to the interest of its policy holders or of persons who may become policy holders or that it may have insufficient assets to cover its liabilities and claims by policy holders, or either in Nevis or elsewhere it may be contravening any of the provisions of this Ordinance.
It shall be the duty of the registered insurer under investigation and of all past and present officers of the registered insurer and of any related company which has been involved in the off-shore insurance business transactions of the registered insurer, to produce to the Inspector all books, records and documents relating to the registered insurer or related company under investigation which are in their custody or control and other wise to give the Inspector all assistance in connection with the investigation which they are reasonably able to give.
The Inspector shall have every such power of entry and access as may be necessary for the purposes of this section, and he may take possession of all such books, accounts and documents as, and for so long as, may be necessary for the purposes of his inspection and investigation.
The Inspector shall exercise his right of entry and access under subsection (3) during the normal office hours of the registered insurer, unless otherwise authorised by the Court.
The Inspector may take copies of all books, accounts and documents of the registered insurer in his possession for the purposes of his inspection and investigation under this section.
Any person who: (a) wilfully obstructs the Inspector acting in the execution of his powers under this section; (b) refuses or fails or neglects to produce any books, accounts, documents or information required under this section; or (c) knowingly produces or causes or permits to be produced any book, account, document or information required under this section which he knows to be false in a material particular; commits an offence against this Ordinance.
The Financial Services Commission may order the registered insurer or any related company whose officers have committed an offence under the provisions of this section to pay all or any of the expenses properly incurred in connection with the investigation or in connection with the proceedings instituted as a result of the investigation.
- Preservation of Secrecy and Confidentiality
Except for the purpose of the performance or exercise of his duties or functions under this Ordinance or when lawfully required to do so by any Court of competent jurisdiction within Nevis neither the Minister, the Financial Services Commission, the Registrar nor any officials or officers thereof shall not disclose any information relating to any application by any person under the provisions of this Ordinance or to the affairs of a registered insurer or of any policy holder of a registered insurer which he has acquired in the performance or exercise of such duties or functions under this Ordinance.
Subsection (1) shall not apply to a disclosure by the Registrar: (a) necessary for the effective regulation of a registered insurer; (b) in respect of the affairs of the registered insurer or a policy holder of a registered insurer with the authority of the registered insurer or the policyholder of the registered insurer which has been voluntarily given, as the case may be. Where the information is already in the public domain.
The Registrar on the recommendation of the Financial Services Commission may disclose to a foreign insurance supervisory authority or any other like regulatory authority information about the registered insurer, provided that: (a) the Registrar has satisfied himself that the intended recipient authority is subject to adequate legal restrictions on further disclosures which shall include the provision of an undertaking on confidentiality; (b) the information provided by the Registrar does not contain any names of individual policy holders of the registered insurer concerned; and (c) the information is required for the purposes of insurance supervision only and is not related directly or indirectly to the imposition, calculation and collection of taxes or the enforcement of exchange control regulations."
- Winding-up of registered insurer
The provisions of IV of the Companies Ordinance 1999 shall apply with respect to the winding up of a registered insurer registered under this Ordinance, so far as they are applicable, subject to the provisions of this section and sections 34 and 35 of this Ordinance.
A petition for the winding up of a registered insurer shall not be presented, other than by the Registrar except by leave of the Court.
The Registrar may present a petition for the winding up of a registered insurer or its business within Nevis on the grounds: (a) the registered insurer is unable to pay its debts within the meaning of subsection (4); (b) that the registered insurer being imposed by this Ordinance with respect to the keeping of business and accounting records, has failed to satisfy that obligation or to produce records kept in on of that obligation and the Registrar is unable to ascertain its financial position; (c) the registered insurer has carried on business or entered into a contract or used its funds in a manner or for a purpose prohibited or not authorised by this Ordinance or the regulations or by the registered insurer’s instrument of incorporation; or (d) other sufficient cause has been shown.
For the purposes of this Ordinance an insurer shall be deemed to be unable to pay its debts if at any time the total value of its assets does not exceed the total amount of its liabilities by the amount prescribed by this Ordinance or its regulations.
In any proceedings on a petition to wind up a registered insurer presented by the Registrar under subsection (3) of this section evidence that such registered insurer was insolvent at the close of the period to which the annual accounts of the registered insurer last submitted under section 15 of this Ordinance relate shall be evidence that the registered insurer continues to be unable to pay its debts, unless the contrary is proved.
- Profits and dividends
Notwithstanding anything contained in any other enactment but subject to subsection (2): (a) no income tax, nor any other direct or indirect tax or impost, shall be levied in Nevis upon the transactions, contracts, securities or other dealings or upon profits or gains of a registered insurer, or upon any premiums earned by a registered insurer, or money paid to an insured by registered insurer, in respect of any off-shore insurance business written in or from within Nevis; and (b) no income tax, nor any other direct or indirect tax or impost, shall be levied in Nevis in respect of any dividends or earnings attributable to the shares or securities of a registered insurer, or upon any premiums paid to a registered insurer or money paid to an insured by a registered insurer.
There shall be imposed on all registered insurers a tax on the gross premiums collected at such rates as may be prescribed by the Minister.
- Exemption from stamp duty
Contracts of insurance executed for or in connection with the off-shore insurance business of a registered insurer under this Ordinance shall be exempt from stamp duty.
- Exemption from currency and exchange control
Any off-shore insurance business conducted by a registered insurer in accordance with this Ordinance shall be exempt from any currency and exchange control restrictions or regulations. No foreign exchange levy shall be imposed or be payable in respect of any off-shore insurance business conducted by a registered insurer in accordance with this Ordinance.
- Power of exemption
Where prior to the coming into force of this Ordinance the Minister granted exemption to any registered insurer that registered insurer shall be exempted from only those provisions of this Ordinance or regulations to which the exemption applied.
The Minister may for any reason revoke any exemption granted under subsection (1) and that registered insurer shall forthwith comply with the provisions of this Ordinance.
- False statements
Any person who: (a) causes or permits to be included in any book or document provided or produced to the Minister, the Registrar or to an Inspector appointed under the provisions of section 31 of this Ordinance a statement which he knows to be false in a material particular; or (b) in purported compliance with any provision of this Ordinance or a requirement imposed under any such provisions, provides information which he knows to be false in material particular or recklessly provided information which is false in a material particular, commits an offence against this Ordinance.
- General penalty provisions
Any person who commits an offence against the provisions, or any part of the provisions of any one of sections 13, 14, 22, 23, 30 and 38 shall be liable on conviction if the offender is an individual to a fine not exceeding $10,000 or to a term of imprisonment not exceeding 12 months or to both such, fine and imprisonment in respect of each such offence and if the offender is not an individual to a fine not exceeding $20,000.
Any person who commits an offence against the provisions, or any part of the provisions or any one of sections 3, 4,5, 9, 21, 31, 37 and 43 shall be liable, if the offender is an individual, to a fine not exceeding $30,000 or to a term of imprisonment not exceeding 2 years or to both such fine and imprisonment in respect of each such offence and if the offender is not an individual to a fine not exceeding $50,000.
Any person who contravenes or fails or neglects to comply with any provisions of this Ordinance or regulations made thereunder, commits an offence against this Ordinance or regulations made thereunder, commits an offence against this Ordinance and shall be liable, on conviction, in a case where for which no specific penalty is otherwise provided in this Ordinance, if the offender is an individual, to a fine not exceeding $5,000 or to a term of imprisonment not exceeding 6 months or to both such fine and imprisonment, or if the offender is not an individual to a fine not exceeding $10,000.
Where any person is convicted of an offence under this Ordinance and such offence is a continuing one the offender shall be liable in addition to the penalty otherwise provided for in this Ordinance to an additional fine not exceeding $500 for everyday on which the offence has continued.
Where any offence under this Ordinance committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of any director, chief executive, manager, secretary or other similar officer or servant of the body corporate, shall be deemed to have committed an offence against this Ordinance and liable to be proceeded against and punished accordingly.
No person shall be prosecuted for an offence under this Ordinance without the consent of the Legal Advisor.
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