Brief Note about the Country
A fairly small island, about half the size of Washington, DC, Anguilla is the most northerly of the Leeward Islands in the Lesser Antilles. It is a flat and low-lying island composed of coral and limestone. Anguilla is affected by frequent hurricanes and other tropical storms during the rainy season (July-October).
Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants.
Regulation of the Insurance Industry
The Financial Services Commission (FSC), the licensing and regulatory body for the financial services industry in Anguilla, was established by the enactment of the Financial Services Commission Act on November 26th, 2003, and it commenced operations on February 2nd, 2004. The aim of the Commission is to help ensure that Anguilla is in line with international standards in the structure and administration of its financial services regulatory body.
The Insurance Act, 2006 covers the licensing and regulation of companies undertaking domestic insurance, offshore and captive insurance, and of insurance intermediaries. No person can undertake any insurance business, in or from within Anguilla, without a licence granted under the Act. It is the duty of the Commission to maintain a general review of insurance practice in Anguilla and to oversee the conduct of persons so licensed.
Anguilla is an observer of the Offshore Group of Insurance Supervisors (OGIS), and the Anguilla Financial Services Commission was inducted as a full member of the International Association of Insurance Supervisors (IAIS) in October 2007.
Anguilla Financial Services Commission, http://www.fsc.org.ai/insurance.shtml
Revised Statutes of Anguilla, Chapter I16 - Insurance Act, http://www.fsc.org.ai/PDF/I016-Insurance%20Act.pdf