The Development and Marketing Department of the Ministry of Finance and Development in Nevis recently announced the launch of new legislation governing the provision of international insurance.
Passed by the Nevis Island Assembly earlier this year, the International Insurance Ordinance 2004 is divided into six sections, and provides for the licensing and regulation of general insurance, captive insurance and reinsurance companies.
Expressing pleasure that the jurisdiction has added another string to its international financial services bow, the Department went on to note that it is compulsory for insurance companies to have a physical presence in Nevis, whether via a resident manager or a fully trained registered agent, with adequate knowledge and experience of the insurance industry.
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