Creation of an insurance company in Cyprus
If you are interested in opening an insurance company in Cyprus, you should be aware that according to Articles 8 and 22 of the Insurance Law you will need a license to operate in this area.
Amazon Corporate&Immigration Services can offer you detailed information on the scheme of foreign insurance companies in Cyprus, as well as help to invest in this sector in Cyprus.
The insurance companies registered in third countries can operate in Cyprus as branches registered under the Cyprus Companies Law. Similar to the local insurance companies, they must apply for an insurance superintendent's license.
The license to carry out insurance activities can be issued subject to the following conditions:
- The company must be authorized in the country of origin to operate in the same area.
- The company must submit a three-year business plan.
- The company must appoint a professional actuary whose qualifications are appropriate for the business class it intends to follow.
- The company must appoint a general representative in the country approved by the Insurance Manager, depending on the situation.
- The company should have the provided and paid up capital in the country of origin equal to at least the amount required for the insurance company incorporated in Cyprus.
- The business must own the assets in Cyprus equal to at least 50% of the minimum guarantee fund required for Cypriot companies and have a minimum guarantee of at least one quarter of the fund in Cyprus.
- Other requirements: detailed information on all the requirements for an insurance company in Cyprus will be provided by Amazon Corporate&Immigration Service specialists at the request of the interested investor.
Requirements for the insurance companies based in Cyprus
To operate in Cyprus a local insurance company must be licensed in accordance with Articles 18 and 22 of the Insurance Law.
Licenses are issued for an indefinite period of time, depending on whether the company complies with the requirements of the Insurance Law and related regulations.
Separate licenses are required for the life insurance or non-life insurance companies. In addition, the insurance company has no right to carry out any other activity, except for the insurance.
Please contact Amazon Corporate&Immigration Services consultants for complete information on starting an insurance business in Cyprus.Read more