General and Reinsurance Business Insurance
In the case of insurers carrying on general insurance or reinsurance business, the value of its admitted assets shall exceed the amount of its admitted liabilities by not less US$ 200,000 or 15% of the premium income net of reinsurance premiums in the preceding financial year, whichever is higher.
Long Term Insurance Business
For Insurers carrying on long term insurance business, the amount of its admitted liabilities in respect of policies issued shall not exceed the amount of its long term insurance fund, as certified by the insurer's actuary.
Captive Insurance Business
In the case of an insurer carrying on captive insurance business, the value of its admitted assets shall exceed the amount of its admitted liabilities by not less that US$ 100,000 or 15% of the premium income net of reinsurance premiums, in the preceding financial in the year, whichever is higher.
The FSC licenses different types of of insurance intermediaries, namely Insurance Brokers, Insurance Agents and a Insurance Salesmen. As at 30 June, 2003, there were 10 Insurance Brokers, 130 Insurance Agents and 2,692 Insurance Agents. Some Insurance Agents work exclusively for one company, others are multi-agents e death working for two or more. Some are accredited agents, meaning that they are allowed to settle claims on the insurer's behalf. This status depends on financial resources and the trust of the insurer involved.