Offshore Insurance Agents

Accepting an offshore insurance policy form an offshore insurance should be a carefully made decision, since ensuring that an insurance policy is able to fully take your interests into account and be reliable in providing coverage whenever claims are made is absolutely important.

Our firm has led lots of clients to various offshore financial solutions for estate planning and asset management. In addition to banking and company formation services, we put clients in touch with approved government agents in Dominica and St. Kitts and Nevis who process economic citizenship applications. A second passport helps give easier entry to many countries and consequently- better education, jobs and business opportunities. For feedback on how to apply and other methods of asset protection please submit any questions that you may have.

Offshore insurance has many benefits and corporations in particular, insure with offshore insurance companies for varying reasons. Whatever the scenario, seeking advice or referral for a suitable offshore insurance agent is always a first and wise decision, before going on a wild offshore insurance goose chase. But not everyone knows someone, or has a friend who knows about offshore business, would have held an offshore bank account or incorporated an offshore company. So, in this case, maybe you would be prone to end up on a wild offshore insurance goose chase, but this does not have to be the case, if you are able to think of at least one offshore popular offshore jurisdiction; for example The Cayman Islands, Bermuda or The Channel Islands (Isle of Man, Guernsey, Jersey).

Once you are able to identify a popular, well reputed offshore jurisdiction, you are very likely to get hold of sophisticated offshore insurance services, updated, progressive regulations and professional offshore services, which should lead you to a suitable offshore insurance agent. On arriving at this point, an online search for the Financial Services Commission or Authority and the government website on the offshore sector would directly enable you to get hold of all laws and their amendments for offshore companies, insurance, trust, foundations and funds. Most likely, a list of all offshore insurance companies and their agents would be made available, reducing your search time for an offshore insurance agent or company into just a few moments.

People generally tend to pick offshore insurance agents based on the overall impression they get of the individual, and tend to not focus on the details and fine print of the insurance policy itself, or even when being informed about certain terms, do not carefully consider how disadvantageous those conditions may be to them in the long run or in a time of urgency. Sometimes, making the best decision may mean making a less affordable decision.

The offshore insurance agent that you pick should therefore be very knowledgeable on the services he or she is offering and not just be a ‘nice’ voice over the phone or a friendly email away. You should insist on finding out about the professional qualifications of your offshore insurance agent, experience and expertise in the field of work, especially on obtaining a written and detailed proposal of the insurance services and policies recommended. Proposals forwarded or submitted by offshore insurance agents should give all relevant information about rates, price, limits, extent and limit of coverage, sales figures and insurance categories. In short, offshore insurance policies and proposals must give full disclosure to customers and be transparent, compliant with both local and international regulations and principles for the conduct of offshore insurance business. Offshore insurance agents must therefore be honest, possess adequate credentials, sound knowledge about the insurance product and be of sound character.

As with onshore insurance, offshore insurance agents may be employees of offshore companies and thus offer a limited number of products and services (direct writers) or may be employed with a independent insurance agency, and as a result represent two or more offshore insurance companies (independent insurance agents). Knowing the type of offshore insurance agent you are working with is thus important, as this will help in broadening or narrowing your options in terms of the type of offshore insurance policy you may elect, whilst you may remain unaware of other offshore insurance policy options that better suit your needs.

Here are a few general offshore regulations for offshore insurance agents, brokers and salesmen:

Qualifications and worthiness: All offshore insurance agents, brokers and salesmen must be registered in accordance with the offshore insurance act of the jurisdiction of operation. Offshore insurance must be able to prove to the Registrar that he or she is of good character, knowledgeable about offshore insurance, specifically the type of insurance being sold, and is adequately trained to work as an agent.

Submission of Applications: Many offshore jurisdictions require that applications for registration as an offshore insurance agent, salesman or broker must be submitted to the Minister in writing; upon which, if being satisfied, the Minister directs the Registrar to have the applicant registered as an offshore insurance agent, broker or salesman.

Agent Lists: A list containing the names and addresses of all offshore insurance agents must be kept by all registered insurers. The Registrar must be provided with a copy of the list of offshore agents. Similarly, if an agent or broker hires a salesman, the registrar must be given a copy of the names and addresses of these salesmen if requested or if obligatorily demanded by legal regulation.

Record: All offshore insurance brokers and agents must prepare records of all insurance business undertaken. Most jurisdictions require that these records show adequate information if commissions and premiums paid, and from time to time be made available to the Registrar if requested.

Loss of Registration: Offshore insurance agents are required to function in the best interest of the public and if is found guilty of otherwise, stands the chance of losing or cancellation of registration by the Minister or relevant authority. The Registrar will be informed about the decision to cancel an agent or broker’s registration, upon which the name of the agent will be removed from the register of offshore insurance agents or brokers.

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