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Open a Company in the Insurance Sector in Liechtenstein

Updated on Tuesday 11th April 2017

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Open-company-in-the-insurance-sector-in-LiechtensteinLiechtenstein has a good reputation at international level when it comes to the financial sector. One of the reasons it has earned such reputation is the well-established insurance sector which is one of the most prolific segments of the financial industry. Opening a company in the insurance sector in Liechtenstein is subject to various regulations which are quite strict in order to ensure a high quality of the products offered.

Our company registration agents in Liechtenstein can offer information on these regulations.

Laws and types of companies in the insurance industry in Liechtenstein

The main laws governing the insurance sector in Liechtenstein are:

  • -          the Law on the Supervision of the Insurance Undertakings, which applies to all types of insurance companies in the Principality;
  • -          the Insurance Contract Law;
  • -          the International Insurance Contract Act;
  • -          the Law on Insurance Mediation;
  • -          the Due Diligence Law;
  • -          the Financial Market Authority Law;
  • -          the Law on Vehicle Insurance.

Companies in the insurance industry also fall under the Companies Law in Liechtenstein. Insurance companies can take the following forms, according to the services they offer:

  • -          direct life insurance companies;
  • -          direct indemnity insurance companies;
  • -          reinsurance companies;
  • -          captives.

Foreign insurance companies are also allowed to offer their services in Liechtenstein through branch offices and subsidiaries.

Starting an insurance company in Liechtenstein

As mentioned above, insurance companies are governed by the Companies Act which provides for the company registration process of companies in Liechtenstein. Following the incorporation procedure, these companies no matter the insurance services they offer must apply for a license with the Financial Market Authority through which they will assume the business activities they will undertake.

In order to obtain their license, insurance companies must submit a business plan with the supervisory authority in Liechtenstein. When it comes to the share capital requirements, insurance companies will be required to deposit specific amounts which are established on a case-to-case basis by the Financial Market Authority. Life insurance and reinsurance companies which must have a minimum of 3.5 million CHF, respectively 3.2 million CHF. Indemnity insurance companies must deposit at least 2.3 CHF, while captives must have a minimum share capital of 1.1 million CHF.

For full information on how to set up a company in the insurance sector, please contact our company formation consultants in Liechtenstein.

 

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