Carrying on Contracts of Insurance
Carrying on Contracts of Insurance means carrying on Contracts of Insurance as Principal.
General requirements
Requirements |
Minimum threshold |
Authorisation Fee (paid once) |
10 000 USD *According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full. Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well. In accordance with the AIFC Fees Rules 1.1-1. an applicant seeking to conduct Regulated Activities in relation to Digital Assets, must pay to the AFSA an additional application fee in the amount of 2 000 USD. |
Registration Fee (paid once) |
Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected]. |
Supervision Fee (annually) |
7 000 USD |
Minimum Capital Requirement |
*AIFC Insurance and Reinsurance Prudential Rules 5. *Please be informed that under AFSA Notice № AFSA-Q-OA-2020-0024 on Modification for Insurers, the Minimum Capital Requirement was decreased until 1 November 2023. |
Liquid Assets Requirement |
*AIFC Insurance and Reinsurance Prudential Rules 3.1.3., 4.1.2, 6.1.1. |
Appointment of Internal and External Auditor |
Required |
Organisational structure |
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Policies and Procedures |
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Guides
Application package
Supporting documents
*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application