Insurance Companies
We can also help you to establish an insurance company in Cyprus.
In order to obtain a licence for an insurance company, an applicant must make an application to the Superintendent of Insurance. Throughout the authorisation process, the Superintendent needs to ascertain whether the applicant is complying with the relevant provisions of the Law.
Separate licences must be obtained for life and non-life insurance businesses in Cyprus and such companies may not engage in a non-insurance related business.
Applications for a licence to carry on insurance business in Cyprus must be submitted on the relevant form, accompanied by:
- the fee payable to the relevant authorities for examining the application for a licence (€15,000 for life insurance; €10,000 for non-life insurance and €20,000 for both)
There are a great many forms to fill in and a lot of information and documents are required but you can rest assured that we will guide you through the whole process of registering an insurance company in Cyprus in order to help you reach a successful conclusion.
The Superintendent of Insurance is obliged to make a decision on the application within six months of receiving it.
Important Things You Should Know
FAQ
To obtain a license, you must submit an application to the Superintendent of Insurance. This involves completing the required forms, paying the relevant fees, and providing all necessary documentation to demonstrate compliance with Cyprus insurance laws. Connor Legal provides end-to-end guidance throughout this process to ensure a smooth and successful application.
Separate licenses must be obtained for life and non-life insurance businesses in Cyprus. Companies are prohibited from engaging in non-insurance-related activities. If you wish to operate both types of insurance businesses, you must apply for and obtain both licenses.
The application fees are as follows:
•€15,000 for a life insurance license
•€10,000 for a non-life insurance license
•€20,000 for both licenses (life and non-life)
These fees are payable to the relevant authorities at the time of application submission.
The application must be accompanied by comprehensive documentation, including:
•The company’s memorandum and articles of association
•Business plans and financial projections
•Details of directors, shareholders, and key personnel
•Proof of compliance with solvency and capital requirements
We can assist in preparing and reviewing all required documents to meet the legal and regulatory standards.
The Superintendent of Insurance is obligated to decide on an application within six months of its submission. We ensure all necessary steps are completed promptly to avoid delays and keeps clients informed throughout the process.
Connor Corporate Services Ltd provides comprehensive support, including:
•Guidance on the application process
•Assistance with preparing and submitting required documents
•Ensuring compliance with Cyprus insurance laws and regulations
•Liaising with the Superintendent of Insurance on your behalf
Our expertise ensures your application is complete and meets all legal requirements, increasing your chances of a successful outcome.
Let’s Build Your Success Together
Get in touch with our experts today and discover how we can support your business growth.