An External Insurance Ordinance is in course of being drafted, and will soon be enacted. It is anticipated that this will make Anguilla attractive as a location for captives and for companies providing other offshore insurance products such as annuities. Central to the legislation will be a licensing regime for insurance managers. It is accepted that it will be necessary for the Government to attract a number of good quality insurance managers to the island if the legislation is to be successful. As a member territory of the Eastern Caribbean Central Bank, Anguilla is participating in the bank´s project to harmonise the jurisdictions´ domestic insurance law and statutory reporting requirements. Harmonised law will assist in eliminating differences in regulatory standards, and thus regulatory arbitrage, and will also simplify the process for insurers wishing to write business in Anguilla.
Litigation procedures have been brought up to date throughout the jurisdiction of the Eastern Caribbean Supreme Court, which includes Anguilla.
In common with other reputable jurisdictions, Anguilla has enacted a Proceeds of Criminal Conduct Act, similar to that in force in the Cayman Islands and elsewhere.
