Insurance Advisory

Cyprus has witnessed a rapid development of the insurance sector. In 2003, a new law was enacted (35(I)/2002) in order to comply fully with the European Union Directives. The new legislation brought about marked changes in relation to the regulatory framework of the insurance industry and introduced additional burdens for insurance companies in relation to solvency requirements. In addition, the Law imposes various obligations on the insurance companies in relation to the information they provide to customers prior to the conclusion of an insurance policy and even on the format and contents of advertisements. What is important about this Law is that, once an insurance company is registered in Cyprus, it may offer its services free in the EU via its Single Passport. We are here to help our clients obtain a license and get established in Cyprus or establish a branch or a subsidiary. We offer the following services:

• Insurance company registration
• Insurance company activation
• Supervision issues
• Compliance with national and EU Laws
• Drafting of customer agreements
• Advice on policy wording interpretations
• Advice on legal requirements on new products
• Agency and intermediation agreements
• Advice on solvency
• Money laundering compliance
• Advice on outsourcing
• Advice on advertisements
• Advice on merger control/antitrust
• Representation before the Insurance Companies Control Service
• Opinions
• Accounting and auditing support

For more information and to compare our prices please feel free to contact us.