How To Start A Life Insurance Company In Georgia | Kaukapital

1. Insurance life

2. Activities allowed:  Insurance life

3. Requirements Minimum capital 1 500 000Gel  Be registered under a JSC or LLC  Provide respective certificate from registry of companies to theNBG  Management of the company should present certificate of non-conviction  Information on the significant shareholder (10% and more)  Proof of payment of license fee  Document from bank institution(s) licensed in Georgia certifying that the founders of the legal entity have fully completed in monetary terms capital requirements by the legislation for carry out insurance  Documents from a banking institution licensed in Georgia, certifying that a minimal monetary funds have been put on the banking account.  Documentation concerning all administrators and shareholders, owning significant share  of the legal entity that certifying that these persons: Not been recognized incapable by Court, Have not been convicted of grave, very grave crimes, financing act of terrorism, legalization of illicit income and in various crimes. The same time are not administrators of other insurance company unless they are administrators of an insurance organization reinsurance company which controlled by this insurance company/reinsurance company or end this insurance company reinsurance which controls this insurance company(license seeker) reinsurance company,Have proper experience or an education 

4. Documents needed  Certificate of incorporation, memorandum and articles of the JSC or LLC  Criminal record on the last 10 years for every members of the board  Information about the applicant's and other members’ identity , who directly or indirectly own a significant share (10% or more), documents must be notarized and apostilled.  Documents than prove the experience and education of each director  Payment proof of the license

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