Insurance business includes life, health, accident, property, marine, aviation and travel.
A full range of insurance business is permitted in the Cook Islands including; life, health, accident, property, marine, aviation and travel.
The Insurance Act 2008 requires any one carrying on insurance business, whether as an issuer, a broker, agent or manager, to be licensed. The Cook Islands Financial Supervisory Commission licenses and regulates all insurance business in the Cook Islands and those who carry on insurance business. Those persons licensed to carry on insurance business can carry on that business internationally or from within the Cook Islands.
In addition, by virtue of the Captive Insurance Act 2013, the Cook Islands can provide captive insurance services to organisations looking to self-insure. By creating a licensed Cook Islands captive, organisations can provide their own insurance coverage thereby avoiding the use of traditional commercial insurance companies, reduce costs and insure risks that might otherwise not be insurable. A Cook Islands captive can provide greater control over risk assessment, policy content, premium levels and the use of funds in the insurance premium pool. A licensed trustee company will need to be engaged to assist in establishing and administering a Cook Islands captive structure.