Branches are not permitted. Insurers must be public
companies; reinsurers, brokers, adjusters and financial
advisors must be incorporated.
There is currently a freeze on the issue of new insurance
licences by BNM, although BNM may be open to consider
applications on a case by case basis. Prior consultation
with BNM is encouraged.
BNM approval is required for a licensed insurer to own an
interest in another licensed insurer or for a person to own
interests in two or more licensed insurers of different classes
(if that person is not a licensee).