Useful information

With effect from 1st January 2016, the insurance business in the Republic of Cyprus is regulated by and conducted in accordance with the EU legislation and regulatory requirements pertaining to Solvency II Directive 2009/138/EC, which was transposed into local law in April 2016.

All insurance and reinsurance companies registered in the Republic of Cyprus are licensed and operate under the strict supervision of the Superintendent of Insurance who is also the Head of Insurance Companies Control Service. At the same time such insurance and reinsurance companies are regulated under the European Supervisory Authority (European Insurance and Occupational Pensions Authority (EIOPA) — regulating body for all European companies.

KLPP can be found at Register of Insurance Undertakings of EIOPA here.

The Company fully complies with all the regulatory requirements and reports regularly to the Superintendent of Insurance and to the Central Bank of Cyprus.

You will find more detailed information about EU insurance legislation via the links below:

EU Regulations

• Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority)
• Delegated Regulation (EU) 2016/467 amending Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings
• EU Implementing Regulations

EU Directives

• Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
• Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing 2015/849/EC
• Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate 2002/87/EC

It is important to note that Cyprus is neither an offshore nor a tax haven anymore – it is a credible EU jurisdiction. Cyprus is a competitive international financial centre that offers comfortable business environment, being an ideal platform for investment and growth, particularly in the EU and MENA regions, as well as by offering efficient corporate taxation solutions. Cyprus companies are considered onshore and, apart from the benefits of being registered in Cyprus, they enjoy the same EU benefits as the companies from the other countries of the EU.

Cyprus complies with all EU directives and is on the OECD white list of territories conforming with international best tax practices.

The particulars of the Company such as the incorporation date, information about the shareholders, the board of directors, the secretary, registered office and other details are available for public inspection at the Cyprus Registrar of Companies.