Insurance Free Trade Zone
Ftz jebel ali free zone on the territory of this ftz is located one of the largest seaports jebel ali.
Insurance free trade zone. Foreign trade zones ftz are secured designated locations around the united states in or near a u s. Ftz basics benefits what is a foreign trade zone. All companies authorized to do business pursuant to article 63 of the insurance law are required to complete and file annually schedule sr and the exhibit of premiums and losses pursuant to article 63 on the new york supplement to the property and casualty annual statement and are also required to file. Free trade zones are generally organized around major seaports international airports and national frontiers areas with many geographic.
Free trade zone special risk insurance. In order to be licensed to write in the free trade zone the insurer must be in compliance with the requirements specified in article 63 of the insurance law and. Nys insurance law article 63 section 6302. Get the definition of free trade zone and understand what free trade zone means in insurance.
Submission of free trade zone reports. This license allows the insurer to write insurance in a free trade zone overview. Explaining free trade zone term for dummies. New york insurance law article 63 section 6301 through section 6304 authorizes the placement of certain risks with licensed insurers which obtain a second additional license from the insurance division of the new york state department of financial services.
Customs port of entry where foreign and domestic merchandise is generally considered to be in international commerce and outside of us customs territory. Effective through june 30 2013 a policy other than a medical malpractice insurance policy which does not qualify as a class 1 or class 2 risk may be written through the free trade zone if. Risks that qualify for placement in the ftz are subject to an exemption from the filing. A foreign trade zone ftz is a class of special economic zone it is a geographic area where goods may be landed stored handled manufactured or reconfigured and re exported under specific customs regulation and generally not subject to customs duty.
Formerly the hassle free or liberated area officially it is called the free trade zone this zone is about 15 20 miles into mexico all along the mexican border. Its intention is to reduce government requirements mexican government requirements for tourists visiting and spending money in the area. Free trade zone license application renewal an authorized insurer may obtain a special risk license pursuant to article 63 of the insurance law to write in the free trade zone.
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