Insurance Free Trade Zone
Allows an authorized insurer to write special risk insurance in the free trade zone.
Insurance free trade zone. Nys insurance law article 63 section 6302. Ftz jebel ali free zone on the territory of this ftz is located one of the largest seaports jebel ali. 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. This license allows the insurer to write insurance in a free trade zone overview.
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. Explaining free trade zone term for dummies. Customs port of entry where foreign and domestic merchandise is generally considered to be in international commerce and outside of us customs territory. Foreign trade zones ftz are secured designated locations around the united states in or near a u s.
This free trade zone are attracting large investors providing to them high quality infrastructure with the necessary set of services is a leader for industrial and logistics companies. Its intention is to reduce government requirements mexican government requirements for tourists visiting and spending money in the area. Prerequisites need to be licensed in nys to write direct insurance. 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.
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. Submission of free trade zone reports. 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. Free trade zones are generally organized around major seaports international airports and national frontiers areas with many geographic.
Ftz basics benefits what is a foreign trade zone. Free trade zone special risk insurance. 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.
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