The FFIC Regulations create an investment approval and licensing procedure. CIRC approval involves a two-stage process. The CIRC examines the foreign insurer's qualifications, and after the initial application has been approved, a second approval of the documentation for the establishment of the foreign-funded insurance company. CIRC has up to six months to approve or deny the initial application. Successful applicants are then required to submit all establishment documentation within another year. CIRC has up to 60 days to provide its second and final approval. There is no mechanism provided for either administrative or judicial review of these administrative actions.
