Governance, Risk and Compliance-The British Virgin Islands Insurance Industry

Governance, Risk and Compliance-The British Virgin Islands Insurance Industry


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Executive Summary

Synopsis

Timetric's 'Governance, Risk and Compliance-The British Virgin Islands Insurance Industry' report is the result of extensive research into the insurance regulatory framework in British Virgin Islands.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in British Virgin Islands, including:

An overview of the insurance regulatory framework in British Virgin Islands.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in British Virgin Islands.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

Scope

The report covers details of the insurance regulatory framework in British Virgin Islands.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

Gain insights into the insurance regulatory framework in British Virgin Islands.

Track the latest regulatory changes, and expected changes impacting the British Virgin Islands insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights

The British Virgin Islands insurance industry is regulated by the Financial Services Commission.

Composite insurance is not permitted in the British Virgin Islands insurance industry

100% FDI is permitted in the British Virgin Islands insurance industry.

Motor third-party liability, social insurance system and marine third-party liability are the key classes of compulsory insurance in the British Virgin Island insurance industry.

Non-admitted insurance is not permitted in the British Virgin Islands insurance industry.



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1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social insurance system

2.4.3 Third-party liability insurance for owners or users of vessels

2.4.4 Compulsory insurance against liability for pollution for owners or users of vessels

2.4.5 Professional indemnity insurance for auditors

2.4.6 Professional indemnity insurance for insurance managers and intermediaries

2.4.7 Professional indemnity insurance for licensed trust companies and licensed company managers

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Caribbean Association of Insurance Regulators

2.5.3 Financial Services Commission

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: The British Virgin Islands-Insurance Supervision and Control at Various Levels

Figure 2: The British Virgin Islands-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: The British Virgin Islands-Insurance Regulatory Framework Key Features

Table 3: The British Virgin Islands-Life Insurance Regulatory Framework

Table 4: The British Virgin Islands-Property Insurance Regulatory Framework

Table 5: The British Virgin Islands-Motor Insurance Regulatory Framework

Table 6: The British Virgin Islands-Liability Insurance Regulatory Framework

Table 7: The British Virgin Islands-Corporate Tax Rates for the Financial Year 2017

Table 8: The British Virgin Islands-Offences and Penalties

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