Insurance in the British Virgin Islands
The British Virgin Islands (BVI) regulator, the Financial Services Commission, recently reported that there are more than 2,301 entities licensed to carry on insurance business in or from within the BVI. Of these, 157 are captive licensees. The captive insurance industry is supported by more than 40 insurance functionaries on the ground in the BVI (including insurance agents, brokers, managers and loss adjusters) and nearly 500 banking and fiduciary service providers, making the BVI a leading jurisdiction in the captive insurance market.
The BVI overhauled its insurance laws at the beginning of 2010. The purpose of the overhaul was to modernise the regulatory framework to ensure that the jurisdiction continued to meet the core principles of the international insurance regulatory community, including the International Association of Insurance Supervisors (IAIS) and the Offshore Group of Insurance Supervisors, while delivering a flexible and relevant ‘risk-based’ licensing regime…
If you are registered and logged in to the site, click on the link below to read the rest of the Mourant Ozannes briefing. If not, please register or sign in with your details below.
News from Mourant Ozannes
Briefings from Mourant Ozannes
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information?
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.