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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Mourant Ozannes
News from The Lawyer
Briefings from Mourant Ozannes
The recent English Court of Appeal ruling in Re Danka Business Systems plc considers how insolvency practitioners ought to deal with contingent claims.
This briefing provides an introduction to the factors that determine whether a Jersey insurance business transfer scheme is required and an outline of the procedure for the transfer of insurance business in Jersey.