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…
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