British Virgin Islands Insurance Industry – Governance, Risk and Compliance

British Virgin Islands Insurance Industry Report Overview

The British Virgin Islands insurance industry is regulated mainly by the Financial Services Commission (FSC). Other bodies that oversee the industry are the IAIS and the Commission Regional des Assurances (CRCA).

The British Virgin Islands insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.

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British Virgin Islands Insurance Industry – Key Regulators and Legislation

Financial Services Commission (FSC): It took over the task of supervising the BVI insurance industry in 2001 and is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions following the guidelines stipulated in the Insurance Act 2008, the Insurance Regulations 2009, and the Regulatory Code 2009. The FSC was established through the enactment of the Financial Services Commission Act 2001 in BVI. The primary responsibilities of the FSC in the insurance industry are regulating and supervising the conduct of the insurance services industry in the BVI. Also, the FSC is responsible for protecting the consumers or holders of insurance contracts.

International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.

The key laws and regulations in the British Virgin Islands insurance industry are as follows:

• Insurance Act 2008
• Insurance Regulations 2009
• Regulatory Code 2009
• Financial Services Commission Act, 2001
• Insurance (Amendment) Regulations 2015

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British Virgin Islands Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the British Virgin Islands insurance industry are:

• Motor Third-Party Liability Insurance
• Marine Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance

British Virgin Islands Insurance Industry Analysis by Compulsory Insurances

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British Virgin Islands Insurance Industry - Company Registration and Operation

A license is required to operate in the British Virgin Islands insurance industry. Article 4 of the Insurance Act 2008 states that insurers and reinsurers intending to provide policies in the country may conduct business only after obtaining authorization or license from the FSC. In addition, intermediaries are required to obtain authorization from the FSC to mediate insurance products in the country.

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British Virgin Islands Insurance Industry - Taxation

The different types of taxes in the British Virgin Islands insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: Companies operating in the BVI are not subject to corporate income tax. Furthermore, withholding tax is not imposed on dividends, interests, royalties, and technical services fees paid to foreign companies. Moreover, no branch remittance tax is levied.

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Scope

• The report covers details of the insurance regulatory framework in the 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 in the country’s insurance regulatory framework.
• The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

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

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in the 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 about various types of insurance products.