Turks and Caicos Islands Insurance Industry – Governance, Risk and Compliance
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Turks and Caicos Islands Insurance Industry Regulation Overview
The Financial Services Commission (FSC) regulates the Turks and Caicos Islands insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the Caribbean Association of Insurance Regulators (CAIR).
The Turks and Caicos Islands insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Financial Services Commission (FSC)
· International Association of Insurance Supervisors (IAIS) · Caribbean Association of Insurance Regulators (CAIR) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Value Added Tax |
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Turks and Caicos Islands Insurance Industry – Key Regulators and Legislation
Financial Services Commission (FSC): The FSC was established under the Financial Services Commission Ordinance 2001. The key functions of the FSC include supervising the conduct of financial services business, establishing a rapidly responding and transparent regulatory system, and dealing with the renewal, registration, modification, cancellation, or withdrawal of insurance contracts, among others.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the Turks and Caicos Islands insurance industry are:
- Insurance Ordinance 1989, as amended in 2014
- Motor Vehicles (Third-party Insurance) Ordinance of 2014
- National Insurance Ordinance of 2014
- National Health Insurance Ordinance of 2014
Buy the Full Report for More Insights on Key Regulators in the Turks and Caicos Islands Insurance Industry
Turks and Caicos Islands Insurance Industry - Compulsory Insurance
Some of the compulsory insurances required within the Turks and Caicos Islands insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Turks and Caicos Islands
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Turks and Caicos Islands Insurance Industry - Company Registration and Operation
Section 4(1) of the Insurance Ordinance, 2014 stipulates that an individual must obtain a license from the Authority to conduct insurance business in the country. The types of licenses available in the industry are for becoming an insurer, insurance agent, insurance broker, insurance manager, principal insurance representative, or insurance sub-agent.
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Turks and Caicos Islands Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Turks and Caicos Islands. The other tax imposed is Value Added Tax.
Tax on Insurance Premium: Insurance premium sales tax is imposed on the insured on all insurance premiums except life and health insurance premiums.
Buy the Full Report to Learn More about the Taxation Policies in the Turks and Caicos Islands Insurance Industry
Scope
This report provides:
- Details of the insurance regulatory framework in Turks and Caicos Islands
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Financial Services Commission regulates the insurance industry in the Turks and Caicos Islands.
- Composite insurance is permitted in the Turks and Caicos Islands.
- Non-admitted insurance is prohibited in the Turks and Caicos Islands.
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 Turks and Caicos Islands.
- Track the latest regulatory changes and expected changes impacting the Turks and Caicos 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 on various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Turks and Caicos Islands insurance industry?
The Financial Services Commission (FSC) is the key regulator of the Turks and Caicos Islands insurance industry.
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What other bodies oversee the Turks and Caicos Islands insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Caribbean Association of Insurance Regulators (CAIR) are the regulatory and supervisory bodies that oversee the operations of the Turks and Caicos Islands insurance industry.
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Which are the compulsory insurances required within the Turks and Caicos Islands insurance industry?
Some of the compulsory insurances required within the Turks and Caicos Islands insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Turks and Caicos Islands insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Turks and Caicos Islands. The other tax imposed is Value Added Tax.
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