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

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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

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.

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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.


Table of Contents

  • 1. TURKS AND CAICOS ISLANDS

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us

Table

The Turks and Caicos Islands – Solvency Margin Requirements

The Turks and Caicos Islands – Annual Fee for Insurers and Intermediaries

The Turks and Caicos Islands – Fee for Application of a License

Turks and Caicos – Corporate Tax Rates for the Financial Year 2023

Figures

Figure 1: The Turks and Caicos Islands – Insurance Supervision and Control at Various Levels

Figure 2: The Turks and Caicos Islands – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

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