Governance, Risk and Compliance - The British Virgin Islands Insurance Industry

Published: Aug, 2015 | Pages: 30 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s 'Governance, Risk and Compliance – The British Virgin Islands Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the British Virgin Islands . It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to insurance industry in the British Virgin Islands including:

• An overview of the insurance regulatory framework in the British Virgin Islands.

• The latest key changes and changes expected in the insurance regulatory framework in the country.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the British Virgin Islands.

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country

Scope
• This report covers details of insurance regulatory framework in the British Virgin Islands .

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

• The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.

• The report provides details of taxation imposed on insurance products and companies.

• Details of the country's legal system are also covered in the report.

Reasons To Buy
• Gain insights into the insurance regulatory framework in the British Virgin Islands.

• Track latest regulatory changes and expected changes impacting the British Virgin Islands insurance industry.

• Gain detailed information about the key regulations governing establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.

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 Island insurance industry.

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

 Table of Content

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social insurance system
2.4.3 Third-party liability insurance for owners or users of vessels
2.4.4 Compulsory insurance against liability for pollution for owners or users of vessels
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Caribbean Association of Insurance Regulators (CAIR)
2.5.3 Financial Services Commission
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: The British Virgin Islands – Insurance Regulatory Framework Key Features
Table 3: The British Virgin Islands – Life Insurance Regulatory Framework
Table 4: The British Virgin Islands – Property Insurance Regulatory Framework
Table 5: The British Virgin Islands – Motor Insurance Regulatory Framework
Table 6: The British Virgin Islands – Liability Insurance Regulatory Framework
Table 7: The British Virgin Islands – Corporate Tax Rates for the Financial Year 2015
Table 8: The British Virgin Islands – Offences and Penalties

List of Figures
Figure 1: The British Virgin Islands – Insurance Supervision and Control at Various Levels
Figure 2: The British Virgin Islands – Insurance Regulatory Frameworks for Company Registration and Operation