British Virgin Islands Insurance Industry - Governance, Risk and Compliance

Table of Contents
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 Regulation
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
2.4.5 Professional indemnity insurance for auditors
2.4.6 Professional indemnity insurance for insurance managers and intermediaries
2.4.7 Professional indemnity insurance for licensed trust companies and licensed company managers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Caribbean Association of Insurance Regulators
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 Type 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 margin
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 GlobalData
3.3 About GlobalData
3.4 GlobalData'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 2020
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