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British Virgin Islands Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published Jun 15, 2023
Length 67 Pages
SKU # GBDT18089845

Description

British Virgin Islands Insurance Industry - Governance, Risk and Compliance


Summary

GlobalData’s ‘British Virgin Islands Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in 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 operation of insurance and reinsurance companies and intermediaries.

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

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.
The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in British Virgin Islands, including -
  • An overview of the insurance regulatory framework in British Virgin Islands.
  • The latest key changes, and changes expected in the country's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance products in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
  • Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Scope
  • The report covers details of the insurance regulatory framework in 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 pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
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 pertaining to various types of insurance product.

Table of Contents

67 Pages
BRITISH VIRGIN ISLANDS
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Solvency Margins
Reserve Requirements
Statutory Return Requirements
Fee Structure
Taxation
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Legal System
Policy Practice
About GlobalData
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List of Tables
Table 1: The British Virgin Islands – Corporate Tax Rates for the Financial Year 2023
Table 2: The British Virgin Islands – Offences and Penalties

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