Report cover image

Turks and Caicos Islands Insurance Industry - Governance, Risk and Compliance

Publisher GlobalData
Published Sep 29, 2023
Length 58 Pages
SKU # GBDT18378940

Description

Turks and Caicos Islands Insurance Industry - Governance, Risk and Compliance


Summary

GlobalData’s ‘Turks and Caicos islands Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Turks and Caicos 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 country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Turks and Caicos islands, including -
  • An overview of the insurance regulatory framework in Turks and Caicos 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 product 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.
Key Highlights
  • The Financial Services Commission regulates the insurance industry in the Turks and Caicos Islands.
  • 100% FDI is permitted in the Turks and Caicos Islands insurance industry
  • Composite insurance is permitted in the Turks and Caicos Islands.
  • Sales tax on insurance premium is imposed at a rate of 2.5%.
  • Non-admitted insurance is prohibited in the Turks and Caicos Islands.
Scope
  • The report covers details of the insurance regulatory framework in Turks and Caicos 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 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 pertaining to various types of insurance product.

Table of Contents

58 Pages
TURKS AND CAICOS ISLANDS
Legislation Overview
Supervision and Control
Legislation
Compulsory Insurance
Non-Admitted Insurance Regulations
Company Registration and Operation
License
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
Contact Us
List of Tables
Table 1: The Turks and Caicos Islands – Solvency Margin Requirements - Transit
Table 2: The Turks and Caicos Islands – Solvency Margin Requirements - Aviation
Table 3: The Turks and Caicos Islands – Solvency Margin Requirements - Marine
Table 4: The Turks and Caicos Islands – Solvency Margin Requirements - Professional Risks
Table 5: The Turks and Caicos Islands – Solvency Margin Requirements - Employers' Liability/workers compensation
Table 6: The Turks and Caicos Islands – Solvency Margin Requirements - Liability
Table 7: The Turks and Caicos Islands – Solvency Margin Requirements - Motor
Table 8: The Turks and Caicos Islands – Solvency Margin Requirements - Healthcare
Table 9: The Turks and Caicos Islands – Solvency Margin Requirements - Engineering
Table 10: The Turks and Caicos Islands – Solvency Margin Requirements - Personal Accident
Table 11: The Turks and Caicos Islands – Solvency Margin Requirements - Business Interruption
Table 12: The Turks and Caicos Islands – Solvency Margin Requirements - Property
Table 13: The Turks and Caicos Islands – Solvency Margin Requirements - Group Life
Table 14: The Turks and Caicos Islands – Solvency Margin Requirements - Individual Life
Table 15: The Turks and Caicos Islands – Annual Fee for Insurers and Intermediaries
Table 16: The Turks and Caicos Islands – Fee for Application of a License
Table 17: Turks and Caicos – Corporate Tax Rates for the Financial Year 2023

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Request A Sample
Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us