General Insurance Article - Captive insurers are moving away from the Virgin Islands


 The British Virgin Islands is one of the world’s most popular places for captive insurance companies. However, a new report form Timetric implies a move away from the Islands.
 
 By the end of the third-quarter of 2012, the British Virgin Islands had 156 captive insurers and 34 domestic insurers. Although the British Virgin Islands is still a popular captive insurance hub, the number of captive insurers has declined from 88.8% in 2008 to 86% in 2011, following a long downward trend.

 In the 1990’s, 2,000 captive insurance companies operated on the British Virgin Islands with only 156 present in 2012. The main reason for the large number of captive insurance companies during the 1990’s was the nation’s low capitalisation requirements. Due to the emergence of other offshore and onshore insurance jurisdictions, the volume of captive companies was knocked down. Another key to the decline was the revised financial service laws, made by the British Virgin Islands to comply with international standards.

 Introduction of a new insurance law
 The Financial Services Commission (FCS) introduced the Insurance Act 2008, which was a revision of the 1994 act. The new act came into force on February 1st 2010 and was intended to provide a more transparent and cost-effective industry framework. The new act, alongside the Insurance Regulations 2009 and Regulatory Code 2009, provides more clarity than the previous system. It was formulated to meet the principles of the International Association of Insurance Supervisors (IAIS) and the EU’s Solvency II legislation.
  

Back to Index


Similar News to this Story

Are you testing your smoke alarms often enough
Only 6% of residents follow safety recommendations for smoke alarms. More than one in 10 never test their alarms. Forgetfulness is given as the main r
SolvencyII review EU must unlock capital for Europes future
Insurance Europe welcomes the launch of the European Commission’s consultation on the Level 2 technical measures of the Solvency II review. It is an o
Mapathon puts Worlds vulnerable communities on the Map
The insurance data and analytics team at LexisNexis® Risk Solutions in the United States and Ireland have led a Mapathon in support of Missing Maps, a

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.