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The British Virgin Islands Financial Services Commission has introduced the BVI Insurance Act, 2008, which will come into force on 1 February 2010 and provide a new, more transparent and cost-effective framework for the jurisdiction’s growing insurance industry.
The new legislation will simplify the current governing statute, and, supported by robust regulations and the newly introduced Regulatory Code, will open the door to the future development of additional and more sophisticated types of insurance companies.
Insurance legislation was first introduced in BVI in the mid-1990s, leading to a large influx of captive insurers, the majority of which were one owner self-insurance vehicles. Subsequent amendments in 2001 and 2005 introduced, among other innovations, the separate cell structure for insurance companies, a significant move for the jurisdiction.
E.C. (Ned) Jackson, Associate and insurance specialist in Conyers’ BVI office, commented: “Following calls to the offshore insurance community from the International Association of Insurance Supervisors and the Financial Action Task Force, BVI has enacted legislation which will prove more beneficial to companies doing business here. The new Act makes significant improvements in terms of flexibility and user-friendliness and, coupled with the recently introduced money laundering regime, will elevate BVI’s reputation as a pre-eminent offshore insurance jurisdiction. We welcome these changes and look forward to continuing to provide our clients with the highest quality responsive, timely and thorough legal advice.”
Conyers has played a significant role in the development of the offshore insurance sector for over 50 years. The firm’s well established insurance practice spans BVI, Bermuda and the Cayman Islands.