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The first BVI insurance legislation, the Insurance Act, 1994 (the “Insurance Act, 1994”) was passed in 1994 and the following year the Insurance Regulations, 1995 were passed. In subsequent years various amending statutes were passed, culminating in the enactment of the Insurance Act, 2008 (the “Insurance Act, 2008”), with attendant Insurance Regulations, 2009 (the “Insurance Regulations”) the following year. Both enactments came into force 1 February 2010.
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New Insurance Regime in BVI