British Virgin Islands
- Year captive legislation was passed
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- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Special purpose captives
- Number of full-time employees in captive regulatory department
- 5
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Initial licensing and incorporating fees required by the domicile
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- Annual fees
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- Premium tax rate
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- Premiums to surplus
- Minimum solvency margin requirements: property/casualty insurers, (a) for less than $500,000 new written premiums - $100,000; (b) more than $500,000 but less than $5,000,000 - 20% of NWP; and (c) more than $5,000,000 - $1,000,000 plus 10% of the difference between NWP and $5,000,000. Life and health insurers: $250,000.
- Minimum capital (broken out by type of captive)
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Minimum capital requirement: property/casualty Insurers, $100,000 life and health insurers, $200,000.
- Applicable Acts/Enabling Legislation
- Insurance Act, 2008; Insurance (Amendment) Act 2015; Insurance Regulations 2009; Insurance (Amendment) Regulations 2015; Regulatory Code 2009 and other regulatory and AML legislation.
- Captive Administrator’s name and longevity in position
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- Speed of licensing
- 3 - 6 Weeks
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.bvifsc.vg