CICA > Domiciles > British Virgin Islands

British Virgin Islands

 
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Year captive legislation was passed
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Types of captives allowed
  • 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
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)

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