British Virgin Islands

Association of Insurance Managers

Reputation and regulation

The BVI prides itself on its reputation for being a well regulated jurisdiction in compliance with international standards.  Our captives take advantage of this well respected reputation to give comfort to those they do business with worldwide.   

Capital requirement
  • Minimum $200,000 for long term business
  • Minimum $100,000 for other business
Solvency requirement
  • Minimum $250,000 for long term business
  • Minimum $100,000 for general business.  For premiums between $500,000 and $5 million, 20% of premiums.  For premiums over $5 million, $1 million plus 10% of the excess of premium over $5 million.
Licence fees
  • $3,500 per annum
  • $7,500 per annum for a Segregated Portfolio Company.  Currently no annual fee for each additional cell.
Local requirements
  • BVI resident insurance manager required
  • Directors need not be resident
  • No requirement to use a BVI auditor
  • No requirement to use a BVI bank
For further information or questions

Please contact us (see our contact page) or contact one of our licensed insurance managers via our Membership page

 

Details on the Insurance Act (2008) can be found via the BVI Financial Services Commission's website: 

http://www.bvifsc.vg/Home/LegislationResources/tabid/358/articleType/ArticleView/articleId/422/language/en-GB/Insurance-Act-2008.aspx

BVI Captive insurance At a glance