Regulatory Alerts2018-02-08
Segregated Portfolio Companies (Insurance) Regulations, 2018
The Cabinet of the Virgin Islands issued these regulations to establish the legal framework for incorporating and operating BVI insurer Segregated Portfolio Companies under the BVI Business Companies Act. The rules mandate strict application procedures, solvency margin requirements, and the appointment of insurance managers while governing the creation, termination, and reinstatement of segregated portfolios. Additionally, the regulations define administrative penalties for non-compliance and prescribe a detailed schedule of fees payable to the Financial Services Commission.
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