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Published: Feb, 2017 | Pages:
35 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Summary The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Turks and Caicos Islands, including: • An overview of the insurance regulatory framework in the Turks and Caicos Islands. • The latest key changes, and changes expected in the country’s insurance regulatory framework. • Key regulations and market practices related to different types of insurance product in the country. • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Turks and Caicos Islands. • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations. • Details of the tax and legal systems in the country. Synopsis Timetric’s 'Governance, Risk and Compliance - The Turks and Caicos Islands Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the Turks and Caicos Islands. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Scope • The report covers details of the insurance regulatory framework in the Turks and Caicos Islands. • The report contains details of the rules and regulations governing insurance products and entities. • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework. • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country. • The report provides details of taxation imposed on insurance products and insurance companies. Reasons To Buy • Gain insights into the insurance regulatory framework in the Turks and Caicos Islands. • Track the latest regulatory changes, and expected changes impacting the Turks and Caicos Islands' insurance industry. • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country. • Understand key regulations and market practices pertaining to various types of insurance product. Key Highlights • The insurance industry in the Turks and Caicos Islands is regulated by the Financial Services Commission. • 100% foreign direct investment is permitted in the Turks and Caicos Islands insurance industry • Composite insurance is permitted in the Turks and Caicos Islands. • Sales tax on insurance premium is imposed at a rate of 2.5%. • Non-admitted insurance is prohibited in the Turks and Caicos Islands.
Table of Content 1 INTRODUCTION 1.1 What is this Report About? 1.2 Definitions 2 GOVERNANCE, RISK AND COMPLIANCE 2.1 Legislation Overview and Historical Evolution 2.2 Latest Changes in Regulation 2.3 Legislation and Market Practice by Type of Insurance 2.3.1 Life insurance 2.3.2 Property insurance 2.3.3 Motor insurance 2.3.4 Liability insurance 2.3.5 Marine, aviation and transit insurance 2.3.6 Personal accident and health insurance 2.4 Compulsory Insurance 2.4.1 Professional indemnity insurance for insurance brokers and managers 2.4.2 Motor third-party liability insurance 2.4.3 National insurance scheme 2.4.4 Health insurance 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 Caribbean Association of Insurance Regulators 2.5.3 Financial Services Commission 2.6 Non-Admitted Insurance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and Penalties 2.7 Company Registration and Operations 2.7.1 Type of insurance organization 2.7.2 Establishing a local company 2.7.3 Foreign ownership 2.7.4 Types of license 2.7.5 Capital requirements 2.7.6 Solvency margin 2.7.7 Reserve requirements 2.7.8 Investment regulations 2.7.9 Statutory return requirements 2.7.10 Fee structure 2.8 Taxation 2.8.1 Insurance premium or policy taxation 2.8.2 Withholding taxes on premium paid overseas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution 3 APPENDIX 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric’s Services 3.5 Disclaimer
List of Tables Table 1: Insurance Industry Definitions Table 2: The Turks and Caicos Islands – Insurance Regulatory Framework Key Features Table 3: The Turks and Caicos Islands – Life Insurance Regulatory Framework Table 4: The Turks and Caicos Islands – Property Insurance Regulatory Framework Table 5: The Turks and Caicos Islands– Motor Insurance Regulatory Framework Table 6: The Turks and Caicos Islands – Liability Insurance Regulatory Framework Table 7: The Turks and Caicos Islands – Solvency Margin Requirement Table 8: The Turks and Caicos Islands – Fee for Application of a License List of Figures Figure 1: The Turks and Caicos Islands – Insurance Supervision and Control at Various Levels Figure 2: The Turks and Caicos Islands – Insurance Regulatory Frameworks for Company Registration and Operation
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