The British Virgin Islands has gazetted the Virgin Islands
Insurance (Amendment) Act 2015 and the Insurance Amendment
Regulations 2015.
These acts have been introduced to modernise the provision of
insurance business in and from within the British Virgin Islands.
There are some significant changes which will open up new
opportunities and improve functionality for both captives and
insurance companies.
The positive innovations for captive and insurance companies
under the Virgin Islands Insurance (Amendment) Act 2015
include:
Insurers can undertake both long term and general insurance
business
The current restrictions on and segregation of general insurance
business and long term insurance business have been radically
overhauled. These definitions have been deleted and replaced by the
classes of business, life and health insurance and property and
casualty insurance. Significantly the Act now allows a licensee to
carry out both classes whereas previously there
