By Martin Eveleigh ACII
Since the introduction of the International Business Companies Act in 1984, successive governments have made such progress in developing the British Virgin Islands as a leading offshore financial services centre that today the Territory is the world’s number one offshore corporate domicile; some 365,000 non-resident companies have been registered since 1984.
The British Virgin Islands Government has a very client-focused approach to the provision and regulation of financial services. The Insurance Act 1994, which governs all insurance-related business in the Territory, ensures the prudent supervision that is necessary to maintain the financial reputation of the BVI but also allows the greatest degree of flexibility in a captive’s business plan. The Act and the Insurance Regulations 1995 set out the obligations of those who own and operate captives but the flexibility of the legislation is such that the Act gives the Governor discretion to waive any provision
