Market overview
Global
The British Virgin Islands Financial Services Commission (FSC)
is a member of the International Association of Insurance
Supervisors (IAIS). The BVI insurance legislation has been
implemented to take into account the Insurance Core Principles of
the IAIS.
Domestic
The FSC is responsible for all regulation of BVI insurance
companies. The FSC was formed pursuant to the Financial Services
Commission Act, 2001 (the Commission Act), which established the
separation of financial services from the BVI Government. All FSC
policies are overseen by a Board of Commissioners appointed by the
Executive Council (which is the Cabinet of Government Ministers).
The Commission Act also established the Licensing and Supervisory
Committee responsible for, among other things, reviewing and
determining applications for licenses. The Licensing and
Supervisory Committee generally meets weekly and will approve
insurance applications presented to it by the
