1 Legal framework
1.1 Which legislative and regulatory provisions govern the
insurance sector in your jurisdiction?
The sources of insurance laws governing the insurance sector in
the Turks and Caicos Islands (TCI) are primarily the Insurance
Ordinance (Cap 16.06) and its accompanying Insurance Regulations
(together, 'Insurance Laws'), along with the rules,
statements of guidance, policies and procedures issued by the
Financial Services Commission (FSC), the local regulator. The
regulations relate primarily to licensing applications and fees,
capital and solvency requirements, and reporting. The TCI is a
British Overseas Territory and has a combined common law and
statute-based legal system. While the TCI has its own body of case
law, English case law is also of persuasive authority and may often
be cited in court. The ultimate court of appeal is the Privy
Council in London.
