Insurance In The Turks & Caicos

The insurance industry in TCI has developed quickly since the introduction of the Insurance Ordinance 1989 and the Insurance Regulations 1990. A particular feature of the legislation is the opportunity for cost effective operation of pure captives and specialist insurance companies serving niche markets.

THE LAW

The Insurance Ordinance and the Insurance Regulations cover licensing of insurance companies writing general insurance and long-term insurance, both domestic and international, as well as the licensing of insurance managers, brokers and other insurance personnel. There are strict rules of compliance in those activities which affect operating standards and protection of the insured. The insurance legislation is nevertheless designed to accept new concepts and programmes specifically tailored to meet emerging markets in the insurance industry.