The BVI attaches great importance to the maintenance of its enviable reputation as an international financial jurisdiction.
The Government therefore undertook a number of measures prior to
promoting the Islands as a beneficial domicile for captive companies.
The process started in 1991, with the adoption of the interim insurance legislation to regulate the industry.
This had the effect of eliminating many companies which could not or
would not comply with that legislation. The Government then conducted
an extensive dialogue with the private sector to develop and formulate
comprehensive insurance legislation and regulations which would meet
both clients’ needs and regulators requirements, in the process of
which the insurance legislation of many other jurisdictions was
The BVI has effected the Insurance Act 1994, together with the
Insurance Regulations,1995 and has most recently introduced the new BVI
Insurance Act 2008, along with its acompanying Regulations. The BVI is
now listed as the world's fourth largest captive domicile among
competitors for enhanced insurance products and services.
The BVI is therefore an extremely attractive environment for the comprehensive range of insurance services and products.