Insurance

The Islands' Insurance Ordinance provides a modern and flexible regulatory framework for the incorporation and licensing of captive and other insurance companies in the islands. The TCI has become the jurisdiction of choice for producer-owned re-insurance companies (PORCs). A PORC is a re-insurance company which is beneficially owned or controlled by the producers of business ultimately re-insured by the PORC.

PORCs are exempted from a variety of the regulations which apply to ordinary TCI insurance or captive insurance companies. There is no audit requirement, no requirement for a TCI insurance manager, lower capitalization requirements, and Government fees are applied at a reduced rate. Upon application for the licence, the insurer must give an undertaking that it will not engage in any business other than the reinsurance of risks ceded by one or more named rated, primary insurers.

We have frequently advised and assisted with the establishment of all types of insurance companies in the TCI and have considerable experience in the preparation of licensing applications, dealing with the regulatory authorities and the drafting of policies and insurance treaties. We have good relations with the TCI's insurance industry and can advise on the selection of local insurance industry professionals.

Contact:

Owen Foley

PORCs - typical uses

• Provision of life, accident and health re-insurance coverage to the US car dealership industry;
  
  
• Service contract/extended warranty business;
  
  
• Mortgage guaranty insurance;
  
  
• Involuntary unemployment re-insurance coverage;
  
  
• Guaranteed asset protection insurance;
  
  
• Insured finance reserve insurance;
  
  
• Insurance producers business insurance;
  
  
• Consumer sales company business.
  
  
• After market vehicle sales products Reinsurance.