The Firm advises on and assists with the establishment of insurance companies in the TCI. Our work in this area generally include the preparation of licensing applications, dealing with regulatory authorities and drafting of policies and insurance treaties.
TCI’s Insurance Ordinance provides a modern and flexible framework for the incorporation and licensing of captive and other insurance companies in the Islands. The TCI has become the jurisdiction of choice for producerowned reinsurance companies (PORCs). A PORC is a reinsurance company which is beneficially owned or controlled by the producers of business ultimately reinsured by the PORC.
PORCs are exempted from a variety of the regulations that apply to ordinary TCI insurance or captive insurance companies. There is no audit requirement, no requirement for a TCI insurance manager, lower capitalization requirements, no requirement that liquid assets be maintained in the TCI, 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.