TCI Invites Comments On Domestic Insurance Bill
by Mike Godfrey, Lowtax.net, Washington
16 February, 2016
The Turks and Caicos Islands Financial Services Commission has launched a consultation on the Domestic Insurance Bill 2015.
The Bill is one of a number of pieces of legislation that is being put forward to improve the business environment and regulation in the territory, alongside the Draft Banking Bill, the International Insurance Bill, and the Trust Bills. Each were highlighted as a priority for the Commission in its 2016-17 work plan.
According to the work plan, the Domestic Insurance Bill 2015 will require "more intensive head office oversight and afford greater protections to policy holders, including through creation of a statutory segregated trust to be held in the Turks and Caicos Islands."
Comments on the Bill should be submitted to the Financial Services Commission by February 16, 2016.
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