The Insurance Ordinance provides a conducive environment for those wishing to carry on insurance or reinsurance business from within Turks & Caicos, with a regulatory framework designed to minimise the risk of disreputable operations becoming established and affecting the reputation of Turks & Caicos insurance companies generally. Various types of insurer's licence are available, depending upon whether the company will be writing offshore business only or domestic business too, and whether its clientele will be restricted or not. Licences are compulsory for insurance managers, brokers and agents. Penalties for non-compliance are stiff, but the emphasis is on actively encouraging new operations with sound and experienced management.
The legislation makes special provision for the Niche Hybrid Reinsurance Company, also known as a Producer-Owned Reinsurance Companies. Turks & Caicos has a large number of NHRCs, and is the world’s leading domicile for this type of company.
The firm will assist with licence applications and the preparation of the accompanying business plan. We can also provide or arrange local administration services for licensed insurance operations.