Turks and Caicos Islands Captive Insurance License

The Insurance Act covers the licensing and regulation of companies undertaking domestic insurance, offshore and captive insurance and of insurance intermediaries.
Turks and Caicos Islands Captive Insurance License Key Features

1. Insurer’s Unrestricted License which shall permit a foreign insurer to carry on any foreign insurance business, including long-term foreign insurance business.
2. Insurer’s General License which shall permit a foreign insurer to carry on general foreign business, but not long-term foreign insurance business.
3. Insurer’s Association License which shall permit a foreign insurer to carry on general foreign insurance business and long-term foreign insurance business, with two or more owners of the insurer, and their affiliates, and to carry on no more than fifty percent (50%) of its foreign insurance business (based on net premiums written) with persons who are not owners of the insurer or their affiliates.
4. Insurer’s Group License which shall permit a foreign insurer to carry on any foreign insurance business, including long-term foreign insurance business, with a single owner of that insurer and its affiliates, and employees of the owner or its affiliates.
5. Insurer’s Single License which shall permit a foreign insurer or a trust to carry on any foreign insurance business, including long-term foreign insurance business, with the sole owner of the insurer, if a company or with the beneficial owners of the insurer, if a trust.

Turks and Caicos Islands Captive Insurance License Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	Turks and Caicos Islands Company
Physical office in Turks and Caicos Islands	No
Share capital or equivalent
Minimum paid up capital	None
Minimum investors	None
Directors
Minimum number	2
Corporate directorship allowed	Yes
Local director required	Yes
Shareholders
Minimum number	1
Corporate shareholder allowed	Yes
Local shareholder required	No
Service Providers Required
Company Secretary	Yes
Auditors	Yes

Turks and Caicos Islands Captive Insurance License Tax Treatment

1. Tax on captive’s premiumswritten
2. No minimum premium tax,
3. Maximum premium tax of $200,000.
4. No taxation of captive premiums if premiums were previously subjected to tax in jurisdiction where underlying risk is located, or on reinsurance premiums assumed by captive.

Turks and Caicos Islands Captive Insurance Duration to Set Up
Around 8 weeks

Turks and Caicos Islands Captive Insurance Distinctive Benefits of Licence

• Cash flow is enhanced as an organization can time premium payments to fit in with its own cash flow situation.
• Captive insurance allows organizations direct access to the reinsurance market.
• Through direct access to the reinsurance market; over time, successful underwriting creates surplus in the captive, enabling the parent to increase retentions lowering its dependency on reinsurance.
• Enjoy the benefit of purchasing particular coverage’s that are unavailable or unacceptably priced in the commercial insurance market.
• The captive earns investment income on premiums and capital during the period over which losses are paid out.

Why US (Key Strengths)

1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
3. We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
4. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
5. We have a full in-house compliance support for all compliance requirements with the regulator and service providers