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British Virgin Island Captive
InsuranceBritish Virgin Islands News and Updates
BVI refuses to
protect insureds who were scammed out of millions in the Boston Life
scandal, see
http://www.offshorebusiness.com for more, search "Boston Life".
In response to criticism for its gross mishandling of the Boston Life scandal, and while Boston Life continues to attempt to secret assets from its policyholders, the BVI belatedly and half-heartedly tells Boston Life by way of this Public Notice to quit accepting "new business" for 90 days. Junkanoo! British Virgin Islands OverviewThe British Virgin Islands (BVI) now vies with Nevis as the cesspool of
the captive world.
Once considered a premiere captive domicile, the British Virgin Islands
has rightfully earned a terrible reputation as a bureaucratic red-tape
morass tainted by the sleaze of numerous financial scandals involving
their captives. The BVI is one jurisdiction to be avoided.
Do not form your captive in the British Virgin Islands, and do not do business with persons or companies in the BVI. The BVI has become in recent years to captives what Nigeria is to international finance. If you want to form a captive offshore, the Cayman Islands and other offshore havens offer equivalent services at roughly equivalent prices, but without the BVI's sleaze and stigma. IRS and Treasury agents also give heightened scrutiny to BVI companies, so even if you are doing nothing wrong it is likely that you will be hassled and incur additional expenses in responding to requests for information and audits, etc. British Virgin Islands Insurance Commissioner and Captive AssociationMr. Michael Oliver
Director of Insurance British Virgin Islands Financial Services Commission Pasea Estate Road Town, Tortola, British Virgin Islands Tel: 284-494-1324 Fax: 284-494-5016 Email: commissioner@bvifsc.vg Hours: Monday-Friday 8:30a.m. - 4:30p.m. There is no BVI captive association. British Virgin Islands Captive Statute
The BVI Insurance Act
of 1994 and Insurance Regulations of 1995
click here
(in Adobe.pdf format)
We assist prospective captive owners and their advisors in evaluating, designing, and implementing captive solutions. We also review existing captive structures and suggest ways that they can be used more efficiently. In addition to Mr. Adkisson's firms, we also have relationships with experienced and reputable insurance managers, actuaries, underwriters, and accountants who specialize in captive insurance arrangements. You may contact Jay Adkisson for a telephone conference or for a speaking engagement by calling his scheduling assistant at 949.629.1176 or by e-mailing him directly to jay [at] risad.com (We serve clients nationwide). |
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