Insurance and Reinsurance
Initiating the improvements in legislation covering insurance, banking, and trust business is a Financial Services Commission, which was set up in 1989. These legislative changes are an important component of initiatives, strongly supported by the British Government, designed to promote the financial independence of the Islands through their development as centres of both tourism and financial services.
The principal reasons for establishing an insurance company in a financial services jurisdiction include:
- Cost reduction
- Stabilisation of earnings
- Greater availability of insurance cover
- Improved management of group funds
- Flexibility of regulation (compared with the equivalent onshore requirements)
- Tax efficiencies and deferral
- Development of a profit centre
Services offered by Baker Tilly include assistance in relation to the establishment of a new operation, regulatory and compliance assistance, and annual audit.
The 3 major Canadian banks are physically represented in TCI.
There are also a small number of private, non-retail banks.
Services offered by Baker Tilly include annual audit services and assistance with internal audit and regulatory compliance.
Licensed trust companies in TCI are primarily boutique operations with associated company management operations.
Baker Tilly provides annual audit services to licensed trust companies and also to the underlying trusts where such provision is mandated in the trust agreements.
A small number of funds are licensed and regulated in TCI.
Baker Tilly provides annual audit services to the fund industry.
Contact Gary Brough, FCA at email@example.com,