Turks & Caicos Islands

Turks & Caicos Islands

[Last updated: 21/07/16]
Regulatory contact:
Mr. Niguel Streete
Address of regulator: - Turks & Caicos Islands Financial Services Commission
P. O. Box 140
Caribbean Place
Leeward Highway
Providenciales
Turks & Caicos Islands
Telephone Number: - (649) 946 – 5314/941-8311
(649) 946 - 2791/2550
Email Address:- nstreete@tcifsc.tc
Website :- www.tcifsc.tc



Name of Captive Legislation
Chapter 16.06 Insurance Ordinance and Subsidary Legislation
 
Year Legislation Passed
1989
 
Recent Amendments
31st December 2014
 
Do you allow Cell Captives?
Yes
 
Total Number of Licenced Captives 
Single Parent Captive: - 64
Protected Cell Captive: - 2
 
Number of Risk Retention Groups or Group Captives
0
 
Number of Single Parent Captives
64
 
Number of Cell Captives
2
 
Number of licences granted in the past year (2015 calendar year)
2
 
Approximate (or Average) length of time to process a new captive 
4-6 weeks
 
Captive tax rates 
Not Applicable
 
Minimum capitalisation rate 
There are two types of Captive Insurer namely General Insurer and Long Term/ life Insurer.
A minimum paid-up capital of $180,000 is required for life insurance companies and $100,000 is required for general insurance companies.
 
Licencing fees
Annual Insurance Renewal Licence Fees $2,000.00
 
Industry sectors best represented in the domicile
Healthcare
 
Top 5 uses for Captives in domicile
General liability, Public liability, Professional liability, Property and Workers Compensation.
 
Captive Insurance Managers registered to conduct business in domicile

  1. ABERDEEN INSURANCE MANAGERS (TURKS & CAICOS) LTD.
  2. ALPADIS (TCI) LTD.
  3. CARIBBEAN INSURANCE MANAGEMENT SERVICES LIMITED
  4. CLAYMORE INSURANCE MANAGEMENT (TCI) LTD.
  5. GLOBAL INSURANCE MANAGERS AND ACTUARIES LTD.
  6. INTERNATIONAL INSURANCE MAMAGERS LIMITED
  7. TRADEWINDS INSURANCE MANAGEMENT GROUP, LTD

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