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RELEVANT TURKS & CAICOS ISLANDS' INSURANCE RELATED LEGISLATION

The main Turks and Caicos Islands legislation currently governing or impacting on TCI’s domestic and international (offshore) insurance industry comprise:

a) The Insurance Ordinance (1989), as amended, and its regulations.

b) The Companies Ordinance (1981 ) as amended; and

c) The Financial Services Commission Ordinance 2001.

The Insurance legislation, inter alia, requires that an insurance Manager be first licensed by the Financial Services Commission (FSC) before acting as an insurance manager in or from within the Turks and Caicos Islands.

Insurance Managers are also required to maintain professional indemnity insurance acceptable to FSC and to provide FSC, annually, with certain specified information.

Administration, supervision and monitoring of TCI’s financial services Ordinances are the responsibilities of Turks and Caicos Islands Financial Services Commission under section 9.(2) of the Financial Services Commission Ordinance 2001.