Insurance

The Turks and Caicos Islands is a relative newcomer to the financial services industry. Significant strides have been taken recently to introduce legislation needed to attract financial services business.

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 KPMG include assistance in relation to the establishment of a new operation, regulatory and compliance assistance, and annual audit.

Contact Gary Brough, FCA, or Glynes Robinson at 649-946-4613 fax 649-946-4619 or gbrough@kpmg.tc.