International Insurance FAQs

What requirements are there for restricted deposits?

Regulation 6 of the Insurance Ordinance requires that a minimum paid-up capital of $100,000 and $180,000 for general insurance and life insurance companies respectively. The FSC's policy is for those amounts to be held to the FSC's order in locally licenced banks. The FSC may require amounts higher than the minimum to be held.

Does the Financial Services Commission (FSC) have a list of Approved Direct Writers for the Turks & Caicos Islands?

The FSC does not publish a list of Approved Direct Writers. Direct Writers are approved at the time of approval of new applications and when subsequent request for additions are made by a companies.

What is the timeframe for approval of a licence?

An application for a licence is considered complete only when all the required documents and supporting information are submitted to the Commission and the applicable application fees paid. Once an application is complete, it will be reviewed and sent to the Licensing Committee for consideration of approval.

Are Producer Owned reinsurance Companies (PORCs) required to hold restricted deposits?

PORCs are not required to hold restricted deposits. Companies licenced only under Section 4 of the Insurance Ordinance (captive and domestic Insurers) are required to hold restricted deposits.

What is the Minimum Paid-up Capital for Producer Owned Reinsurance Companies (PORC's)

The FSC recommends a minimum of US$5,000 Paid-up Capital for PORC's.