BVI Announces Introduction Of New Regulatory Legislation

The British Virgin Islands Financial Services Commission on January 15 announced that several new legislative provisions will shortly be entering into force in the jurisdiction, including the Insurance Act, 2008, the Financing and Money Services Act, 2009, and the Regulatory Code, 2009.

The Insurance Act and the Regulatory Code will both become effective from February 1, 2010; the Financing and Money Services Act will become effective on March 31, 2010.

According to the Commission, the new Insurance Act replaces the Insurance Act, 1994. The Insurance Regulations, 2009, which were gazetted on December 22 replace the Insurance Regulations, 1995. The Insurance Regulations were made by Cabinet, acting on the advice of and in consultation with the Commission, according to powers granted by section 82 of the Insurance Act, 2008.

The Insurance Regulations, 2009 provide more details for classifications for insurance business, maintenance of registers, and specifications for what constitutes public record.

The Financing and Money Services Act lays a legislative framework for the licensing, regulating and supervision of persons who engage in the provision of money or value transfer services. The Act will bring the BVI into full compliance with the Financial Action Task Force’s Recommendation 23, which inter alia requires that natural and legal persons who provide money or value transfer services or money or currency-changing services should be licensed or registered.

The Financing and Money Services Act establishes a transition period of six months from the date the Act comes into force for existing business to make the required application for licensing to the Commission. The Commission is urging all persons with business activities that now fall within the ambit of the Act to contact the Commission as the commencement of the regime for licensing makes it an offence to carry on those activities without a license.

Quelle: Tax-News.com

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