• Captive Insurance

Captive Insurance

The experienced team of professionals at BDO in the British Virgin Islands has a proven track record in auditing licensed insurance companies in the jurisdiction whether they be single parent, pure captives, more complex segregated portfolio structures, long-term insurers or life carriers.

In the evolving world of Corporate Governance and Compliance, such knowledge and experience extends wider than auditing skills and includes an appreciation and recognition of both direct accounting and indirect regulatory requirements, imposed under varying statutes of the licensed insurance entities in the BVI.

As with all sectors of the Financial Services Industry, reporting requirements and standards are continually evolving and becoming ever more onerous but the auditors at BDO have the training, knowledge and practical experience to guide and assist clients through such regulatory constraints and requirements.

Our Audit and Insurance Specialists can assist you and your company to ensure that surplus and assets within the captive not only maximize investment opportunities but also satisfy regulatory constraints within the minimum margin of solvency requirements.

CURRENT ISSUES

As with many business operations worldwide, the global captive insurance industry is faced with immediate challenges created by evolving legislation and corporate governance, the volatility of different asset values and the increased solvency demands being demanded by foreign governments and imposed by local regulators.

Strong effective internal and external risk management of your company is crucial to protecting the status as a licensed entity, ensuring ongoing compliance and solvency but still maintaining profitability.

FUTURE ISSUES

The anticipated consolidation of the overall regulatory framework within the BVI through 2010 and specific developments within the prevailing insurance legislation, will only re-inforce the necessity to have competent, knowledgeable professionals working alongside your company to maximize the practical and financial benefits of owning a captive insurer.

BDO has the team of professionals to assist you in achieving this criterion.