On January 15, the British Virgin Islands Financial Services Commission announced that the new legislative provisions are to come into effect in the near future. The new provisions include the Insurance Act, 2008, the Financing and Money Services Act, 2009 and the Regulatory Code, 2009.
The Commission informed about the following effective dates: 1 February 2010 for Insurance Act and for the Regulatory Code, and 31 March 2010 for Financing and Money Services Act.
The Insurance Act, 2008 is to replace the Insurance Act, 1994 and the Insurance Regulations, 2009 are to replace the Insurance Regulations, 1995. The Insurance Regulations, 2009, made by Cabinet with advice of and in consultation with the BVI FSC, contain more details for classifications for insurance business, maintenance of registers and specifications of public records.
The Financing and Money Services Act provides legislative framework for the licensing, regulating and supervision of persons engaged in the provision of money or value transfer services. Also, it establishes a six months transition period for existing businesses to make the required application for licensing to the Financial Services Commission.
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