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BVI Announces Introduction Of New Regulatory Legislation,
by Phillip Morton, Investors Offshore.com
Tuesday, January 26, 2010
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.
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