On 16 January 2024, the BVI Financial Services Commission announced the release of updated annual return forms, in an effort to enhance reporting efficiency and compliance within the insurance sector.
The revised forms include the Domestic Insurance Business Annual Return, Captive Insurance Business Annual Return, Insurance Intermediaries Annual Return, and Insurance Manager Annual Return, all of which are mandated by the Financial Services (Prudential and Statistical Returns) Order, 2009.
Insurers, Insurance Intermediaries, and Insurance Managers are urged to take note of these updates and ensure compliance with the submission deadline. According to the FSC's directive, returns for the 2023 reporting period must be submitted no later than 31 March 2024, utilising the newly amended and updated forms.
The updated forms are readily accessible on the FSC's website for convenient download and submission and can be found here.
BVI FSC's Industry Circular No. 1 od 2024 can be accessed here.
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