New Legislative Provisions to Come Into Effect Shortly in the British Virgin Islands (BVI)

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This is a press release from the British Virgin Islands Financial Services Commission
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Tortola, British Virgin Islands – 15 January, 2010 – The British Virgin Islands Financial Services Commission today announced that several new legislative provisions will become effective shortly including the Insurance Act, 22008, the Financing and Money Services Act, 2009 and the Regulatory Code, 2009. The effective dates for the Insurance Act, 20008 and the Financing and Money Services Act, 2009 are as follows:

Insurance Act, 22008 EFFECTIVE: 1 February, 2010 Financing and Money Services Act, 20 09 EFFECTIVE: 31 March, 2010
The Regulatory Code, 2009 will also come into effect on 1 February, 2010.

The Insurance Act, 2008 replaces the Insurance Act, 1994 and the Insurance Regulations, 2009, which were gazetted on 22 December, 2009, 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.

A legislative framework for the licensing, regulating and supervision of persons who engage in the provision of money or value transfer services is provided by the Financing and Money Services Act. The Act brought the Territory into full compliance with the Financial Action Task Force’s (FATF) Recommendation 23 which among other things 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 licence.

Interested persons may obtain a copy of the Financing and Money Services Act, 2009 and all other financial services legislation from the Commission’s website, www.bvifsc.vg.

For further information, please contact:
Corporate Communications BVI Financial Services Commission Pasea Estate, Tortola, British Virgin Islands Tel: (284) 494-4190 Fax: (284) 494-5016 Email: corpcomm@bvifsc.vg

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