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Business and Economics > Insurance

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • British Virgin Islands x
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Cover IMF Staff Country Reports
British Virgin Islands: Financial Sector Assessment Program Update: Financial System Stability Assessment
International Monetary Fund
This paper focuses on financial regulatory policies and stability. The British Virgin Islands (BVI) provides administrative, audit, and legal services to international business companies, which is another key component of the economy. Developments in the financial sector and regulatory framework warrant an update of the assessment conducted under the IMF’s Offshore Financial Center (OFC) program. Financial Services Commission Act (FSCA) provides the Financial Services Commission (FSC) with a wide array of specific regulatory, supervisory, and enforcement powers. The banking system has been insulated from global financial shocks. Many critical elements develop a robust and proportionate crisis management framework.
Keywords:
ISCR; CR; FSC authority; BVI bank; BVI authorities; BVI insurance industry; BVI business company; BVI incorporation; BVI tourism sector; FSC staff; business company; BVI law; Mutual funds; Commercial banks; Financial sector; Insurance; Global; Caribbean
Cover Policy Papers
Offshore Financial Centers - Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program - Supplementary Information
International Monetary Fund
This supplement reviews the data received thus far and the progress made by participating jurisdictions in their dissemination efforts. Data for major jurisdictions that declined to participate are also provided where it is available from published sources. In addition, data on a sample of advanced economies are provided for comparative purposes. The framework identified a minimum set of variables for dissemination and recommended that jurisdictions publish data on those variables although jurisdictions could choose to publish more. Tables 2 and 5 to 13 provide the data received on those variables. The framework also identified additional variables that were to be provided to the Fund to help Fund staff monitor developments in financial centers.
Keywords:
PP; banking sector; net asset value; financial service; twenty-seven jurisdiction; nonbank assets; reporting jurisdiction; liabilities to the fund; cross-border asset; vis-a-vis nonbank; Insurance companies; Commercial banks; Offshore financial centers; Insurance; Asset valuation; Western Hemisphere; Europe
Cover IMF Staff Country Reports
British Virgin Islands-Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II-Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This report provides an assessment of the British Virgin Islands’s (BVI) compliance with the Basel Core Principle for effective banking supervision. The BVI has the preconditions for effective banking supervision. It has specific legislation governing international cooperation and mutual legal assistance. The BVI has designed its antimoney laundering (AML)/combating the financing of terrorism supervisory legislation to apply broadly to banks and trust companies, insurance business, and parallel areas. The financial services commission is responsible for both prudential supervision and ensuring compliance with AML measures.
Keywords:
ISCR; CR; mutual fund; business organization; managing director; legal power; business plan; beneficial owner; compliance officer; Mutual funds; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Insurance companies; Global; Caribbean
Cover IMF Staff Country Reports
British Virgin Islands-Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision
International Monetary Fund
The British Virgin Islands (BVI) has most of the essential elements for a suitable framework for financial supervision. There is a weakness with respect to onsite supervision of banking, insurance, and securities sectors; and there is currently no regular and comprehensive examination and compliance program in operation. Although the legal and supervisory frameworks are adequately structured, the implementation of the full range of supervisory measures has not yet been fully achieved. However, the government is implementing a comprehensive examination methodology and plan.
Keywords:
ISCR; CR; BVI authorities; banking system; BVI authority; company management; liability insurance; terms and conditions; mutual fund; FSC authority; Mutual funds; Insurance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance companies; Caribbean; Global