Atlas Insurance Management (BVI) Limited
Captive Insurance and Management
Atlas Insurance Management (BVI) Limited (“Atlas”) provides captive insurance company formation and management services in Anguilla, The Bahamas, British Virgin Islands and Nevis.
The following management services are available from Atlas Insurance Management:
- Company formation and licensing
- Bookkeeping and accounting
- Insurance company administration
- Policy drafting and drafting of reinsurance contracts
- Claims administration and loss control
Captive Consultancy – ART Solutions
Atlas provides captive insurance and alternative risk transfer ("ART") consulting services.
Consistent with its membership of the Britannia Consulting Group, Atlas is always looking for new ways to make ART techniques and the use of captives available to an ever wider user group. Atlas focuses on solutions and provides them by combining creative thinking with its unrivaled access to no fewer than seven general and life insurance companies.
Atlas has both the expertise and the insurance company tools needed to design and implement risk pooling structures to meet a variety of objectives.
As well as its expertise in captive and risk transfer solutions, Atlas also specializes in the use of life and non-life insurance structures as a wealth management tool.
- captive feasibility studies
- establishing captive and reinsurance programmes
- pooling structures
- risk management consultancy
- wealth management tools
Affiliated and Segregated Portfolio Companies
Atlas has unique access to affiliated Segregated Portfolio Companies in the British Virgin Islands and the Cayman Islands and to an affiliated reinsurer in Nevis that achieves risk segregation through the establishment of statutory funds. This allows Atlas to offer a range of “rent-a-captive” options and to service multi-insured programmes where segregation is required.
Captive Insurance in the British Virgin Islands
It is now more than 10 years since the British Virgin Islands enacted insurance legislation. In that time, this British Overseas Territory has become one of the world’s leading captive domiciles, setting the standard for business-friendly insurance regulation. The establishment, licensing and operation of captive insurance companies are governed by the Insurance Act 1994 as amended and by subsidiary legislation. The BVI Business Companies Act 2004 makes provision for the establishment of Segregated Portfolio Companies. Principal features of the regulatory requirements are:
- Captives must be licensed under the Act – licence renewable annually;
- Company name subject to approval;
- Minimum of two directors;
- Captives must appoint a resident insurance manager;
- Annual audit of all captives to be submitted to Financial Services Commission;
- Actuarial valuation of life insurers annually.
Capital, margin of solvency and Government fees
Companies carrying on long-term business must have paid in capital of at least $200,000.
Companies carrying on general business must have paid in capital of at least $100,000 and must maintain a minimum margin of solvency based upon its net premium income, as follows:
| Net Premium Income | Minimum Net Worth |
Not exceeding $500,000 |
$100,000 |
Between $501,000 & $5,000,000 |
20% of net premium income |
Over $5,000,000 |
$1,000,000 plus 10% of net premium in excess of $5,000,000 |
Government fees are payable as follows:
Application fee $500
Annual corporate fee $1,100
Annual insurance licence fee $2,000