Turks and Caicos is the world’s leading domicile for a specific reinsurance programme the Niche Hybrid Reinsurance Company (previously known as the Producer Owned Reinsurance Company or PORC). A niche hybrid reinsurance company is similar to a Captive, but the insurance operations associated with its business are mainly controlled by [...]
Modern legislation: An updated insurance Ordinance The insurance laws in TCI are widely recognized as innovative in their approach. The Insurance Ordinance of 1989 (amended subsequently) permits the creation of purpose designed insurance programmes to fit the precise needs of the captive client and therefore allows for a range of [...]
Legislation for financial services has existed in the Turks and Caicos Islands since the 1970s. In fact, the jurisdiction was the first to introduce international business companies and is now a world leader in niche hybrid reinsurance companies. However, the TCI has never been listed on any official international blacklists.
The financial services sector in the Turks and Caicos is characterized by several long-standing practitioners who provide high-end service to all sizes of clients, supported by experienced accountants, lawyers, bankers and insurance managers.
There are no local sales, income or corporation taxes in the Turks and Caicos Islands, incorporating a TCI company can, therefore, bring tax planning advantages.
The local currency is the US Dollar, and there are no exchange control regulations.
As a UK overseas territory with its own constitution and Government, the Turks and Caicos benefit from the use of English Common Law supported by local Ordinances.
The Turks and Caicos Islands offer a link between European, Caribbean, North & South American and Asian financial centers. They are in the same time zone as the US Eastern seaboard and only a 75-minute flight from Miami. In addition, they are easily accessible by frequent direct flights from Atlanta, [...]
Insurance claims occur and are paid weekly from the insurance pools managed by the third party Insurance Manager. The claims paying process is robust and active.
Our third party Insurance Managers are nationally known and manage the insurance process, including collecting premiums, paying claims and other operational matters. In this way, its functions are akin to a TPA (third-party administrator) of a tax-qualified retirement plan. However, the role of LodeStar Re goes further. It also prepares reinsurance [...]