Form B-1 Application for Approval of Actuaries, Auditors, Other Independent Officers

Summary

Form B-1 is the BVI Financial Services Commission's application template used by a regulated person to seek the Commission's approval of an actuary, auditor, or other independent officer it wishes to engage. It collects identifying, qualification, experience, and fitness and propriety information about the proposed officer (or the firm and its responsible individuals) so the Commission can assess suitability before approval.

• Applicant details: Name and licence number of the regulated person submitting the application, and its address.
• Officer details: Whether the actuary, auditor or independent officer is a company/firm or an individual, with corresponding identity, address and responsible person information.
• Qualifications and experience: Degrees/diplomas, institutions attended, dates of completion, and years and details of relevant experience.
• Scope of engagement: Type of regulated person to be audited or serviced (banking, insurance, investment business, fiduciary services, or other) and any specific licence class.
• Indemnity coverage: Whether the officer or firm holds professional indemnity insurance and, if so, the amount of coverage.
• Consent: Confirmation that the officer has consented to act in the proposed capacity.
• Fitness and propriety: A series of yes/no disciplinary, criminal, insolvency and civil liability questions, with a written attachment required for any 'yes' answer.
• Declarations: A declaration by the actuary/auditor/other independent officer confirming familiarity with the relevant legislation, and a separate declaration by the regulated person attesting to the truth and authenticity of the application.

The final page is reserved for internal Commission use, recording receipt date, processing officer, decision date, and whether the application is approved, denied or deferred. The form itself does not set out a filing deadline or recurring schedule; it is used whenever a regulated person needs approval of a new or replacement actuary, auditor, or other independent officer.

Key obligations

• A regulated person must submit Form B-1 to obtain the Commission's approval before engaging an actuary, auditor, or other independent officer.
• The application must include full identifying, qualification and experience details of the officer or, where the officer is a firm, of the individuals who will undertake the work.
• The officer must disclose whether they hold professional indemnity insurance and, if so, the coverage amount.
• The officer must confirm consent to act in the proposed capacity.
• Any affirmative answer to the fitness and propriety questions must be accompanied by full written details as an attachment.
• The actuary/auditor/other independent officer must declare having read and understood the relevant legislation governing their duties and responsibilities, and list that legislation.
• The regulated person must declare that the information and documents submitted are true, accurate and authentic, acknowledging that false information may result in denial of applications or enforcement action.

Applies to

regulated persons (licensees) of the BVI Financial Services Commission, banks, insurance companies, investment business licensees, fiduciary services providers, actuaries, auditors, other independent officers