Part 3 - Additional information required in the case of an Insurance Licence Application (Form F100)

Summary

This is Part 3 of Form F100, the application form used by entities seeking an Insurance Licence from the BVI Financial Services Commission. It captures additional information specific to insurance business beyond the general licence application, including the type of business proposed, capital structure, classes of insurance, and business plan details.

• Insurance manager or agent: Applicant must name and address its Insurance Manager or Agent and attach a signed letter from that person confirming willingness to act.
• Nature of business: Applicant must state whether it proposes to carry on domestic business, business from within the Territory, or business in and from within the Territory.
• Financial projections: Applicant must attach five year financial projections.
• Contributed capital: Applicant must confirm whether all capital has been contributed in cash, and if not, explain why.
• Planned capital increases: If the applicant intends to increase contributed capital before commencing business, it must attach details including the amount and form of the increase.
• Classes of business: Applicant must indicate which classes of general or long-term insurance business it proposes to carry on; approval will not be given for both general and long-term business together.
• Other business activities: Applicant must disclose any other business it carries on or proposes to carry on, and confirm whether insurance accounts, assets and liabilities are kept separate from that other business.
• Business plan: Applicant must provide a detailed business plan covering feasibility, marketing (planned areas, solicitation methods, source of business), technical underwriting details, investment strategy, five year financial projections, and endorsement arrangements for intermediaries.

The form itself does not set filing deadlines; it specifies the disclosures and attachments an insurance licence applicant must submit alongside the general application form as part of the BVI FSC licensing process.

Key obligations

• Provide name and address of, and an attached confirmation letter from, the Insurance Manager or Agent willing to act for the applicant
• State whether the proposed insurance business will be domestic, from within the Territory, or in and from within the Territory
• Attach five year financial projections
• Disclose whether all contributed capital has been paid in cash, and explain any shortfall
• If planning to increase contributed capital before commencing business, attach details of the amount and form of the proposed increase
• Indicate the specific classes of general or long term insurance business to be carried on (not both)
• Disclose any other business carried on or proposed, and confirm whether insurance accounts and assets are kept separate from that other business
• Submit a business plan covering feasibility, marketing, technical underwriting, investment strategy, five year financial projections, and intermediary endorsement arrangements

Applies to

insurance licence applicants, insurers, insurance managers/agents