SPC-INS 1 - Application for Approval to Create Segregated Portfolios

Summary

This is the BVI Financial Services Commission form SPC-INS1, used by a BVI insurer segregated portfolio company (SPC) to apply for approval to create one or more new segregated portfolios, under Regulation 8 of the Segregated Portfolio Companies (Insurance) Regulations, 2018. It must be completed and submitted by the SPC's appointed insurance manager, together with supporting documentation and fees.

• Who files: The BVI insurer SPC's insurance manager (appointed under section 23(1) of the Insurance Act) must complete and submit the form on the SPC's behalf.
• Required attachments: A business plan for each new segregated portfolio, proposed amendments to the Memorandum and Articles of Association where relevant, draft or executed insurance manager's agreements for each new portfolio, the current schedule attached to the insurance licence, and application fees.
• Fees: USD 350 per segregated portfolio to be created.
• Segregated Portfolio Sheet: A separate Segregated Portfolio Sheet (Section 5 appendix) must be completed for each new segregated portfolio, describing its intended business activities, risks covered, aggregate limits, tax filing type, and reinsurance coverage, plus the proposed date of creation.
• Declaration: The insurance manager must sign a declaration confirming the accuracy of all information and documentation, with a warning that false or misleading information may lead to enforcement action or denial of the application.

The form itself imposes no ongoing periodic obligations; it is a one time application mechanism triggered whenever an SPC wishes to add segregated portfolios.

Key obligations

• The BVI insurer SPC's insurance manager must complete and submit all sections of the SPC-INS1 form to the Commission for the application to be considered filed.
• The applicant must submit a business plan for each segregated portfolio to be created.
• The applicant must submit proposed amendments to the Memorandum and Articles of Association where segregated portfolios are detailed in the constitutional documents.
• The applicant must submit the insurance manager's agreement(s) (draft or otherwise) for each segregated portfolio to be created.
• The applicant must submit the current schedule attached to the BVI insurer SPC's insurance licence.
• The applicant must pay application fees of $350 per segregated portfolio to be created.
• A Segregated Portfolio Sheet must be completed and submitted for each segregated portfolio the SPC intends to create, describing business activities, risks, limits, tax filing type and reinsurance coverage.
• The insurance manager must sign a declaration certifying the truth and accuracy of the information and authenticity of attached documentation.

Applies to

BVI insurer segregated portfolio companies (SPCs), insurance managers