SPC-INS 3 - Notification of Reinstatement of Segregated Portfolios (Insurance)

Summary

This is the SPC-INS3 form used to notify the BVI Financial Services Commission when a BVI insurer segregated portfolio company (SPC) has reinstated one or more segregated portfolios that were previously terminated. It is filed under Regulation 12(1) of the Segregated Portfolio Companies (Insurance) Regulations, 2018, and must be completed by the SPC's appointed insurance manager.

• Who files: The insurance manager appointed under section 23(1) of the Insurance Act, on behalf of the BVI insurer SPC.
• Required attachments: A business plan for each reinstated segregated portfolio, proposed amendments to the SPC's Memorandum and Articles (if segregated portfolios are detailed there), board resolution(s) approving the reinstatement, the current schedule attached to the insurance licence, and notification fees of $350 per reinstated segregated portfolio.
• Form content: Identification of the SPC and licence details, the number of segregated portfolios reinstated, and a completed Segregated Portfolio Sheet for each reinstated portfolio detailing prior termination date, reinstatement date, reason for reinstatement, and background of business activities, risks covered, tax filing type and reinsurance coverage.
• Declaration: The insurance manager must declare that all information and documentation submitted is true, accurate and authentic, with enforcement action or application denial as a consequence of false or misleading information.

Filing is time-sensitive: the notification must be submitted within fourteen days of the reinstatement of the segregated portfolios, and late filing exposes the SPC to penalty fees under the Regulations.

Key obligations

• The BVI insurer SPC's insurance manager must file the completed SPC-INS3 form, with all required sections, within fourteen (14) days of reinstating any segregated portfolio(s).
• The filing must be accompanied by a business plan for each reinstated segregated portfolio, proposed amendments to the Memorandum and Articles (if applicable), board resolution(s) approving the reinstatement, the current licence schedule, and notification fees of $350 per reinstated segregated portfolio.
• A Segregated Portfolio Sheet must be completed and submitted for each reinstated segregated portfolio, detailing termination and reinstatement dates, reasons for reinstatement, and background of business activities.
• The insurance manager must sign a declaration certifying the accuracy of the information and authenticity of attached documentation.
• Failure to file within the 14-day period subjects the SPC to penalty fees under the Segregated Portfolio Companies (Insurance) Regulations.

Applies to

BVI insurer segregated portfolio companies (SPCs), insurance managers

Deadlines

• 14 days: The SPC-INS3 notification form must be filed within fourteen (14) days of the reinstatement of segregated portfolios.