Insurance

What is the minimum margin of solvency requirement for an insurer?

 

Insurer  Minimum Solvency Margin
General Insurers  
written premiums less than $500,000 $100,000
written premiums $500,000-$5,000,000 20% of annual net written premium
written premium greater than $5,000,000 $1,000,000 PLUS 10%  of difference

difference between annual net written premium and $5,000,000

 
Long-term Insurers $250,000
   

the prescribed minimum solvency margin is $100,000;

-                  if the insurer’s annual net written premium is greater than $500,000, but less than $5,000,000, the prescribed minimum solvency margin is 20% of the annual net written premium;

-                  if the insurer’s annual net written premium is greater than $5,000,000, the prescribed minimum solvency margin is $1,000,000 plus 10% of the difference between the annual net written premium and $5,000,000.

Long-term insurers  -  the prescribed minimum solvency margin is $250,000

Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg