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THE BRITISH VIRGIN ISLANDS INSURANCE ASSOCIATION
24 February 1999 Insurance Association for British Virgin Islands Leading members of the insurance industry in the British Virgin Islands have come together to form a new industry body, The British Virgin Islands Insurance Association. 17 founding members drawn from all sides of the local industry including licensed insurers, agents, brokers, offshore insurance managers and adjusters met on February 9 to adopt a constitution for the new Association. The Association aims to speak with a unified voice on matters of concern to all its members, to set professional standards, encourage education in insurance and to promote the BVI insurance industry both at home and abroad. President of the Association, Martin Eveleigh said, "In the last few years, since the passing of the Insurance Act 1994, there has been a tremendous growth in the offshore insurance sector in the BVI. With low overheads and a client-focussed regulatory framework the Territory has been very successful in attracting captives and other offshore insurance companies. We will seek to work in partnership with the government here so that the regulatory environment continues to be attractive and legislation is kept up to date. As members of an association, insurance managers can better promote the many advantages of the BVI as a captive domicile to international users." There was a favourable reaction from the Financial Services Department. Supervisor of Insurance, Peter Bates said, " I welcome very much the formation of the British Virgin Islands Insurance Association, which has come at a timely moment in the development of the insurance industry in the Islands, and look forward to working with all its members. Both sections of the industry - captive insurance companies and associated management companies - and the domestic insurance market, have experienced considerable growth in the past few years and this trend looks set to continue." He added, "The formation of the Association will cement the co-operation which already exists between Government and the private sector and will facilitate closer working relationships. This will be to the advantage of all our clients and benefit the Islands as a whole. I wish the Association every success."
For further information please contact: Martin Eveleigh at (345) 945-5556 or by e-mail The British Virgin Islands Insurance Association
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