Turks & Caicos Islands: Domicile loses nine captives; Turks & Caicos also works to avoid OECD label of tax haven.(Brief Article)

Business Insurance, April, 2001 by Mcleod, Douglas

PROVIDENCIALES, Turks & Caicos Islands-Captive insurance development stagnated in the Turks & Caicos Islands last year, in large part because of the effects of soft commercial insurance pricing, according to Harold Wong, the domicile's superintendent of insurance. The islands finished last year with 120 captives, down from 129 at the end of 1999.

While 10 new captives were licensed in Turks & Caicos last year, the gain was more than offset by insurers that closed their doors or were struck from the register of companies, Mr. Wong said. The totals do not include more than 2,000 credit life insurers that have been formed in the domicile. ``What is noticeable is that, over the years, the (number of) pure captives has dwindled,'' a result of the fiercely...

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