The FSC assesses each application individually, to ensure that potential licensees are “fit and proper” to conduct the activity envisaged. In doing so, the applicant’s honesty, integrity, reputation, competence, and financial soundness shall be weighed.
In making an assessment, the FSC will weigh the nature, scale, complexity and diversity of the business, its financial viability, the strategies, policies, systems, and controls vis a vis the applicant’s resources. The applicant’s submission must include a business plan detailing how he or she intends to conduct the insurance business in the BVI, the levels and classes of business.
The FSC has the power to decline applications and revoke licenses. A license shall not be granted unless the applicant is able to present proof of compliance with:
Applicable statutory criteria
The FSC’s general licensing criteria
Additional licensing criteria as may be applicable to the case