Ms. Michelle Martin, President, ComplianceAid presented at the 32nd Annual Caribbean Insurance Conference in St.Thomas, USVI- June 3rd – 5th, 2012. Ms. Martin, presented on The challenges and possible solutions to inter-island operations.
As regulatory bodies are multiplied across jurisdictions, insurance companies are operating in an ever growing complex business environment. In this session we will discuss the following inter-island challenges and some possible solutions.
- Insurance Deposit requirements
- Regulatory Requirements (for example: different agent and registration fees)
- Reporting Requirements (for example: different forms)
- Transportation Board Differences
- Re- Insurance Treaties
- Tax Regimes
- Currency Exchange
- The Foreign Account Tax Compliance Act (FATCA)
- Anti-Money Laundering and Counter Terrorism Financing