Turks and Caicos Islands Financial Services Commission strengthens captive insurance supervision by integrating CICA 2026 regulatory insights into reviews

The Turks and Caicos Islands Financial Services Commission reported that it strengthened its captive insurance supervisory capacity through regulator-only training and stakeholder engagement at the CICA 2026 International Conference in Palm Desert, California. Lessons from the programme are to be incorporated into supervisory reviews and examination checklists, and used to support the Turks and Caicos Islands’ 2026–2027 legislative review. Regulator-only sessions covered Risk Retention Groups, Medical Stop Loss insurance, and actuarial feasibility studies, with a focus on supervisory approaches, governance expectations, and stress-testing methodologies. A closed regulators’ meeting discussed emerging captive products, preventing unauthorised regulatory arbitrage, recent American legislative developments, and financial benchmarks for assessing captive solvency. Open sessions highlighted market and supervisory trends including climate- and volatility-driven shifts in risk financing, increased emphasis on enterprise risk management and governance, technology-enabled reporting and supervisory tools, and the use of AI in captive management. Engagement with state regulators initiated discussions on memoranda of understanding and information-sharing arrangements, while discussions with licensees covered regulatory expectations, operational challenges, and growth plans. Next steps include incorporating the conference insights into supervisory guidance, staff development, and legislative discussions, and exploring opportunities to promote the jurisdiction at future conferences.